All Forum Posts by: Michael Layne

Hi! I am looking at buying a 6/2.1 in Ypsilanti Michigan to rent to college students. I am hoping to talk to someone who has gone down the college rental route to pick their brain on what to look for and what to expect. I am sorry if this is in the wrong forum, please let me know where to go if this is not the correct area! Thank you. 

Mike

Hello all,

I am a real estate agent in SE Michigan, and a client of mine decided that she wants to buy a SFR property for her daughter while she is going to school at MSU, while also renting out the remaining rooms as income. After her daughter graduates, she is hoping to hold, so this is a long term buy and hold for her.

All the other worries about lack of inventory at the moment aside, the client messaged me worried about not getting a property with an existing "rental license" in place.  She wants to get a property that is already approved and is being used as a rental now, because she is worried about the process of applying for and obtaining a rental license for a property.

I have never done business in EL but I know a few of you wonderful people have. My question relates to what my client is worried about.  I have never dealt with having to obtain a rental license for a property, so I am very in the dark here.  The best I can come up with is a city inspection that certifies that it is livable, but she is very adamant that a rental license is needed.  

Can someone please walk me through the steps needed to get a property in EL to be certified as a rental property?

@Bonnie Low Thank you for the advice and the book recommendation! Just ordered it, and have her podcast appearances lined up for my commutes today. I appreciate it!  And you are totally right, there is a lot of nuance there that I just need to get a better understanding of. 

@Basit Siddiqi Thank you! All good tidbits to know.  And thank you, I am looking forward to this journey ahead!

Hello!

My name is Mike and I am a complete investor newbie from Michigan.  I have been consuming podcasts every day for the past week or so, and just ordered a couple of books from J and Carol Scott, Mark Ferguson, and of course David Greene and Brandon Turner. I was talking to a family friend about my new found passion and goals, and he mentioned something in passing about how taxes change after you own a couple of properties.  I do not know if that is standard around the country or is a state by state situation, but I just wanted to hear from you wonderful people about what you know about the subject of how taxes change when you own multiple properties (or if he didn't know what he was talking about).  Even if it is just pointing me in the direction as to where I can actually learn about what he was talking about on my own, it would be a great help!  

Thank you and I am excited to become a part of the community!

Mike