I had a vacancy in an upper unit 3-bed room in one of my properties. I put new windows in the bedrooms and updated a bit. It took me 3 months to get it rentable. Was extremely happy when I finally finished.
I hired a less than enthusiastic real estate agent to rent it out for me. He was searching for a good tenant to fill the vacancy, and he knew I’m very picky about my tenants. He finally found a factory worker that moved to Detroit for 10 years and was planning on moving back after she retired. He was very adamant that she sign a multi year lease. He got her to sign a 5-year with a 5-year extension option. I couldn’t believe it she actually wanted to stay for 10 years! The lease started at $750 a month and every year, increased $25 a month.
She moves in and she seemed very nice, she was a middle aged black woman.By the second year she realized she really liked the place and the neighborhood.
She started to update the house and pay for it. I couldn’t believe it; she bought new cupboards for the kitchen and decided to pay to have a granite countertop installed with a sunken sink. This was great, not only was the house improving but the value was too. A few months later she had the entire place painted too.
She even sent me before and after pictures. I went there after it was all completed and it looked amazing. At that time there was no way I would have been able to afford all of this improvement. She kept doing little things throughout the years too. On the front porch she put flowerpots out in the summer with beautiful flowers in them. I have no idea what kind they are but they look very nice.
The tenant just renewed her lease for 3 years with 2 left on her option. It turns out that there’s a 3 year maximum for a residential lease in Michigan. So she signed it and will stay for the remaining 2 to make a total of 10 years.
I was very fortunate with this tenant but at the same time there were a few things I did to attract a tenant like this.
The house is in a nice area that is still close to downtown. The houses are well kept and people are highly educated and care about their community.
When purchased I immediately fixed and updated everything that was needed to attract a new tenant. Including all new carpet, and new windows in the bedrooms.
She actually installed the rest of the windows in the living and dining rooms.
At that time it was hard to find a real estate agent that was motivated to rent out a house. When I found him, I hammered him and made sure to stay on him by reminding him I needed a good tenant and that I was serious about renting it out. I kind of think he was happy to get this rented for me so he wouldn’t have to hear from me anymore.
When something goes wrong for this tenant I immediately fix it and continue to improve this unit. I just installed central air last year.
Recently I turned the property over to a management company and rarely talk to her any more. I should probably drop her a line soon and
Keep it movin’