All Forum Posts by: Michael Ulrich

Thanks Andrew! That makes sense with the higher value. May I ask if those are SFH or multi-family units?

@Andrew Tucker I've been buying all cash for Homes with SEV around that $20-25K. Rehabbed they're real nice and bring great rent, but how do homes with that low SEV work to get loans (The refinance part of BRRR). Do banks want to do loans on smaller SFH like this? I've heard many banks prefer $80K+ loans. Thanks.

That would be great to get together again! I really value the camaraderie, and ability to learn from each other in those group meet-ups.

@Landon Allen - I’d like to joins the Lansing Real Estate Investors group.  Where do you meet?  Or maybe I should ask how to join?  Thanks!

Hi Marco - a property manager that I work with on half a dozen of our properties in lansing is Marketplace Homes.  I really like their professional service and the tenants they find us.  They’re based out of Detroit but serve the Lansing area as well.  

Dick - I’m talking about a month-to-month lease for those 3 months...

Thanks Dick, I’m curious if you’d put a written lease in place for the first few month interim, while you decide if you want to keep the tenant?  Thanks!

Thank you all for weighing in on this!  It’s great to hear your thoughts.  I really like that idea of “test driving” the tenant on a month to month.  If they’re more comfortable with month-to-month, I’m fine with that arrangement.  It’s the “not having it in writing” that I want to change!  Thanks 

Thanks for your input, Lee! 👍🏼

I have a property under contract and will be inheriting a tenant that has lived in this house for 10 years, and pays consistently via direct deposit. However the previous owner did not have any written lease agreement in place.  I'm curious how other BP landlords would advise handling this situation...  I want to make it as seamless as possible - especially during Covid era.  Do I make the tenant sign a month-to-month lease agreement?  Or do I simply cover the basics in the "New Landlord letter" and hope for the best?  I'd love some feedback! :-)