All Forum Posts by: Tracey Wittke

Tax strategies in N. Michigan? 

Like twp with lower taxes?

Very exciting! Congrats!

Sorry to just get back to you! I did read through the entire thread. This would be my first apprehension... well first I guess would be having to inherit tenants (lol)! I have had no luck with that and swear I will never do it again. So my second worry...this will cost well over 100K of you cash flow just to purchase, probably more like 130K. We are in a very good market right now. To sell them individually if need be may not be as easy as you think. We have a ton of income based housing being built. I know the condo/apt building that was was finished not too long ago on Garfield and 8th are renting for about $1100/month. I feel like the property is overpriced, so equity to purchase another property may not be there for awhile. I'm not sure what your long term plan is, but for the BRRR method (thats what I do mainly) I don't like the the way the numbers look!

Investment Info:

Small multi-family (2-4 units) buy & hold investment in Central Lake.

Apartment over pole barn, SFH, and large 3/2 mobile home on over an acre of land walking distance to the upper chain of lakes.

Replied to your message

Well without seeing  the property your payment on 600k will have to have a rent increase on all six unit to make it worth your wild. 

I just acquired a foreclosed property in TC, 500 ft from one of the inland chain of lakes ( Spider, Arbutus) for a great deal. It’s a total rehab. I plan on doing a summer weekly and winter monthly in it. I think this is one of the most profitable ways to go up here:-)

I also have a LC in Central Lake. It’s walking distance to the upper chain of lakes. I only paid 38k for it. My Amitorzation for 5 years at 7% is $650/month. 

I have yet to invest in anything at 600k , but I do study this market and know it very well. 

So 72 going towards Glen Arbor or Williamsburg? 

Six units in Glen Arbor or Williamsburg sounds high to me unless of course there is water involved. That is a whole different ball game!

Are you familiar at all with Northern MI real estate? 

I currently have 7 rentals in Northern MI and live in Traverse City. Where are these duplexes located in N. Michigan? I ask because 600K could be a great deal or a huge mistake if you are not familiar with the area you are buying in. I know that there are a group of realtors up here that are “breaking up” and selling off their properties. I’ve looked at a few... not good. They are asking way too much. I am willing to give you my honest advice:-)

Cheryl,

Did you give them the 30 day Notice to Quit?

I'm just curious bc I am currently debating whether I need to use an attorney. I have been doing rentals for a couple years in Northern MI. This will be my first eviction that may go to court. She is month to month. After a year all rental prices are looked at. She could not afford the increase in rent. I negotiated with her 30 more days, 15 days in she is threatening not to leave, hiring an attorney ( for what I'm not sure).

I mailed her a Notice to Quit , which she will not sign. Then plan on after the thirty days going to the district court and filing a Summons and Complaint. Are these the steps you have taken?

Please let me know 

Tracey

Thanks all!