All Forum Posts by: Will Koederitz

@Ethan Nowak

To license a property you need to submit a rental registration application with the city. The form can be found online or physically at city hall. I believe it is ~ $100-125 for a SFH (different price for condos and multifamily) and that will be good for a 2 year period.

@Ethan Nowak

To get accurate rental data, I would ask a real estate agent to send you previous SOLD rental transactions in a specific area and specific time frame. You can always see the amount of rent landlords are asking for right now, but it's the final price that represents what rates are at any given time. Zillow's "Price/Tax History" can help as well but may not be correct, although it will provide data for rentals that weren't listed on the MLS. You can also cross check these rentals with the sale (purchase) of the property to determine the average return investors are getting.

@Ryan Garza I assume you work at Williams International. I also work in Walled Lake and have the same background in mechanical engineering. Let me know if you'd like to grab lunch one day and we can talk about real estate, engineering, and any other topics.

@Julian Le

If you do go for an MBA while working, find an employer with tuition reimbursement that requires you to stay for the least amount of time without having to pay them back for the degree.  This should not be your only decision in choosing an employer, but can save you money to use for investments, etc. 

@Stephanie Bureau

I see you have an exit strategy listed but only for properties.  If you're going to have a partner on these deals, I recommend having an exit strategy put in place if either you or your partner wants to leave the business, etc.  It will be much easier for both involved if the exit strategy is already outlined, otherwise when the time comes no one will agree and it will be a pain to settle who gets what, etc.  

@Benjamin Timmins

Welcome.  

There is a local meet-up in the metro-Detroit area where you can talk to plenty of different investors, landlords, etc. This is a casual meet-up.  I will post the Facebook link later or Tom Auterman will share the details if he sees this post.

@Joshua DorkinI was thinking the same thing! "Buy when everyone's selling"