All Forum Posts by: Jeff Weaver

Mel, 

Although I have never had that happen. I can at any point deactivate the card.  But good thought! 

what is pay near me? 

Yes The card is actually my card(s) that I give to the tenants so in effect there making my deposit for me. I have heard of a landlord who gave there account info to the tenants and after 6 months the tenants reversed the transactions taking back all the rent they had paid in. Apparently there is some law that says if you transfer money into an account you have the right to take it back. ( maybe just Michigan) when the landlord realized it there only option was to file an evection 45 more days to get them out. And then try to collect after. Jeff

I actually like the inspections. Yes they always find something ( usually small) but I believe it keeps all of us on an even playing field. In the town where I have my multiples the inspector is easy to work with there is no re inspection fee if I just send him a photo of the completed item. ( 1 non working bath fan out of 13 units. 1 inspection every 2 years ) And rents have increased over near by city's with out the inspections. Jeff

like the one with the 3 windows side by side also. Maybe some grids in the glass would help. Also try black windows they look great!

Hi guys, I'm a investor In Oakland county, Michigan (North of Detroit) I have 36 rental units and on the units that I manage myself I give my tenants a deposit only ATM card ( Bank of America as many as you want for free) . I give these to my tenants and they go to the ATM 24-7 to deposit there rent ( cash check or money order). And they can print a receipt ( receipt does not show the account balance and they have no access to any other ATM feature) Each card has its own # on it so I just keep track of the numbers with each tenant. It's easy. You can also set up alerts when a deposit is made. It is also possible to print all the deposits from just 1 card if needed. Only downside is it must be a full service ATM not one of the little ones in the drug store. I keep track of rents on a google sheet that totals for my year end. Adding a new sheet for each year shows my progress. I can view on my phone so I can see it any time I also keep a sign out all the time and an ad on CL that way I have a list of potential tenants if one comes up empty. This has also helped me set my price as I ask what there looking for a what price there getting quoted. My rental application is a google form that I send ( text or e mail the link) this form allows me to convert the received data to a lease and also a rent increase letter ( working on an eviction form) Electronic portfolio : I keep a scanned copy of my leases , LLC info, insurance, deeds, title work, etc . in a google folder that I can share with my bank when I'm in need of funding. Banks like this a lot ! Please share any tips you have Thank you Jeff Weaver

Just out of curiosity do you already have a different LLC bank account in Florida? Just have your MI property manager send the payment to that account. I have several LLC's in Michigan. Only one has a bank account each one has a management agreement between the LLC that the house is held in, And the management LLC were the rent is funneled.

I also hire a outside PM, so the PM collects the rents from the individual LLC tenants ( SFH) then sends them to my 1 LLC bank account. This could be in any bank in any state.

I would not do this if it was a larger MF but for my 36 rentals units it works well. 

As a side note the account I use is at Bank of America. They will give you deposit only ATM cards ( as many as you want ) for free. I give these to my tenants and they go to the ATM 24-7 to deposit there rent ( cash check or money order). And they can print a receipt ( receipt does not show the account balance and they have no access to any other ATM feature) 

Each card has its own # on it so I just keep track of the numbers with each tenant. It's easy. You can also set up alerts when a deposit is made. 

Thank you for the feedback guys.

If it's a studio ( 1 room with a bath) and you already have a exterior door going directly outside from this space, then you do not need any other egress opening the door you have meets the requirements. If you do need a egress window Just to clarify on the 20x24 size : it's a 20wx24h clear opening of a window not a window size and to get 5.7 sq ft one of those dimensions needs to be larger.

I had a tenant once who had no job and no rental history. I told him I would not rent to him. He asked if he could just pay the full year up front. ( he was 18 and received money from an inheritance both his parents had passed away) so I said sure I would rent to him. He was fine for 3 months then left all his stuff and never came back. It was winter so I had to get the heat back on. 2 months after he left I took lots of photos, boxed up all his stuff put it in the basement. and re rented the apartment. Never heard from him again ( 15 years ago). It was odd.

Also on some occasions people leave the casements open and leave the home. Then the day becomes windy the casement sash will rip off the house like a storm door.  This is a costly repair that can take weeks to get a new sash or window.  I would avoid casements in lower end housing if possible. And if your not paying the ac/heat cost there is no gain to you for the added efficiency of the casements.