I recently consolidated my rentals in the Metro Detroit market to one property management company. After months of critical thinking, and deciding on what is the most efficient way to manage my properties; I came up with a few guidelines that I plan to stick to when using a property manager. Your manager should make…
All posts in Real-Estate
April Rent Report
The real estate news has not been looking good around the country. A lot of landlords are losing rent. We see some small businesses failing as well. Landlords on average have been reporting around 70% of rents collected. In my personal real estate holdings I’ve been a little more successful. As of now I have…
The Best Tenant
I had a vacancy in an upper unit 3-bedroom in one of my properties. I put new windows in the bedrooms and did some updates to it. It took me 2 months to get it in rentable condition. I was extremely happy when I finally finished. I hired a less than enthusiastic real estate agent…
Why Every Unit Must Be Uniformed
Every one of your units must be uniformed You notice when you go into a chain store or restaurant anywhere in the country it looks familiar to you? When you walk into the CVS you know the pharmacy is in the back, the refrigerated drinks are to the right. The colors are all the same…
Quick Tips for Landlords 1
When you have a rental property there might be a few small things that you will overlook. But they add up and could lead to big expenses down the road. Furnace filters Depending if you have a furnace or not (boiler) these filters are very important and if not changed they can blow up your…
What Happens When A Tenant Dies In Your Unit?
I rented one of my units to an elderly gentleman named Dick. (Or who I though was a gentleman) About 13 years ago I had a vacancy and this man named Dick answered one of my ads for rent. I actually advertised in the local newspaper, which I don’t recommend. This was before smart phones…
A Bad Experience in Commercial Realestate
Owning commercial real estate is a totally different game than residential. Especially when dealing with small businesses. The people that I’ve dealt with are unbelievable. This is one of the many stories. Sometimes I’d get a corporate tenant in one of the commercial spaces and it would be great. I’d receive rent on time every…
Why I don’t over leverage
Out of all of my properties I maintain minimal leverage. It improves the cash flow and minimizes my stress. A good example of why I don’t have a lot of mortgages is this month. The bi-annual city shakedown happened. In most of the suburbs and now in some cities, the local government will walk in…
5 things to look for in a neighborhood
Before I invest in a property I consider all of these factors of a potential neighborhood. A neighborhood doesn’t have to have them all but they’re all signs of healthy areas. If you think of all the popular areas of your city they will most like have some of these features if not all. Every…
The story of 2 rich landlords:
I met a man at the bank I was working at in 2010 in Ohio. His story helped me realize that smart and calculated growth is critical in the real estate business and the dramatic affect that over leveraging can have on your business. It’s easy to understand why you should take your cues from…