However, the process was extremely cumbersome, communication was inefficient, and the loan fees were inflated compared to other deals I have seen from fellow investors.We will be ready to begin the refinance stage of our next project in the coming days, as renovation is finishing up and we are screening tenants.

You need to have a property with a certain size lot in order to add units.

New year, new laws (Senate bills 205, 206 & 207).Effective January 2, 2025, Michigan landlords can no longer consider a tenant's source of income when screening them. 

It’s good to budget for unforeseen expenses.Regarding PMI, it’s worth discussing directly with your loan servicer since many lenders require holding the property for a period or reaching specific equity thresholds before removal.If market rents are $2,200–$2,500, hiring a property manager could help you optimize rent while taking the burden of tenant screening off your plate.

You screen applicants because you don't know them!

ASSET BASED LENDINGNote: Hard money is defined as average loan size under $2M, average loan hold duration under 2 years, and not a bank. 

Use the top three or four discriminators so applicants can screen themselves.Then you need to have clear screening criteria yourself.

With proper tenant screening and systems in place you can absolutely be a successful landlord.

I think it is good screening, luck, and that my tenants believe what I tell them.Do not reward tenant bad behavior! 

What loan size and loan to value?