All Forum Posts by: Michael Dundon

@Ryan Olivieri Just curious where the property is located in Rochester? I just moved to Rochester Hills a month ago. You can DM if you want. My partner and I own a bunch of rentals in Western Wayne/Southern Oakland county. Thanks!

Very Impressive! Anyone that can overcome all of that and not cave under the pressure. I'd loan you money.

@Chad Humes Does the house on Fox have a basement? I already own a handful on that street- right by that house. Thanks! Mike Dundon

Hey @Kevin Cooper- I would strongly recommend that you self manage your first few properties. Get good at screening tenants, handling maintenance requests, move ins/move outs, etc. After you gain the necessary experience and understand what it takes to run your properties well you can go ahead and look for a property manager. With one, two or a handful of properties it shouldn't take up too much of your time. My partner and I still self manage with 50+ single family rentals. Once you figure it out and get the right systems and people in place it's really not that bad at all. Just my two cents:) 

Hey Kyle- PM sent

Hey Caleb- just an fyi- the Renegade Detroit Investors group is for Metro Detroit as a whole and not just the city. It's a great group. The meeting was yesterday. The meetings take place on the first Tuesday of every month. Takes place at Shield's Restaurant and Pizzeria in Southfield. Metro Detroit Real Estate Investor Group on Facebook is great place to go as well. They have a meetup once a month too. Check those two out. Good luck!

Hi Kimberly, I've used Trowbridge Law Firm in Detroit. Highly recommend them. Most of our properties are in Redford.  I don't think I can put a link to the website on here. Just google the name. Lisa Gyolai (legal assistant) is my contact there. Good luck!

Hey Andrew- my partner and I own a bunch of rentals in Redford- mostly south but a few in North Redford (between 6 and 7 mile Road).

I would definitely self manage since this is your first property. It's the best way to learn the business. Eventually when you have more properties and are ready to hire a property management company you'll have a better idea of what to look for as a result of self managing. Plus you're 21. Even with a full time job you can handle it:)

Be careful of inheriting tenants though. This can be tricky. Find out quickly if it is a good fit for the existing tenants to stay or if it is better for them to move on (I'm assuming they're on a month to month lease- if not you'll have to wait until the lease expires.) Usually, if the tenants have been there for a good amount of time they'll resent/resist a new person coming into the picture with a new lease, rental increases and just change in general. Can be tricky to navigate.

Message me if you have any questions- happy to help- Mike Dundon

Hey Denis,

Reach out to Brian Borawski. He's my CPA and he does a lot of local RE investor's taxes. He's well versed in Real Estate. I don't know if I'm allowed to put his info here. Just google "brian borawski cpa" and you'll find him...Good Luck!

Hey Mike- long time no talk! My partner and I use Community Financial Credit Union in Plymouth, MI. Message me. We'll talk.... Mike D