All Forum Posts by: Janeen Bertolina

Anyone have a nice rental house in the Lansing Michigan area that my daughter and son-in-law can move into? They are moving there in late March or early April. Anything available?? Thanks!

I'd ask them to borrow their next security deposit for the new place from family members or friends. If they leave your place in good shape, clean, and all bills paid, then they can quickly pay back the friend or family member with deposit they get back from you. That way you still have security, and not the risk. These are grown ups, and they need your help to behave like it.

So true that Michigan is a great state, and it's not all like Detroit. Ann Arbor is a hopping college town.  IMO Ann Arbor doesn't necessarily has high cap rates, partly because the property tax is pretty high and the city inspectors have high standards to meet. But the nearby Ypsilanti has higher cap rates, but the tenants are riskier, generally speaking. I have found that's how it goes: higher cap rates are in locations where the tenants are riskier. 

Hi Nikaury, Welcome! My husband and I have a couple properties in Ann Arbor. Great town with quality tenants. Hard to find good deals, but if you do, the rental market is great. Be aware of high property taxes though in the city itself. Good luck with your RE dreams! :)

My understanding is that you must honor whatever leases come with the property. You didn't say whether all the leases are month-to-month. If they are, then you can change the terms (or terminate) with proper notice. The number of days for proper notice should be shown in their current leases, usually 30 days. BUT if some of the leases are long term leases, you must honor them until the term is completed. You cannot force them to sign a new lease just because you're the new owner.

I'm an agent and listed a rental house for sale. I pointed out to the tenants that if they didn't want to be bothered by a whole bunch of showings for weeks or months, then they might consider making the place look clean and beautiful. Sure enough, they did just that. It sold on the second day it was listed. Everyone was happy! :)

I have 8 out of state rentals, which means 8 furnaces to maintain. Every year I pay for an annual furnace tune-up for each one, which costs a fortune. I'm curious to know if other landlords do the same thing, or am I going overboard by having this done annually? Thanks in advance for your input!

This method has worked great for us:

1)  Before the current tenants start packing up (maybe a month ahead of moving), we tell them that we schedule an open house there.  We always put that right to do so into the lease.

2) We offer the current tenants a reward of $50 if any of the attendees from the open house consequently signs a lease.  They become incentivized to earn the $50 from the open house, so they make everything look clean and nice.  They become self-motivated.

3)  The new tenants' lease begins only a couple days after the old tenants' lease ends.

Then voila, for only $50, we only have a couple days of vacancy.  The $50 reward is far cheaper than having a couple weeks of vacancy between tenants.  And I only have to show it ONCE!!  We do this from long distance, so I don't even have to be there.