All Forum Posts by: Todd Moriarty

Is there one better or best insurance company to insure an apartment building in the metro Detroit area?  I have 3 policies (2 homes and car) with my main insurance company Pioneer but when I called to get info on a policy for an apartment building, they acted like I was speaking another language.  They don't specialize in commercial policies, but they do them.

What is Carlos Flores full contact info?

Thanks.

Can anyone recommend a good simple web site to check current commercial loan interest rates for multifamily buildings. I've been poking around online and can't find something quickly.  I called my bank (B of A) and got nowhere.

When analyzing a new property I need info quickly.

Thanks.

Hey all,.....what are you landlords getting for rent for single family homes in Macomb County, mainly east side, more specifically St. Clair Shores area?  I have a rental there and getting $1050. I recently used Turbo Tax and it calculated fair market rent for a 3 bedroom in Macomb County at $1200.

A friend of mine has 3 rentals in Shelby, Sterling Heights, and Richmond and getting $1255!! 

Thanks man.  I never thought about his quirkiness, but now I kinda see it.  A few years ago I Googled him and discovered he was also a karate instructor teaching self defense locally in the Detroit area.  He also has written a book on American history.

Now, those are three things that go together: RE, karate, and American history. 

I have read his book "The Complete Guide to Buying and Selling Apartment Buildings" and I'm creating a spreadsheet using his "Value Play" model.  And one of his calculations is confusing me. How does he come up with the number for "Net CFs from Investment - 3 Yr Exit" and also the 5 Yr Exit.

For 1 year exit he simply adds the total return, gain on sale, and down payment.

But for 3 and 5 year it doesn't add up.  

Anybody? 

Thanks for the reply.  2 weeks ago I sent my tenant a rent increase letter and, coincidently, did it exactly the way you described above.  I mailed him, certified mail, a cover letter explaining the rent increase, a form asking for his signature and to be mailed back to me with April's rent check, along with a 30 day eviction notice just in case he refused to pay it.  His lease is month-to-month and I gave him 41 days notice of rent increase.   

Thanks for the advice but nothing I could do to make the place nice would make a difference. It could be a golden house and they would ***** if I raised the rent.  Hahaha....You're making way too much sense and trying to reason with them. That doesn't work. There was a period there for 3 years where I didn't raise the rent on them. And during that time I replaced the driveway, and a couple windows, a storm door, a new concrete step and installed a bathroom ceiling exhaust fan.  So I felt more than justified to raise the rent a measley $50 last year.  So when I mailed him the rent increase notice, well, holy hell, he called me bitching and screaming and hung up on me!  Then he paid it anyway. They are getting a good deal, if they research comparable properties.  They know that.  I'm an excellent prompt, fair landlord. He's just never happy.

Thanks for the advice

Also, if I might add, the lease is month-to-month. So there is no term or expiration date. The lease rules still apply but this gives me more flexibility in what I can do. They asked for MM a few years ago and I agreed. Believe me, they don't want to move. They like it there. I'm just looking for more ideas and trying to protect myself legally.

Since there is no lease term, I have more freedom to do what I want, within reason. Most landlords charge more for MM leases. But I don't. I just want the fair market rate.