All Forum Posts by: Jeff Weaver

Michael, I would be interested in having a look at this home. Do you have any more photos? 

[email protected]

2484960026

Michael, 

I'm a invester / business owner in pontiac. I would like to hear about your purchase. I would suggest setting up an LLC. But you can transfer into the LLC after the purchase if timing is not working.

I prefer to have 1 LLC per property and a management LLC ( that I also own) recive all the rents ( and lease to the tenants) from each LLC. To do this you will also need a management agreement between your property LLC and your management LLC.

I would not do this until you have more then 3 properties or so. 

Reach out I would be happy to meet with you. My office is in pontiac. 

Clarkston Window and door 

151 cesar e Chavez 

Pontiac, MI 48342

I would give the son your condolences and ask him if he would like you to re-rent the unit after he vacates the unit or if he would like to keep the unit until lease end. That way your making him aware it’s his responsibility to deal with it until lease end. But if he wants an out, to let you know. I would give him the name of a cleaning service also.

I have a friend who found $10k in cash. In a box hidden in the attic.

Yes. Code will require egress windows. 1 for each room.  I own a window company in Michigan and im up on the local  Michigan codes , but I’m pretty sure the egress code is national. 

You will need a window that when open will give you a clear opening of 20” wide, 24” tall and 5.7 sq ft of clear opening. ( that’s not the Window size) 

In a casement Window that  usually results to a window size approximately 30wx 44h.  but each manufacturer is different so you  need to specifically check with the manufacturer that you are purchasing the window from. 

 That should also cover any daylight requirements if there are any .  But again check local requirements 

 If you can’t put a window in the room it’s not a bedroom.

Jeff

Craig, 

Welcome to BP. My wife grew up in Pinckney,  her mom is still there. Feel free to reach out with any questions you have. Lots of great resources here! 

Jeff

I have my Michigan rentals ( MF and SF) insured with Hastings 

I haven’t found anyone better. 

My agent is Hylant group inc 

24 frank lioyd Wright dr j4100

Ann Arbor, MI 48105

734.    741.  0044

Jeff

I sold a home in 2006 for 130k. In 2012 same Home is in the market as a foreclosure $28k I paid cash for it, rented it, and refinanced it with a $55 k loan. No money out of pocket, 27k IN pocket after I put back the original $28. And it rents for $1850 per month. it’s worth $150k now. Jeff

Sara, I had to do a double take to make sure this wasn’t my wife posting. We have been looking off and on for a while now. But I just can’t seem to find anything that I could call an “investment”. I have many MF and SF rentals in Oakland county, MI, and have used Vrbo / home away many times myself. I personally believe that it’s better to own a normal rental near your home and spend your rental income traveling to wherever you want to go. When I go on vacation I don’t want to run to the hardware store to fix something wile I’m there. My vacation time is to valuable to me. I can think of one occasion when we rented a cute cottage in Brighton. Wile we were there the TV stopped working ( I had 2 kids under 4, this was bad) the owner rushed over and replaced it. The next day the AC went out the owner rushed over and paid a hvac guy a lot ( holiday weekend) the day after it was the stove. Now other then the TV that could happen at any rental, however on a short term week rental, it MUST be fixed today. The tenants paid a premium to be there and are not going to be inconvenienced. Or they will post a bad review and or demand a refund. And the constant texting back and forth between the owner and the tenants before during and after the rental period is work. Don’t kid yourself if you use the home a few times a year it will be well deserved. To avoid the work I looked at crystal mtn. I stay at the cottage for 5 days or so every summer. And considered buying there. The cottage’s are 1/4 share and they do everything : rental, maintenance, ect. You just tell them when you want to use it and they try to rent the other times. But there not cheep, and crystal takes 50% of the income. So it still will end up costing you the equivalent of just renting there. Vacation homes drop hard when the economy slows. Little rental income lots of carrying cost, and hard to sell. A normal rental is still in demand in a slow economy. My recommendation: Don’t buy a vacation rental for an investment. Just a normal long term rental. And enjoy traveling to multiple destinations. Now if you were to ask my wife she would say: were still going to buy one anyway. ( so we probably will) Jeff

Thank you for the help