All Forum Posts by: Tracey Wittke

I am purchasing a home in a college town for our sons to live in next school year. Currently there are tenants in there until August when their lease expires. I have a copy of their lease ( which is really thorough), however I have never acquired tenants before. I’m thinking I need an addendum to their original lease stating that the property was sold and all rents will need to now be paid to me,etc. Does anyone have a template ( MI) or any advice for me on this? I have landlord knowledge, I own LTR’s, just not on this scenario.

@Leslie Beia why not just use up your 10 traditional loans? If that's not an option, I did a portfolio loan with the commercial side of our bank which allowed me to have a large HELOC reserve.

@Shannon Vistisen I have invested in Northern MI for the last 8 years. We bought our first STR when our kids were younger and believe me it was a financial risk for us but it's paid off. The property has about 300k of equity in it if we were to sell it today. I took a chance and bought 8 more properties within the same area over the last 5 years, we actually just closed on one last Friday.

My advice… choose the area and watch the market closely. Set alerts on your phone whenever something new gets listed. Call the county and get put on their foreclosure list. Drive around and look for properties that look unoccupied, send letters offering to purchase. Look at FSBO! If you find something WORK your numbers. Every investor invests differently depending on what their end goal is. So there is no "golden rule".

If I can be of any more help let me know. I live in Northern MI and am very familiar with the area. 

That’s were I invest, can you send me details.

Hi Ryan,

What area of N. MI is the off market Duplex?

Hi All,
I'm looking for input from those of you out there that have bought a property that was being ran by a property mgmt company. I am currently in the midst of buying a vacation rental in Ft. Myers Beach, FL. The property is currently being rented through a company. I plan on managing it myself once I close. I live in MI, but have a "circle" down in FL that will help me. The problem is there are several reservations in place, part of my PA from the current owners was that I was to keep those reservations. That was perfect for me because I planned on using it as a weekly rental at the time and for the first year using the mgmt that was in place. This changed once I saw the fees that the company was going to charge.

As we are getting closer to closing, the management company is not getting back with me nor my realtor as to how these reservation and their payouts will transfer over to me. If any of you have ever dealt with this type of situation and have any advice on how to transition, please advise me!

Have you called the Health Dept? 

If there is an agreement it should be filed with the county. I currently live in Traverse City and have had to work with the records department many of times they have always been very helpful. 

@Kyle Daneff, where in Norther MI is this located? I currently own several Northern MI rental properties ( and live here). I am very familiar with the rental market and could give you netter advice if I knew the exact area.

Jeff, where in Northern Mi is the house located and is it lakefront? I’m familiar with many of the areas and their market values in Northern Michigan.