The resident pays the second month on time and then, and only then, do they get the concession.If the market is soft, and we are having trouble renting, before we consider concessions, we look at the product, the marketing, and lastly the price.

Basically, you can't STR an entire home here, or even an ADU, and can only STR out a portion of a home that you reside in.

Investment Info:Single-family residence buy & hold investment in Lucien.

Of course, these properties are full of challenges so be prepared before you start. 

@Placeholder PlaceholderOne word of caution I would advise: If a community or local government is enacting restrictions and also regularly enforcing them, then its often a reflection of the local community sentiment which increases the chance of a neighborhood or nearby resident calling you in if they think you may be running an STR.

Every time we're preparing for a new administration, there's plenty of tax-related noise.

There's a few different ways to focus on a lower rate such as with house hacking and making the investment your primary residence, requesting a significant closing credit from the sellers for standard rate buy-downs (which I've had great success with recently), or utilizing lenders who offer short term rate lowering solutions such as 2-1 rate buy downs (again, ideally paid for by the sellers).

(The typical commercial loans I use are at 9.5% right now so be prepared for that.)4. 

Be prepared for the learning curve with Detroit—it’s rewarding but comes with its fair share of challenges.If you’d like more specific guidance or have questions, feel free to DM me.

In some cases, after crunching the numbers, the profit margin was so slim—or even negative—that I had to pass on some promising opportunities.Here’s my situation: I currently own two properties—a primary residence and a rental property—both of which have substantial equity.