Steps taken by Candor Investments, LLC

Greetings Investors! My name is Joseph of Candor Investments, LLC. We’re a company that specializes in Wholesaling and Property Management. I’m going to breakdown what we as a company focus on to get the most out of your Investment Property.

1) Collections, Collections, Collections!

As a Property Management Company, our main focus is Collections! We realize that you have invested your hard earned money into this Investment Property and the last thing you want to hear is that “your tenant did not pay this month”. If there is a legitimate reason why your tenant has not paid, we will setup a payment plan with them and scan a copy of the payment plan to you. We will also inform you about why the tenant has not paid. If that payment plan is not honored, we will file an eviction the following morning upon your approval.

If the tenant cannot give us a good reason why they did not pay, we will notify you immediately. Depending on if you approve the eviction and the cost, we can move forward. Sometimes it is not wise to do an eviction depending on the area of your property and the season. But, I will get into that with my next blog.

Lastly, we will go out to homes and knock on doors if there is difficulty reaching the tenant. We are willing to travel from the East side of Detroit all the way to the Suburbs if we have to get a response. Sometimes a letter, a call or a text is not enough to get their attention. That is why we go out and knock on doors.

2) Maintenance/Repairs

Maintenance is the next most important step besides Collections! If regular maintenance or inspections are not completed on a home such as annual furnace/boiler checks, hot water checks, foundation inspections, plumbing, etc. it will be costly later down the line. I know it may appear as another cost, but it this will prevent a lot of headache down the line.

For instance, if the basement backs up in your home, the chances of your tenant paying goes down drastically. When the basement backs up, that means that the tenant’s personal items get damaged, feces are in the home, mold, tenants getting sick. If your tenants do not have rental insurance, they will look at you to replace the cost of their damaged items. Feces in the home will cause the tenants to become sick, then they’ll have to go to the hospital, especially if mold comes into the picture. The conclusion is to get your Investment Property inspected before you purchase it. Remember, its best to be safe than sorry.

3) Tenant Screening

Last, but certainly not least. Screening tenants is another important part of selecting a Property Management company. If your Property Management Company did not screen your tenants well, IT WILL EFFECT YOUR R.O.I.! Once your R.O.I. is effected, the livelihood of you and your family is effected as well.

The things you want to look for when screening tenants is job history, references, current and past employer checks, gross amount per month, etc. These are critical things you need to look at before you allow a tenant to move into your home. Here is a great TIP: If you have a potential client that wants to move into your property, drive by their home and give them a call. Tell them that you’re in the area and you want to stop by to see what their home looks like. Do you really have to go to their home?! No! All you are looking for is their reaction.

If you do this step and they are welcoming, then you are in luck. It appears that you have a good and clean potential tenant. However, if they are fumbling over their words and they sound unsure if they want you to come to their home that is a clear sign that they are hiding something.

I hope these tips were helpful. If you have any questions or concerns, please feel free to email me, Joseph directly at [email protected].