All Forum Posts by: Jon W.

@Ryan Nastaj I have only bought one property on land contract and it used a standard purchase agreement without a clause for repairs after the fact.  I would think you would be stuck with any repairs but as @Ned Carey mentioned, you need to look at your contract to see what is written.  Good luck.

@Jeff Rabinowitz  It sounds like their behavior is escalating.  Who know where it will lead.  I am sure it is a nice place and should not be a problem to rent quickly.  I would get new tenants.  This is the whole devil you know vs the one you don't scenario.  But if they have already threatened to get lawyers involved I would not keep them around.  Too much of a hassle.  Good luck.

Hello @Erik R. , welcome to BP.  Try not to get bogged down by all of the things you could learn before doing a deal.  Analysis paralysis will stop you from ever doing a deal if you feel like you need to know it all before you start.  My advice, get a good understanding the basics and get your finances lined up.  Then start slow.  You will learn a lot more by doing and it will give you the confidence you cannot get as easily by reading.  Good luck.

Perfect, Thanks @Scott K. 

Hello Michigan BP community,

I am looking for a good electrician in the Novi - Walled Lake - Commerce Township area.  Does anyone have someone they have used and recommend?

Thanks,

Jon

@Alexander Merritt I have a student rental and I market to students near Michigan State University.  My property is blocks from campus and the bar and restaurant scene so rents are much higher and only students are willing to pay the extra money to be there.  Anyone not needing to walk to classes could move a mile away and pay MUCH less.  In my area the lease is for a year (really 11 months and 15 days) and rent is payed semesterly.  I have parents cosign and just do a criminal check on the students.  Most students don't have a reliable credit score or a rental history.  The lease signing period is 10 months before the lease starts so vacancy is 0.  It is a great scenario.

Pros: Zero vacancy if you buy in the right areas where all of the students want to be, 4 rent payments a year (semesterly), ability to adjust rents almost yearly.

Cons: High turnover (every year; sometimes two years), high taxes on rentals (at least where I am), rentals are in high demand from investors so it is hard to buy one that makes a decent return.

@Tyson Herman welcome to BP. I live in macomb but most of my rentals are in Oakland county. PM me if you ever want to meet up for coffee. 

Jon

@Zachary Mutart 

Zach,

Congrats on the baby news and welcome to BP, you will learn a lot here. I recommend setting up key words alerts for topics you are interested in. That way you can get a lot of info and different viewpoints on a single subject, like VA loans.

Good luck,

Jon

@James De Silva 

I use Brian Borawski and know some other local investors that use him too.  His email is [email protected].  

@Ryan Shuchman Patience is key, nice job. Dig you find this deal on the MLS or off market? What city?