All Forum Posts by: Wendy Brockman

@Alex Harris I read a good tip - maybe even in this thread that you can open bank accounts in Hawaii, which is cheaper to get to than the states. Obviously not now but once flying opens back up again.

I've not had any damage over the years when I've rented to tenants with pets, perhaps I have been lucky.

Allow small dog breeds and cats. Most of the damage will likely be on your tenants own furniture. Worst I've seen is friend's dog chew trim. Though this is easily fixed out of security bond.

Include in your ad that nuisance pets (barking, aggression) is not acceptable, include this also in your agreement. If this is legal in your area to do so.

@Lindsay Stewart - Never fear, definitely using LLCs and a trust back here in Australia. Just trying to make sure I don't get ripped off in the creation of the LLCs.

@Michael King

Yes I'm in Australia - hence being in this thread :)

I agree - I'm inclined to set-up my own LLC in my preferred state as it certainly seems like an expensive route otherwise. I may continue to gather info on pros / cons of this.

What have you guys learnt about opening an LLC, I'm thinking I should use an attorney to start my first but at 1k a pop I'm hoping to be able to open future LLCs (online maybe?) once I know what to do for a better price.

Any thoughts here?

I'm looking for a foreign national friendly bank - I'll be getting an LLC and EIN number which I'll need to open an account.

I've heard differing stories about whether or not banks will allow me to open one. Any tips?

Although they may agree to higher rent and default. Can you resign a new lease if they agree and go through credit checks and employment checks again to ensure they have at least 3 x the rent as monthly income etc.

Thanks all for your information. I have contacts in the city that can talk me through the steps in more detail, I was looking for more points of view. Cheers

Hi all

I'm looking to purchase in Detroit soon. Have made some good contacts here on BP and aim to visit the city in the next 2 mths.

As part of my research I want to understand the buying process, who does what and when, the inspections and certs required, what to look out for and questions to ask.

Here's what I have on my list so far:

• There will be an agent for the buyer and for the seller. Offer goes in subject to (inspections etc). EMD money, then full amount should the sale go ahead.
• Inspections to be ordered - what sort? City certs for rentals etc?

Info to find out about the property:

• How old is the roof, furnace and HVAC? (these seem to be the expensive items) 
  
• Was there any foundation cracks or damage?
• How about the sewer system?
• Is all the siding / brick work in good repair?
• Electric in good shape?
• Lead paint cert from the city - does the property already have this?
• How old are the windows, are they in good nick?
• Any leins (tax etc??)
• Basement dry

Thanks in advance for any info you can add to this

 Hi Russell, can you help me understand the point about stock market return.

My understanding is that a stock market return is a quarterly or yearly % return. (I don't currently own stocks personally but am debating stocks vs property)

Whereas in property it is a monthly return, and therefore is a larger percentage over the year. ( I think)

Thanks in advance for your help