All Forum Posts by: Todd Moriarty

Thank you sir.

It's my understanding that, in Michigan, a landlord can raise rent a "reasonable" amount as specified in the lease.  It's usually 5% a year, but is it legal to go more, say 10%?

Thanks guys

I'm looking at different buildings right now and was told by a reliable source that, if I buy the building, I get the owner's cash reserves.  That doesn't sound right to me.  I know I get the tenant's security deposits, but the reserves?

Some owner's are including their cash reserves in the profit and loss statement for the building.  If I don't keep that money, then why include it in the statement and disclose it to me? 

I'll check that out.  Thanks

What do you mean by short term rental services?

The building is huge with many condo units owned by different people. This particular seller owns just 8 units in the building.  So it feels like I'm buying 8 single family homes.  So I thought "sales approach" might be more appropriate.  

I'd rent them out then.

Thanks. I just like to compare notes with others familiar with the area.  My $1050 (rent increased $50 starting today) is still a bit low I think.  It's a 3 bed, 1 bath, basement, brick ranch, 2 car garage, with a deep 200 feet lot.

I'll probably raise it again $50 in 12 months to $1100.  Then see what the current rents will be then.

Thanks Janene!

Since I wouldn't be buying the building, I imagine I would valuate the individual condos using the "comparable sales approach", and less weight on the "income approach".  Make sense?