All Forum Posts by: Michael Ulrich

I’d recommend you talk to a local real estate agent about why it’s listed with that wording.  There are a fair amount like that in the Lansing area.  Best wishes in your ventures!

Hi Roni,

As a local investor in the Lansing area, I agree that investors here shouldn’t plan on appreciation.  I see properties selling today for similar (sometimes a little more or less) than what they sold for 15-20 years ago.

Sincerely,

Michael Ulrich

Thanks David for the heads-up / invite.  I may be there.

Sincerely,

Michael Ulrich

Hello Tim,

That’s a great question.  MSU is in East Lansing - technically a different city than Lansing, with separate administration, laws, tax structure, etc. than Lansing city proper.  That being said, I only invest in Lansing proper and don’t have any experience in East Lansing.  

I think there are people operating very successful rental properties in East Lansing, but it’s unique enough and property taxes are steep enough there, that many landlords and property management companies that’s operate in Lansing don’t operate in East Lansing.  When I drive through certain parts of East Lansing, I see “For Rent” signs waving everywhere, so there are a lot of rentals there!  However I would not be a good authority on whether there’s a good demand for that many, or if that market is over-saturated.

Hopefully some other BP members will have more knowledge in this regard and can weigh in on your question.  Thanks & good luck!

Sincerely,

Michael Ulrich

Caitlyn,

That’s quite insightful.  In answer to your question, we work with a property management partner called Marketplacehomes.  They are very professional and helpful, but maybe a bit more expensive.  I average about 13/14% monthly management fees.  Once you’ve managed your own, it would be hard to lose the additional income you can make by doing it all yourself.

However for where I’m at with juggling several other jobs, it frees me up to do what I enjoy.  They are very easy to work with - allowing me to do all maintenance and appliance updates myself, if I wish.  Also, they seem to have a great track record for finding top-notch tenants - and that’s worth something too!  

Thanks again for sharing about your ventures!  Hope you have a great 2020.

Sincerely,

Michael Ulrich

Hi Emily,

Thanks for reaching out with more info about RPOAMM.  I was recently discussing this with another member, and am sure the networking would be valuable and enjoyable.  What is the annual membership fee for RPOAMM?

Thanks again!

Michael Ulrich

You guys have definitely been busy!  

I would love to manage my own, as it seems to be financially advantageous, but I’m cautious about the legal aspects.  With managing your own rentals - do you have a business name set up for that? Did you come up with your own rental forms, lease agreement, etc. or did you get those elsewhere?  Also, do you use management software, for direct payments, etc.?

We’ve had great success with getting top notch tenants with the management company we work with.  I’m not sure I could do that well myself.  For example, we require No Smoking, and the management company we work with has a $10,000 fine for smoking (things like that that help get the kind of tenants we’re looking for).

Thanks for sharing your story & experience.  My wife and I enjoy hearing about what you guys have done!  I’m impressed!

~Michael 

Hi Caitlyn,

Wow - you guys have a great story!  I love to hear about things like that and am sure I could learn a lot from you.

In answer to your question, we got the private money loan from a relative who was kind enough to trust and invest with us. (Kind of the “rich Uncle” type of arrangement). 

You all are growing quite rapidly, and I’d love to hear more about your targets/goals.  What price range of houses are you buying?  Are you buying all over Lansing, or targeting just certain areas?  Are you managing the rentals yourselves, or do you work with a management company?

So far I’ve been doing the rehab myself which is time consuming - 3-10 weeks from closing to re-listing for rent.  I assume you’re having some other company do the rehab?  I’d be real interested in leads on good handyman companies in the Lansing area, that would take on projects like this. (Although you’re probably keeping them busy just with yours at the rate you’re going!) Thanks! 

Hello David,

Thanks for the invitation to the monthly meet-ups.  I’d be interested to know more about those.

Great question about the “freedom number” - never heard the term before.  I have another part time job, so I’m somewhat flexible as to when I make that decision, but would like to be fairly stable before taking the “plunge”.  Regarding my financial structure, I can’t say that I’ve got my road all mapped out.  Im trying to plan conservatively and grow as I can.  Thankfully I was able to secure a fair size loan from a private money lender, so we don’t have a lot of mortgages at this point - leaves us with some room for growth.  I am very open to suggestions for funding as that is one of the main challenges to real estate investing!  

Thanks again for reaching out David.  I hope to meet you in the Lansing area.

Hello Tom,

Thanks a lot for reaching out.  I'll keep that in mind!

~Michael