Newbie - Ann Arbor MI area
I am new to real estate investing and I am looking for a SFR or small multi family here in SE Michigan. I have found this website and the experience shared on this forum to be extremely useful.
I have been looking for several months and had one of those moments yesterday when looking at a multi family yesterday that helped to define what kind of investor I want to be, or more specifically the kind I don’t want to be. As I went through the second unit and listened to the current tenant tell me about how the current property manager hasn’t put a dime in the place, I opened the door leading to the basement and was struck by the unmistakeable smell of sewage. Sure enough there was a sizeable pool of sewage in the corner. As I come up the stairs the tenant tells me she has been telling the manager about the smell for days, but they told her they would get to it soon. From the looks of the rest of the place, I don’t get the impression that responsiveness is their strong suit.
I want to own and manage properties that I would not be ashamed of. I don’t want to be a slumlord. Good news is that I had a duplex in the same town I went to see next which is a good fit and I made an offer on, so I will see how that turns out.
PS- I realize I may get the questions on why look at a property if it doesn’t meet your requirements. Basically, there was limited info on its condition (Ie. no interior pictures) and a previous drive by did not see anything disqualifying. It was nearby my prime target, so I took the opportunity to go see it with my realtor while we were in the area. Regardless, it was a great lesson that helped make another deposit in the experience bank.