All Forum Posts by: Drew Sygit

Curious why you don't want to put in an LLC?

Are you in California where the LLC costs are crazy high?

@Olivia G Gonzalez the math is all adding, subtracting, multiplying & dividing - no algebra or calculus!

Can you balance your bank accounts?

Then you can handle REI math! :)

@Brice Alef-Torrisi it's a legal mess to transfer a lease to another tenant!

Ask any attorney, they will tell you just start a NEW lease.

Be sure to screen the new tenant(s)!

@James Mc Ree most tenants aren't really serious about Payment Plans and will say anything to try to stay longer!

Here's what we require to do a Payment Plan:

1) Tenant MUST put in writing specific payment dates & amounts

2) Tenant MUST provide us acceptable proof of income to support Payment Plan

3) We put their proposed payments into a spreadsheet that includes their current past due balance and future rent payments
--- Many tenants only focus on their past due balance and forget about future payments!

4) Depending on when the spreadsheet shows they'll bring the balance current, we negotiate payment amounts or proceed.

5) If we proceed, they MUST sign a formal Payment Plan acknowledgement form that our attorney drew up. 

6) They only have 7 days to do all this.

We know most tenants aren't serious about Payment Plans because less than 50% cooperate with all the above. So, it tells us who to continue evicting.

You could still use this issue to negotiate a discount in the price:)

This has been spreading across the country as cities are tired of absentee owners being slumlords.

It's been required in most Metro Detroit cities for 30+ years.

Investors are legally challenging new similar statutes in Cleveland. 

Detroit's not on the list!

Just some friendly Michigan vs Ohio rivalry:)

@Dayana García so you THINK you have 3 vacant apartments?

DEMAND your PMC go there and video the 3 vacancies and share with you - bettting you have at least one squatter:(

OR, a neighbor is stealing electricity via extension cord.

Why doesn't the property have separate electric meters? 
- Water you can't get separate meters for and submetering a 4-plex is too expensive, so no ROI.
- Gas can be difficult to split as running new gas pipes may require cutting holes in a lot of walls - that will need patching & painting. You may even have to remove kitchen cabinets:(
- Electric is the easiet utility to separate. Even if you have to run new wires, long, bendable drill bits minimize damages. Your biggest expense will be permits and new panels. 
EXAMPLE of 54 inch long, extendable drill bit:
https://www.homedepot.com/p/Eagle-Tool-US-1-2-in-x-54-in-Fle...

@Javier Contreras save yourself a bunch of headaches and potential losses and connect with @Samuel Eddinger!

@Danny Daniels or you could reach out to schedule a chat...