Rent Rolls in Detroit
Hello, I have a question about typical rent rolls in Detroit. My husband and I are contemplating on purchasing a tenant occupied home with the rent being $795/mo and we just received the rent rolls before closing and find out that the tenant is 90% late on the rent, however does pay every month. They also have a balance of about $300 late fee balance. We are from Texas and have 2 properties we rent and do not have that problem. We are taking into consideration the economical hardship in Detroit and this deal is very good seeing that the purchase price is only $29,900 but negotiated $28,000. Just want to know some of your thoughts or any experience in the Detroit area. Thank you in advance!
Most Popular Reply
We use a management company who charges a late fee. One of our tenants also pays late, regularly, but ultimately always pays. Has for several years. Some people just pay late. Either you can live with that or you can't. Your call. Hope this helps.
Remo