All Forum Posts by: Dan O'Neill

@Matt Merrill They have been paused for the time being.  With restaurants opening back at limited capacity, maybe they will start back again but I don't have any info on when.  As soon as I hear, I will continue to post them here.

I have to think you'd be able to find management in Cheboygan, Alpena, Oscoda (especially Cheboygan and around Mullett & Burt Lakes).  Where in particular are you at/looking to buy something?

@Paul Meyer  No we've not done any that route. 

@Paul Meyer

It was paused during spring and early summer but now it's going again.  October's just occurred a couple weeks ago.  I post them to the events here.  The lunch one hasn't been happening and the past few have all been evening meets. 

We will be having our next meeting on Tuesday, October 6, at 5:30 p.m. at the Elk’s Club. Please be sure to RSVP to [email protected] so we can have an accurate number of attendees. We will be meeting in the front room to the left as you enter. Tables will be situated so we will have good social distancing. The guest speaker will be Karol Grove of Alpine Land Surveying, Inc. She is a flood zone expert who has helped many home owners to amend the flood maps to permanently remove homes from the flood zone saving homeowners thousands of dollars. 

@Samuel Ness Couple places to look: county assessor for sale history, agent for any past MLS activity, county building inspector to see what plans/permits they might have on file, register of deeds for mortage & lien history. Finally, talk to the neighbors. If you can get one talking you find out all kinds of interesting info.

Also, use the MI property tax estimator combined with SEV from the county to get an estimate of what non-homestead property taxes will be after sale.

Northern Michigan Rental Property Owners Association (NMRPOA), a non-profit organization assisting landlords and real estate investors, will be having their dinner meeting Tuesday, August 4, at Traverse City Elk’s Club. Please arrive by 5:30 to place your dinner order.  All members and interested parties are welcome. For more information, contact Kathy at [email protected].

#1. Hmm...that's a tough one.  Does the tenant have any documentation showing he/she paid a security deposit?  If so, this should be passed on from the current owner.

#2. The end result with either option seems the same - either they accept the increase and stay or don't and leave.  Tell them you are raising the rent and ask if they'd like to stay.  If so, have them sign a lease.  If not, send them notice of termination of tenancy.  

@Chad Kirchner I always hear advice to get 7 or 10 year reset on commercial loans especially now that we are a long way into an up-cycle but it seems like 5 is the more common which would also make me nervous. Coronavirus aside which is a freak thing, we have been on a long growth period and I'd be worried whether I could find a new loan when I needed to.  Sounds like you didn't stand still after moving on from the 16!  Are these all in the TC area?  

@Chad Kirchner Good to see another investor from my area.  How's your exploration of the 16 going?