All Forum Posts by: Nate Chucta

@Bryan O.@Monica Labrada once again, thanks for your input!  

I do know that the current tenants will not be renewing the correct lease as they are all seniors and will be moving out of town in June 2017.  If they had intentions of resigning, then I would have already established that in the current lease. 

I love the idea of a "binder agreement" and that is what I really had in mind - I just need to be careful about terminology (fee vs. deposit).

I have plans to meet with a local lawyer prior to establishing an agreement as described above, but just wanted to see what others have done prior to having to pay for his/hers time.  :)

Thanks!

Does anyone in the Kalamazoo, MI area have a lawyer that they would recommend?  

I'm just starting out, but am hoping to expand my portfolio in the next few years.  I want to begin building a relationship with a local lawyer by having them look over my current lease.  I'm obviously hoping to never have to use for more than this, but want to be prepared just in case.  Thanks!

Karen Margrave Marcia Maynard thanks for the replies! I definitely plan to do some research on the Michigan rental laws. I was just hoping to get some direction, before I go digging, from local investors who have already handled situations like this.

I have a student rental that is currently rented out until 7/15/2017 and I'm already fielding quite a bit of interest for people who want to sign a lease for the 2017-2018.  

I'm a new landlord so I'm curious how others have handled situations like this.  Do you ask for a non-refundable deposit right now to reserve the home for next school year?

Or do you just have them sign the lease for 2017-2018 and get their deposit as normal.  If they break the lease, then I would assume I could keep their deposit, right?

Thanks for your help!

Are the properties in the historic district downtown?  If they are, you might want to run any proposed repairs by a historic district coordinator as they probably won't allow new windows or siding to be installed.  Just a word of caution - hope everything works out for you! @Donna Ragan

@Chris T. Thanks for the message, Chris! My wife is a WMU alum and we love working with the college kids. My goal is to expand quite a bit over the next few years so I'm sure there will be some opportunities for JV. I'll be sure to message you if something comes up.

@Ramon Huerta Thanks for the recommendation, Ramon!  I've been trying to make it out to one of the meetings at Theo and Stacy's, but it hasn't worked out yet.  I'll take a look at the KARHA website.

@Mark Nolan I appreciate the recommendation. I've been reading biggerpockets for about a year now and pulled the trigger on my first rental this past June. I'm at the point now where I'm looking to expand as renovations on the first home are almost complete - would love to get a MF home downtown Kalamazoo that would be appealing to students.

Hello!  I'm a new investor in Kalamazoo, MI and am looking to grow my portfolio with an emphasis on student rentals close to Western Michigan University and Kalamazoo College.  If anyone out there knows someone looking to unload any homes in that area, then I'd love to connect.  Thanks!