All Forum Posts by: Priscilla Davenport

@Lisa Hoover What exact wording do you use for mandatory mediation vs court for disputes in your lease? Also how does that process actually work? Ive only taken tenants to court. Does that also mean that as a landlord I cant take the tenant to court for damages, lost rent etc?

Im told that tenant should be required to carry renters insurance but most cancel after a few payments Ive heard. Should you just increase the rent by the extra 20 dollars or so to new tenants monthly rent or resigning tenants rent when they sign the lease? Is this a bad idea?

Thank you all for your advice

@Thomas S. Also should I expect to do better liquidating and reinvesting than rentals in my situation? At this time I dont mind that they arent as passive. It may be an issue at a later age though.

@Thomas S. I am guessing about the exact return based on $4,000 gross based on "assuming" half goes to property tax, insurance, maintanence etc. What would you suggest for other investments specifically? I do need to find a good counselor but dont really know where to start...

@Joshua D. At 52 with a pension available at 55 I am somewhat caution. I wish I had started early like you! 

@Rick P. Do you advise leveraging some or all properties to put myself in a cash position?

@Kevin Harrison All my properties are less than 20 minutes away. I have aging parents so my goal of moving someplace warmer have been shelved for snow bird season travel a few months a year. Maybe in later years... I do have a contractor Ive worked with for years but I dont know if I will ever use PM help. Ive heard many horror stories from other landlords and realtors here. 

@Patrick Liska Yes the properties have appreciated some since Ive purchased them. Two are 4 bedrooms and rent for $1000, one 3 bdrm rents for $900 and Im doing a slight remodel on the 3 bdrm one I bought recently. I plan to move into it until my daughter graduates in a couple of years. Im currently living in one rental (usually rents for 1,000) because my primary had a fire and is being fixed soon. I may or may not move back in. My options are to rent my primary for $1300-1$1500 (according to my realtors office), move back or sell. I could even leverage it since it has the most value possibly? Michigan homes in my area are low priced.  This summer homes have sold within days. The only reason I was able to by my recent fixer upper ($35,000 negotiated to $27000) is because my cash offer was accepted instead of a loan. Now that its getting colder and schools back in, maybe there wont be as much competition.

@Brent Coombs  Sorry for the misinformation.  According to my realtor, the totals are house # 1. $94000, #2 $76000, #3 $66000, #4 $80000 and #5 $74000. The value of the primary residence is $143000 so that amount should be deducted from the $500,000. Just under $400,000 value.