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17 October 2024 | 5 replies
Lenders title insurance policy should be obtained and all documents properly prepared and filed accordingly.
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13 October 2024 | 54 replies
It really is not hard to install submeters in most cases.
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18 October 2024 | 7 replies
All an agent should do for you is list the property to generate showings => to generate applications, that YOU then screen.Now, they may actually be asking you want screening criteria you want them to advertise, which is fine.Can't answer your question though, without knowing if this is a Class A, B, C or D property - as they will all have different criteria.Here's a sample of some of what we use in our Metro Detroit market:Class A Properties:Vacancy Est: Historically 10%, 5% the more recent norm.Tenant Pool: Majority will have FICO scores of 680+ (roughly 5% probability of default), zero evictions in last 7 years.Class B Properties:Vacancy Est: Historically 10%, 5% should be applied only if proper research done to support.Tenant Pool: Majority will have FICO scores of 620-680 (around 10% probability of default), some blemishes, but should have no evictions in last 5 yearsClass C Properties:Vacancy Est: Historically 10%, but 15-20% should be used to also cover tenant nonpayment, eviction costs & damages.Tenant Pool: majority will have FICO scores of 560-620 (approaching 22% probability of default), many blemishes, but should have no evictions in last 2 years.
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17 October 2024 | 4 replies
Take ownership of your mistake and learn to do the proper due diligence recommended aboveš
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16 October 2024 | 8 replies
Legally they are probably allowed to show whenever they want with proper notice.
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17 October 2024 | 19 replies
I have many corporate and high-valueĀ tenants that do this.We hold advance rentĀ in escrow, and weĀ treat it as a deposit,Ā then we release installment payments when that months' rent is calledĀ due.Ā
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13 October 2024 | 12 replies
Tankless WH cost has dropped significantly, they tend to last longer and areĀ less prone to leaks but the initial switch might require upgrading the gas line with potential higher installation price tag.
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17 October 2024 | 7 replies
If you are leaning towards using a property manager or think you may at some point, just make sure you budget for that in your analysis so that your cash flow figures are taking that potential expense into account.Since this would only be your first property, IĀ don't think you need a professional hiring firm--it would probably be more beneficial for you to do the interviewing yourself to be sure that you set expectations properly, are aligned, and can work well together.
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15 October 2024 | 1 reply
Get to know people in the various trades (plumbers, electricians, carpenters, painters, siding installers.)
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16 October 2024 | 5 replies
I know it may cost up, but they will be able to add the proper verbiage/guarantees/escalations/protections that you may miss, and they will market it for you as well.The you have this lease available for you to use in the future.Gino