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3 February 2025 | 32 replies
This is when you will see growth in rent rates and appreciation.
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28 January 2025 | 1 reply
Increased demand for historic district rentals and excellent rental history.
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29 January 2025 | 8 replies
If you house hack a single family residence by renting out a room or two then you would have no property tax but if you buy a duplex you might have to pro-rate the property tax.
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27 January 2025 | 12 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.
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21 January 2025 | 1 reply
I recently came across 1 acre asking for 314k in a very good residential and growing location, so the current owner has added 4 manufactured homes with 4 electrical meters, 4 septic tanks and only 1 water meter for all 4 homes, the homes are sitting on partial slab and partial pier & beam, he also added 2 storage sheds approx. 380sqft with the intention to make them ADUs they are still only the shell so I would have to get those ready to live in, so currently the 4 manufactured homes are being rented and bringing in 2800k a month, 3 of the homes are needing some TLC which could increment rents and possibly get me at 3600k a month, also being a 1ac lot this still leaves about 12,000sqft of raw land where you could build etc.So that is on the good side now the things I did not like so much, the lay out is poorly executed to where it makes it looked crammed up and not professional but it could be fixed.Another is that in reality there is only 4 livable units so that qualifies under a conventional loan but since they're are 6 units on the property the banks are wanting to take it as a commercial so we would have to move out the 2 storage sheds out in order to close as conventional.Another concern, technically you are only allowed to have one manufactured house or single wide in your property according to what I know but I know it could change according to zoning which I will investigate, so my question is has all this been accounted for and if so how can I verify it so it wont leave me in a bind further down the road, I currently asked my agent for the appraisal of the property to see if that might verify.Any recommendations?
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4 February 2025 | 2 replies
If you know that something major will need replacement in the future, increase the monthly amount you are depositing into your reserve fund.
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27 January 2025 | 6 replies
The fact you brought this up on this board with this situation tells me that you are fairly new to renting by the room.
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24 January 2025 | 2 replies
This specific deal was a close friend's apartment that he was renting.
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5 February 2025 | 4 replies
But I do have some family in Canada that have told me there has been some tax increases to the STR owners to try combat housing issues.
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23 February 2025 | 7 replies
If you plan on eventually selling, central air would add a significant value increase, so you may consider if that's the case.