Can take up to 3 months to go from application to lease.

After the must-pay items are handled, then I will apply remaining funds towards rent, late fees, etc.

There are a ton of action items requested after the information overload that takes place without much proactive follow-up.

that we’ve learned in our 24 years, managing almost 700 doors across the Metro Detroit area, including almost 100 S8 leases.

It would be interesting to hear about the technology landlords use for leasing, property management software, unattended leasing, AI, deposits, and more.

This policy at lease signing greatly reduced late night parking calls.

I would think that if the tenant is paying for the addition, they would want to have a minimum of a 5 year lease, if not a 10 year lease in place in order to pay for the improvements.As in any real estate investment it is risk reward, I think with the current market and a stable vet tenant, that if you can get a 5+ year lease, it would be worth it to let them expand.If you are worried about value, you could always talk to a commercial real estate appraiser.

Live in one unit and rent out the other to cover your mortgage, freeing up more cash.Partnering – Find a partner to help with funding or experience so you can acquire more properties faster.Creative Financing – Look into options like seller financing or lease options to reduce upfront costs and grow your portfolio quicker.Build Reserves – Make sure you have enough savings set aside for repairs or vacancies, especially with multiple properties.Once you’re out of debt, that extra $30-$40k per year will really help you expand.

Good morning, I am currently using Turbotenant for tenant screening/rent collection and reminders, and lease creation.

The other is that small multi unit buildings typically have a few less expenses since they are run more like mom and pop buildings (No LLC, no leasing fees, no property manager fees, etc).