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15 January 2025 | 8 replies
She's not going to have any leg to stand on in court if you get that far unless there's some explicit language prohibiting the owner from assigning responsibilities to another legally authorized party, and I'm guessing there isn't if another PM company was maintaining the lease and provisions - and the fact that the tenant was voluntarily working with the other PM confirms the acceptance of an authorized agent even if it's not explicitly stated, the same way if you accept rent from a tenant after a lease expires you imply acceptance of the lease terms continuing (which is why you should always have a holdover provision).
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13 February 2025 | 0 replies
They work well in areas with steady rental demand like suburban neighborhoods or cities with strong job markets.Considerations: Your property management needs will be lower, but rents may rise more slowly over time compared to short-term options.Short-Term Rentals: High Risk, High RewardAdvantages: Short-term rentals can generate significantly higher nightly rates, especially in vacation destinations.
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29 January 2025 | 5 replies
But, these broad market studies are so large, they are almost meaningless, in the real world.Between glut of new supply in many "hot" markets coming online, a continually softening economic outlook, inflation over last couple years making day to day items feel cost prohibitive, many average renters are strapped and seeking lower cost housing.
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3 January 2025 | 18 replies
I'd see how next 2 weeks go before lowering the price.
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15 February 2025 | 12 replies
IE - 70% of total units are rented at levels <=80% AMI.The higher your “Mission Driven %” (IE - the more units you have rented at levels <=80% AMI) the lower your interest rate will be.
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31 January 2025 | 5 replies
Can you do the lease renewal, but have lower rent for the first month and then increase it the second month (if that fits with 60 days' notice)?
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4 February 2025 | 0 replies
I wanted to help them out and minimize their loss and saw an opportunity to get a property slightly below market because of my commission savings, immediate mortgage and maintenance relief, in addition to keeping a lower short term interest rate How did you find this deal and how did you negotiate it?
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26 January 2025 | 12 replies
Is the higher price agent inflating to get the listing or is the lower price agent just not keyed in well enough in the specific neighborhood?
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9 February 2025 | 4 replies
It’s a lower risk strategy since you’ll be living in one of the units, and you’ll qualify for low down payment loans.
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3 February 2025 | 25 replies
that we’ve learned in our 24 years, managing almost 700 doors across the Metro Detroit area, including almost 100 S8 leases:Class A Properties:Cashflow vs Appreciation: Typically, 3-5 years for positive cashflow, but you get highest relative rent & value appreciation.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:Cashflow vs Appreciation: Typically, decent amount of relative rent & value appreciation.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:Cashflow vs Appreciation: Typically, high cashflow and at the lower end of relative rent & value appreciation.