All Forum Posts by: Drew Sygit

Hasn't changed: https://detroitmi.gov/how-do-i...

@Cyle Harris the only way to build 2-4 unit multifamily is if zoning allows. The only reason zoning would allow it's for housing density. The only reason for housing density is shortage of land. Suburban cities rarely have a shortage of land. Those that do, like Royal Oak, typically only rezone for large multifamily.

@Arsen Atanasovski why are they better deals than what's on the MLS?

@David Heidkamp you may need to adjust your expectations:)

You won't find many turnkey properties in the suburbs that will have great immediate cash flow. Basic economics will adjust prices to address any market inefficiencies.

Improving your numbers means finding properties where you can make improvements in the property or rents. The smaller your improvements the longer it will usually take to increase your cash flow.

If you're handy, you may want to focus on properties that need work and investigate the FHA (203k) loan that allows repairs to be financed into the purchase mortgage.

I politely disagree with everyone here and appreciate @Chris John being polite enough to ask about this issue.

TIME IS MONEY in service businesses! Time is what you are really selling!

If you don't value your time, no one will - and they will take advantage of you and you will waste your value and lose money.

For those of you who disagree, try going to an attorney, doctor, financial planner, etc, MULTIPLE times for free advice and let us all know how that works out for you.

Chris, it's understandable that you want professional advise on the market before you make a big investment. Just so we're clear, anyone telling you what a property will sell or rent for is only giving you their opinion. Yes, some opinions are better than others, but it is always an opinion until the sale closes. 

Also, statistically, those that give away free advice are typically the most desperate for business. Otherwise, why would they give away their most precious commodity for free? Likewise, those that value their time and protect it, like the person that told you they feel taken advantage of, are statistically more likely to be better "experts" than the desperate ones.

Just to put it out there, here's how we handle situations like this:

1. We discuss what a potential client is looking for in a rental purchase, help them to define criteria if need be, etc.
2. We make it clear that we will only evaluate a limited number of potential purchase they send us for free
3. We also make it clear, that once that limit is reached and we've demonstrated our expertise, they will need to pay us a $500 nonrefundale retainer fee, that will be applied to any transaction they do with us within 90 days.

Now, we've protected our time and if someone won't pay the $500, how serious are they really?

Hope this helps!

Many lease agreements now include language making the tenants responsible for the first $x of every and any repair. The purpose is to stop tenants from thinking they are renting a hotel room and calling the property mangement company to fix everything. Examples: replacing burned out light bulbs, furnace filters, batteries in doorbells, etc.

Check out www.LogicalPM.com

GO PAPERLESS! The sooner the better.

Scan everything, save in Dropbox, Google Drive or OneDrive. 

tandardize your file naming conventions, so you can easily tel what it is.

DATES - suggest you start every file name with a date and do so logically, using format yyyy-mm-dd

Here's an example we use when we copy a rent check: yyyy-mm-dd Main_123 (Smith_L) Rent $900

Try Buildium, it does everything and more than Cozy & Stessa.

You may get a better response if you put your city & state in the title of your request:)