Detroit is on the brink of yet another exciting transformation, thanks to a generous $14.5 million state grant awarded by the Michigan Economic Development Corp. This significant financial boost, aimed at supporting five neighborhood projects with a blend of residential, office, and commercial uses, opens up a realm of investment opportunities for astute landlords to […]
Challenges are inevitable when you own or manage a rental property. One such challenge that landlords often struggle with is waste management. For instance, tenants letting trash pile up can cause you a ton of headaches. For one, it’s a health concern, with the possibility of attracting vermin. And on top of that, improper waste […]
Visiting Metro Detroit to invest in real estate usually means long days driving around neighborhoods, viewing property after property, and meeting with potential/current team members. You’re obviously not going to cook, so you eat out by default. After a long day, you deserve more than a fast-food meal. So, we’ve put together a list of […]
When you hear the word “squatters”, it probably conjures up images of a homeless community or an abandoned house used as a drug den in the inner city. Though in many cases that may be true, modern-day squatters may be someone you diligently screened and leased to. Whether one of your holdover tenants refuses to […]
Tenants rarely take responsibility for repair issues, so landlords need strong language in lease agreements to legally charge tenants for problems they cause. We just had another experience that reminded us why our lease has so many clauses. A Tenant contacted us because their kitchen drain was clogged. We asked what caused the problem and […]
We’ve seen a sharp increase in the number of tenants calling on our rentals that are moving from Detroit! It’s our corporate policy to ask every prospective tenant where they live now and why they’re moving. We do it to better understand what type of home they’re looking for and what we have that might […]
How many landlords have checked out a rental applicant using social media sites like LinkedIn, Facebook, Twitter, etc? Be honest – how many landlords have ever even thought about it? It could be a great additional tool to supplement a light credit file or for applicants that can’t prove their claimed income. We’ve been reading […]
Last week we had two interesting interactions with rental applicants. One was very upset that we required them to resend their bank statements after they blacked-out their bank account numbers. The other applicant wanted to know why we asked for proof of their rent payments via cancelled checks and copies of money orders. In both […]
Many real estate investors that bought their rental properties prior to 2007 are upside down in them. Even those that put down 25% or more have seen their equity evaporate with falling real estate prices. A lot of these investors are also upside in their cash flow with these properties and many we speak with […]
Every time a property we manage goes vacant, the first thing the property owner wants to know is, how fast can we find another tenant to put in it. This makes perfect sense as most property owners either have a mortgage on their property that needs to be paid or they’re living off the cashflow […]