All Forum Posts by: Philip L.

I've currently got 7 single family homes 3 are rent to own the others just normal rentals.
I started 3 years ago, I'm making slow progress, Ideally I want to be a business owner with a system that keeps me from working in the business.

I would like to follow a blueprint from someone who has scaled single family housing, a system with support so if I get stuck I can get answers quickly.

Ended up doing a 10/1 ARM loan it's not perfect as it's interest only but it cashflows $500 a month after all expenses

It is frustrating thats for sure - I would defiantly be interested in a interest only loan probably not an ARM unless the rate was a no briner you got time to talk today I'm guessing you can give me a quote

Got a property in Michigan with no debt, has tenant - I normally use DSCR loans but loan costs and interest rates seem excessive right now.

Spoke with all the local credit unions and banks none of them are willing to do a cash out under an LLC

Questions are 
1. What other options do I have?
2. Are most just taking personal loans then transferring over to LLC's?

All help and advice appreciated thanks

Water is collecting at the bottom of the driveway and flooding the garage, I've had a drainage company come out this morning and they are saying they would need to dig up the driveway, run a pipe to the top of the driveway so they can connect to the main road drainage total cost $8K + I would need a new driveway.
They suggested possibly speaking with a landscaper or a driveway company for alternative options

Anyone had a similar issue that can provide some insight or suggestions?

@Drew Sygit and @Scott M. thanks for the info guys I'm learning something new everyday looks like I am going to have to get this replaced and updated my rental agreements for future tenants.

A couple of questions regarding appliances for rental properties in Michigan - I've done some online research and I am getting mixed info.

1. What appliances do you have to provide by law?

2. We have a single family house in SCS Mi - When we purchased the house it came with the following appliances, Fridge, dishwasher, oven, washer, dryer. we rented the house with these appliances and now the washer is broken - who is responsible for repairs and replacement appliances?

Perfect thanks everyone 

I understand that the security deposit needs to be in a regulated financial institution account - I currently put them into my company's chase business savings account - is this good enough or are we required to open a some kind of special dedicated account?

I've researched the subject online but I don't see very much information regarding rules and regulations on renting to tenants with pets, I have a few questions:

What are the limitations on size of pets?
What are limitations on total amount of pets with in the household?
What is the maximum deposit amount per pet?
What is the maximum monthly fee per pet?

If there are no rules then what do you currently charge?
Any other info on renting houses to tenants with pets