All Forum Posts by: Lisa Wright

Hiya!  I post a lot to the facebook groups.  I'm a realtor on the north side of Detroit but I'll drive anywhere.  Motorcity.  

I have a few years of property management and about 13 years of owning.  And rented all over Detroit.

Lately I've been daydreaming about coordinating the flip and sell group to go in on blocks in Detroit.

There are streets where half of the houses are AMAZING.  And the other half and ready for love and money and a family.  If ten investors would pile in on one block- what?  You all would get a fat return.  

Who is in?

Yardi is the least user friendly program I've used.  Entrata is more straight forward.  

Focus more on learning fair housing, and about rental rules and organizational skills.  They will train the right person.  And trust me, most people in the office will be using it to the bare minimum.  

I would contact the Humane Society.  I would hope they are somehow blacklisted from owning animals. And I would not have a conversation first.  People who treat animals like that are not right in the head. 

I would hire legal straight away.  In Michigan you can enter the property with 24 hours notice. I would go in and document how everything is working.  

I would start the eviction process immediately. 

I'm securing a bridge loan to purchase a fixer upper.  (I wish this was going faster). 

They have it listed at $86,000.

They purchased it for $66,000 a few months back.

It looks like it was a dramatic few months.  Lots of superficial damage- paint, flooring, siding.  Plus it needs updating.  (Oil heating) And a person died in the back.   They did not clean that or disclose. (they don't have to, put its gross they left fluids).

I'm thinking of going $45,000.  It's been on the market for a week.  And has good bones.  

Im Michigan we call it occupancy.  Generally by the month; 30, 60 or 90 days.  I've set up 90 days because they can always move out sooner but if something is delayed it takes the panic out.

You charge them PITI if there is a mortgage. (Principal, Interest, Tax and Insurance per diem) But if it's a cash sale you write in the purchase agreement a daily fee that they will pay to stay. Title holds the money and divides it based on time.

If the deal is done then write up an addendum.