All Forum Posts by: Tony Savage

Got it, thanks!

So... a little late  to the party.  Today is the 4 of April and all of my tenants with the exception of 2 paid their rent.  One of the two paid 25% of their rent.  

I did not reach out to my tenants before the rent was due. I wanted to find out who was going to be able to pay or not, then deal with it at that time. I'm working with all of my tenants on an individual basis and are requiring them stay in communication with me during this time, with respect to their employment and income.

You're tenants need to understand that you're not forgiving any of the rent that is due during this time.  With that said, my leases expire on 7/31/20. Depending upon my loss of rent that I could incur by lease end, will determine if I go to court or not to try to recoup those losses. I will weigh my attorney fees against my losses, if my losses are less I will simply write if off.

Thomas,

If you have had the same rental properties (single family) for the last 8 years and the properties are generating roughly 6K a month (gross) in cash flow and you have no mortgage payments. Could you exchange those properties into a multi-family unit building and generate 10K gross with a mortgage payment? These homes are in Lansing MI.

Great story! I too am very passionate about real estate.  I'm in California but invest out of state in Lansing MI.  I also have helped friends and family purchase rental property in Lansing.  It's a great feeling to help others realize the opportunities that investing in real estate can provide for you.  Keep up the good work! 

Please tell me again what does the BRRRR acronym refer to?

Good job Randall,  I too would like to know if you financed this deal or you went in all cash?  If it was all cash your return is right around 7% annually. Obvioulsy the return would be a lot better if you got financing.

I enjoy all of your comments on investing! I myself live in San Diego, CA and for the last 3 years have been investing in single family homes in Lansing MI.  If you do your homework and educate yourself on the marketplace, the returns are great.  Remember Michigan State is there, you will always have tenants! It's also a great place to flip as well.