Skip to content
×
PRO
Pro Members Get Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
$0
TODAY
$69.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. Cancel anytime
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
All Forum Categories
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

All Forum Posts by: Michael Paling

Michael Paling has started 16 posts and replied 160 times.

Post: Application Approval Reversal?

Michael PalingPosted
  • Rental Property Investor
  • Gwinn, MI
  • Posts 161
  • Votes 98

Has anyone denied an application that they've already approved? Basically, reversing the approval. I have an applicant that I should have out-front denied based on income, but I approved them and tried justifying it in my head. The applicant is two people who alone don't make 3x rent, but together are fine. However, one of them said they won't move in for 5 months but will sign the lease now, even though they're still renting another place during that time. They also don't have all move-in funds available until the 18th. They do have funds for a Deposit to Hold though. 

A couple hours after I approved their application, another person that actually does qualify and has all funds available now applied. This applicant would be the clear winner between the two (better income/jobs, better credit, overall more professional). Aside from just looking like an idiot, is there any reason I can't just reverse my approval on applicant #1? Nothing has been signed and no funds have been exchanged (aside from credit report costs to TransUnion, which I'll probably refund). The decision would be based on the income situation, so I'm not worried about violating fair housing laws.

Lesson learned... I still need to learn to control my emotions better. 



Post: 6 month STR season

Michael PalingPosted
  • Rental Property Investor
  • Gwinn, MI
  • Posts 161
  • Votes 98

I've got nothing to contribute for STR advice, but I'm curious what town you're looking to buy in. I live near Marquette and haven't heard this kind of restriction yet, but I'm not surprised.

Post: Marquette, Michigan STR

Michael PalingPosted
  • Rental Property Investor
  • Gwinn, MI
  • Posts 161
  • Votes 98
Quote from @Nicholas Cavato:

Anybody know if Marquette, Michigan is going to lift their STR rental cap anytime soon? The city is limiting STR's to 250 houses which has been used for a few years now. There is a wait list, which already has 270 people on the waitlist (per the city admin assistant).

I doubt it’ll ever get lifted. The city of Marquette is quite restrictive and is getting hard to invest in overall. If you’re in the area, we have a monthly group that meets. We’re doing it at the UP Brewing Company in Negaunee right now. Send me a message for details. 

Post: What?! Tenant's are liars? Shocking!

Michael PalingPosted
  • Rental Property Investor
  • Gwinn, MI
  • Posts 161
  • Votes 98

I've been a landlord for a little over 2 years and I've learned a lot of stuff, but one of the most annoying lesson's I'm dealing with is that I just can't trust anything tenants say. At least 3 out of 6 tenants I've had have been liars. I know that's not many yet, and I'm still new, but I'm curious what you all think is the percentage of tenant that DON'T lie. 50%? 25? 2? 0%?

I'll just keep working on learning to stop trusting tenants as if they all lie, but I'm just curious.

The security deposit is only to be used after they have moved out. Tell them to get caught up on rent, move out, or you'll get the eviction process started. If you haven't been charging late fees, make sure you start, because that will help reduce the amount of times they're late on rent. 

Post: Who gets to know you are house hacking and who doesn't?

Michael PalingPosted
  • Rental Property Investor
  • Gwinn, MI
  • Posts 161
  • Votes 98
Quote from @Sarita Scherpereel:

@Rolando De la Cruz I would never tell the seller my intentions for the property. The less you say the better. Let your realtor guild those conversations. It sounds more like you're planning on getting roommates. Which is fine to talk about but in some places SROs are frown upon or not allowed. If you need that for your numbers to work then I would have a conversation with your realtor. You should be using someone who understands these restrictions (if any) in your state/area. You might not be talking about SROs but more of a roommate situation. In that case, just call it that- it's more direct. Best of luck on this deal! 

Hey Sarita, what’s an SRO?

Post: New Member - New to Real Estate - Eager to Start

Michael PalingPosted
  • Rental Property Investor
  • Gwinn, MI
  • Posts 161
  • Votes 98

Welcome Dailyn! My best suggestion for finding a mentor is to start networking locally. See if you can find a local meetup, meet some realtors or other investors, etc. I started investing 2 years ago and I've been going to a local meetup religiously the whole time. I've never once asked anyone to "Be my mentor", but now I have several people that I consider to be my mentors. All because I kept showing up to this meeting, listened to their advice, and took action on what they were telling me. good luck!

Post: Tell me your story!

Michael PalingPosted
  • Rental Property Investor
  • Gwinn, MI
  • Posts 161
  • Votes 98

I started investing just under 2 years ago. I bought a duplex in the UP of Michigan to house hack. That went well, so I did it again about one mile way from the first. So now I have three rental units, plus I also rent out a spare room in my personal residence. And I just purchased a mobile home in one of my friend's parks that is my first rehab project and I'm learning soooooo much and having a blast doing it! It isn't going to stop anytime soon!

Post: New to BiggerPockets

Michael PalingPosted
  • Rental Property Investor
  • Gwinn, MI
  • Posts 161
  • Votes 98

Absolutely. I'll send you a DM. 

Post: New to BiggerPockets

Michael PalingPosted
  • Rental Property Investor
  • Gwinn, MI
  • Posts 161
  • Votes 98

@Jill Barrett welcome to BP! If you're ever in the Marquette area, we have a group of investors that meets once a month on the 2nd Tuesday of each month. We have people of all experience levels join us. I own two duplexes in Gwinn and I'm happy to chat if you ever have questions.