All Forum Posts by: Joshua Lawrence

Thanks for the update @Jay Wright 

Sounds like you have a good thing going, keep up the good work! 

Hope to connect sometime,

-Josh

That's a good problem to have @Lalaine Hagler 

I think most of us would agree that tenant screening is one of the most important steps in leasing out and managing homes, so it sounds like you are on the right track.

What steps did you take to ensure that they are both qualifies tenants?

What are your income requirements, we require rent amount not exceed 1/3 of monthly income. 

Great Introduction @Joseph Harper 

Welcome to Bigger Pockets!

Hey @George P. 

We manage a number of properties in Warren. Average rents are between $800-$900. Obviously a lot depends on exact location and condition, but Warren has a lot of rental properties and those figures have been working.

Hey @Arnie Guida , thanks for getting the discussion started. 

We charge $100 if the rent isn't postmarked by the 5th of the month. If rent is over $2,000, we charge $150. It is common to charge $25-$50, but we have found that anything less than $50 almost encourages people to pay late. 

I like the creativity @Bryan H. 

The Habitat ReStore is not a bad option. I have bought recycled paint there in the past for $11/gallon and it turned out really well. I'll have to take a pic next time. The visual is a nice touch.

Hi @Emily B. ,

I work mainly in the Metro Detroit market, we have found that the rental market is alive and well. The majority of our properties are leased up within the first two weeks. If they aren't, it's almost always a price issue. 

My understanding is that due to the market going up, it has become harder to find properties that are producing a favorable ROI. I think the challenge is more in finding good rental properties, compared to finding good tenants.

Like I said though, can't say I am super familiar with the Grand Ledge market. Hope this helps.

-Josh

Maybe you could put a "Upon Inspection" contingency in the offer.

Welcome @Account Closed

Wish you the best!

-Josh

Hey @Account Closed , which City is it in? Being that you may be living there, it may give you a bit more room for error and provide a great learning experience. I am not in the banking industry, but I believe you may be able to get favorable lending terms if it is your Primary Residence. Don't quote me on that.

I am in the Property Management Industry and would agree with @John Whittle that tenant screening is very important. Also, make sure they fill out an inventory checklist upon move-in. As long as you have a sound lease, your tenant can be held accountable for damages. It is also important for the Landlord to make sure that they are holding up there end of the deal and keeping the property up.

Take Care,

-Josh