All Forum Posts by: Leonard L.

@Marvin Bobb I use erentpayment. It's a decent service though it does charge a fee for online payment, they provide options on how to split it between you and the tenant. In my case, I have the tenant pay the fee but offer them a small discount on the rent for online payment.

They also offer a credit card option and credit Agency reporting as well.

The deglaze issue Sounds like something that would happen to me. Just my kinda luck. Anyway, congrats on your place and wish you the best on making your goal.

Welcome Tien!  Glad to hear you caught "the bug." I don't know that you'll make more right now in RE than in the trades, but now is a unique time for RE. There are always opportunities no matter what the market is doing. I second @Craig Curlop on his list.

  Are you closer to Sac or the Bay? I know of two active meetups in Sac. One big, and second more initimate. Let me know if you want details and I can pass them along.

Trying to buy out of state in Detroit Metro can be difficult. Neighborhoods can an do vary greatly street to street. The volume of foreclosures, short sales and distressed sells make comps harder. One house may sell for half of the one next door, but it may be a total gut jobs vs a new bath. I'm from there and it can be hard for me to determine a deal until I have someone drive the block for me.

@Elisabeth Zielinski

The updates you listed would be wise just to provide a good standard for the tenant. The happier they are, the more likely they'll stay. Also, it's much harder to changes while it's occupied - think 1, 5 or 10yrs down the road. I've moved many places for "a year" and stayed for 3+ due to timing. To save some money you can just facelift the cabinets as you mentioned.

  The Furnace - either replace it or have it checked out and properly maintained - via annual checkups. A Home warranty may be a good choice in that situation. Some boilers can last 50 years or better. Forced air 20-30 years. If you replace it, you'll have no worries and can claim the energy efficiency of them. 

Just a note, furnaces like to go out at 1am on New Years Day leaving you scrambling for an emergency repair only to find the part you need is in Timbuktu and may add a year to the service life. Also remember, a Furnace is the biggest source for carbon monoxide so keep it in good repair. CO problems and you may need to pay for hotel rooms.

You are correct, Warren does require a Local PM. Sorry I don't have a specific recommendation for you but  I figured some response was better than nothing. In MI, legally PM's must have an RE License (unless they hold an interest - ergo owner managed).

You can try to reach out to an RE Agency and go from there. If you want some agent names let me know and I can point you to some investor agents I trust there who I'm sure could help you. FYI, my Warren place is current self-managed by an interest holder.

I'm from that area and it really depends on where in Warren. North Warren tends to be a bit better quality and higher priced.

You can ask a PM as suggested. Though keep in mind some PM's with Staff Maintanace may not always offer the best price.

For me, I would take lots of pictures and measurements and go to Home Depot and have them help you come up with ideas on the computer along with price options. This is easy can be done on your time, and there's no commitment.

You can always contract the install out. Looks are second to durability for a rental. Next review rental prices in your neighborhood (Zillow does fair job for that in Warren, though it tends to be slightly high). Find the low vs high prices for your area then estimate your before vs after upgrade rental price. If this is hard an local PM or RE Agent can help. That can help you determine if the upgrades are worth it right now.

@Sean Sloop Thank you for the examples with real numbers. I've looked at a similar strategy also in MI. The closing costs are surprising. I enjoyed the tips and hopefully can avoid some of the same mistakes myself on my next deal. Good job on going through with it.

@Tina Bird posting details to your profile will help people find you easier when they're looking for a PM. Location, experience and BP references can help you greatly.