All Forum Posts by: Shaun C.

I can't tell you who to go to, but I can tell you who to stay away from. Aspect Properties out of Rochester Hills. I rented a home from them in college and it was the worst experience. Now that I'm into RE, I can't imagine operating the way they do.

Spray peppermint oil around the place while having fresh traps set inside.

Haven't used these but I think I will soon, saw it on Reddit.

http://www.ekmmetering.com/

Call animal control/city/past owner and have them pay for it. I think as long as you prove that you didn't own the house when the tenants were fined you should be good.

One could argue that I guess but I just hate the thought of my rental being a nuisance to neighboring home owners that care about the look of their street. I see so many rentals that are just that--rentals, and it shows! I want to offer my tenants nice places to live and I expect them to treat them accordingly without me having to pay to maintain them properly or doing it myself. I take care of all fertilization and weed control and they do the simple stuff.

Is this too much to put in a lease? I don't think so but maybe others do.

I added this to my latest lease:

Tenant is responsible for all lawn, landscape, and snow removal duties. Tenant must perform spring and fall ‘clean ups’, including raking landscaping beds, trimming bushes/trees, as well as mowing as needed to maintain grass length under 4”. Edging and edge trimming(weed wacking) to be performed as needed. Snow removal/salting to be done in accordance with local code/law.

I only have one property, the one I live at in the bottom and rent the top until I'm done with my unit. I purchased for $142k. Top/down, 2/1 each unit, 750 sq ft upstairs and 850 below. Current rents were $650 top, $750 bottom(actual rents and appraised rents) with utilities. I spent ~$5k upstairs on new carpet, all walls painted, new faux wood blinds, painted kitchen cabinets, new laminate top, new stainless sink, and stainless fridge and oven. I am now renting it for $1000/month with all utilities and cable/wifi. So you figure I'm grossing $350/month more than the previous owner, which would make my payback period only 14.28 months. These finishes will hopefully remain intact and in good condition for at least 5 years, getting me a return of around 320%. All for not that much work. Plus I believe a higher price point and higher quality rental attracts a higher quality tenant--which makes my job easier...supposedly.

When all is said and done I should be into the property for ~$162k, and grossing $2150 with a 13.8% cap rate(unless I've calculated it wrong, first timer!)

I think if you replaced carpet, painted, and put in new countertops and appliances you could get what you're asking, but again, I don't know MH. The bathroom is a bigger job, but everything else could be done in a weekend. Ditch those curtains tho for sure. Let me know if you want a good deal on blinds, my father owns a wholesale window blind manufacturing company in Livonia.

Note: in my initial calculation I did not account for 1/2 cable/wifi cost ($65) which were not provided before I took ownership so my calcs are a bit skewed.

That's the thing, it won't be ignored if you choose to put $4-5k in upgrading the countertops, new carpet, paint, and whatever is left with blinds for the windows or something in the bathroom.

I completely redid my upper and only had to show it to three people who all wanted to sign. People like new and clean, and are willing to pay for it as long as the neighborhood/city calls for it.

I own a duplex in Ferndale, so I don't know Madison Heights real estate market aside from driving through it on my way to the HD over there, but $1200 seems high for a property in that condition. Old bathroom, kitchen, carpet, the outside isn't bad but what matters more?

If you have comparable properties that match then you may not be overpriced, but I would suggest expanding your marketing efforts.

http://lumberliquidators.com/ll/c/Rustic-Reclaimed-Oak-Click-Resilient-Vinyl-Tranquility-3RO/10037446

I just finished putting ~900 sq. ft. of this and I am very happy. Installation was a breeze with a table saw, metal square, and sharp carpet knife. It was my first time with a vinyl plank and I managed to average 150-200 sq. ft. an hour with complex cuts/reliefs as well. I put down a $.50/sq. ft. underlayment with vapor barrier as well and I'm really impressed, as was everyone that has came to look. I had previously installed Allen+Roth click lock laminate from Lowes and that was a disaster--their click lock system is terrrible. This however, was very simple.