All Forum Posts by: Drew Sygit

Great idea, know several people that have done this!

@Damian Pokoj Warren is the 3rd largest city in Michigan, after Detroit and Grand Rapids.

North of I-696 Freeway is mostly Class A and B.

South of I-696 is mostly Class B and C.

Overall, it's actually a fairly safe city and residents have a lot of job opportunities in other nearby cities.

DM us if you'd like more info:)

Thanks @James Wise

We see about half of Metro Detroit Property Management Companies not even properly licensed!

Many of the PMC owners think that having an RE Agent license is all that is needed.

The State of Michigan actually requires an RE Broker's license for the company - NOT that the owner be a RE Broker.

If PMC isn't even properly licensed, has a website with Owner & Tenant Portals - why would a property owner hire them?

@Amanda Rechsteiner nothing on Joe's portfolio list is in the CITY OF DETROIT.

They are all in the Ring Cities - inner-ring suburban cities around the City of Detroit.

The Ring Cities offer investors mostly solid Class B neighborhoods that make great rentals.

We've got a color-coded map on our website that may be helpful:)

@Nick LeQuia a quick Google of, "Oklahoma Landlord Tenant Security Deposit" brought up this:

https://cbcrossroadsrentals.net/oklahoma-security-deposit-la...

Copied text:

In Oklahoma, landlords can require security deposits to cover potential damages or unpaid rent, but they must hold the deposit in a separate, federally insured account within Oklahoma and return the deposit, less any allowable deductions, within 45 days of the tenant's move-out, with an itemized list of deductions. Here's a more detailed breakdown of Oklahoma's security deposit laws:Landlord Obligations:

• Holding the Deposit:Landlords must keep security deposits in a separate, federally insured account within Oklahoma, distinct from their personal assets.
• Return of Deposit:Landlords must return the security deposit, less any allowable deductions, within 45 days after the tenant moves out, the lease ends, and the tenant delivers possession of the property.
• Itemized Deductions:If deductions are made from the security deposit, the landlord must provide the tenant with a written statement, delivered in person or by mail with a return receipt requested, detailing the deductions.
• Tenant's Demand:Tenants have six months after the lease ends to make a written demand for their security deposit. If they fail to do so, the landlord may keep the deposit.
• No Limit on Amount:There is no statutory limit on the amount of a security deposit in Oklahoma, but it's generally recommended to be between one and two months' rent.
• Pet Deposits:Landlords can charge additional pet deposits, but they cannot require tenants with service animals to pay a pet deposit.
• Misappropriation:Misusing a tenant's security deposit is illegal and can result in fines and even jail time.

Tenant Rights:

• Written Demand:Tenants must make a written demand for their security deposit within six months of the lease ending.
• Itemized List:Tenants are entitled to receive an itemized list of any deductions from their security deposit.
• Legal Action:If a landlord fails to return the deposit or provides an inadequate explanation for deductions, tenants can pursue legal action.

@Stephen Schroeder The Flat Fee model was really created for handling Class A rentals. 

With Class A rentals a PMC rarely has nonpayment issues, so rarely evictions and many tenants take care of their own minor maintenance issues. 

When you see a PMC offering guarantees to cover eviction costs and such, you can bet most of their portfolio is Class A rentals. 

Class B rentals are a little trickier, but can still support a Flat Fee model is a PMC uses virtual assistants to cut their costs, so they can remain profitable.

The REAL trouble starts when PMCs try to apply the Flat Fee model to Class C and below rentals. The properties & tenants require way too much attention to allow a PMC to be profitable solely on flat fees. 

It's interesting that one of the biggest franchise PMCs in the country (who just bought/merged a big competitor) significanlty raised their flat fee rates last year.

Wonder why they did that?

@Ying Tang all I did was enter this, "phoenix real estate investor groups" in this thing called Google and found several groups you can look into.

How hard are you actually trying?

How much local networking have you done and what online groups have you joined?

The more you put in, the more you'll get back:)

@Amber Forkey not the same thing as a custom field, but good idea!

There are deals in every market cycle.

Investors should always be looking and adapating.