How to do managing my property myself

10 Replies

What paper work do I need to get together to begin managing my rental property in Michigan...with the help of my daughter who lives in the same city as our rental property?

Thank you

Victoria

You can check your local/state government websites about this.  One of the better ways to get the right contractual documents is to go to an office supply store, where you can purchase software or forms specific to your area. This is what we did in California when we had our first rental.

Get the Nolo Landlord book, has all the docs you need, along with an excel spreadsheet to track your costs should be all you need.

Also, start brushing up on your states eviction policies, you will need it later...

I manage my properties located on the east coast and I am on the west coast. What exactly are you looking for?

Aside from official paperwork like leases, lead disclosures (if applicable)  a couple of things that can really help you on property management:

1. a draft letter to the tenant on who to contact, and in what order including a email and phone preferences.  Define what is an emergency.

2. tenant applications, including emergency contacts and best ways to reach the tenant.  I think in resources - fileplace here are some examples.

3. A list of vendors for repairs. You want to have some go to fixers like plumbing and HVAC in mind for when something goes wrong.

@Victoria Silva I generated my first few landlord documents from walking into a property management company, interviewing them to be my property manager.  At the end of the discussion I had a nice package of information to put into my business.


Frank

Originally posted by @Frank Romine :

@Victoria Silva I generated my first few landlord documents from walking into a property management company, interviewing them to be my property manager.  At the end of the discussion I had a nice package of information to put into my business.


Frank

That's the reason I don't provide that material anymore. In my newer and more naive days I would pull comps to help determine rental price, provide sample leases, etc. Then, what do you know? They suddenly don't need my services anymore.

Originally posted by @Victoria Silva :

What paper work do I need to get together to begin managing my rental property in Michigan...with the help of my daughter who lives in the same city as our rental property?

Thank you

Victoria

 I found this free landlord-tenant online book put out by the state:

http://www.michigan.gov/documents/Landlord__Tenant...

It's amazing! It even includes leases, move-in checklists, tenant repair request forms, how to sue for eviction if necessary, laws about pets - you name it.  I've never seen such an amazing free resource put out by a state.  Looks like it's all you'll need.

@Fred Heller

When you are on a mission, hustling, blazing both guns accumulating properties... Information is gathered from all sources.

Frank

Thank you all so much...you have really helped!

Victoria

@Victoria Silva I think what you may be asking is how do you have a property manager at the property location without having to make them a real estate agent, which is a requirement in many states (I don't know about MI). I would run your scenario by a lawyer in your area that is familiar with the judges in your area. 

Run this scenario by them - If your daughter is only letting potential renters in to see the place and referring all questions to you with you posting the ad negotiating with renters, signing leases (docusign), contacting and paying repair people then do you need an agent in MI. A consideration is that sometimes "potential tenants" do not have good intents, so consider your daughter's safety. Start with a good phone screening.

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