All Forum Posts by: Michael Smythe

Do you have applications, screening criteria, leases, etc?

@Akash Barua check out all the news coverage of Detroit from the recent NFL Draft.

300k+ people were in town and most were surprised at how nice Detroit is now!

@Ane Deys if you don't have a property, why are you still searching for a PMC?

@Riley Yourdon make sure you put in your purchase contract that you will get the leases and rent ledgers BEFORE closing so you can review them.

At closing you'll want to require that you get the tenant names, phone & email.

There is this thing called fraud when it comes to leases & ledgers, so discuss reps & warranties with your agent.

@Erik Heldt you can only use FHA and VA loans to buy owner-occupant property - which you have to live in for 12 months to meet the requirements.

So, suggest you consider buying a 2-4 unit and make one of the units your primary address and rent out the rest. 

After the 12 months is up, you can rent out your unit => then repeat the process.

Be careful of refinancing. If you refi as primary, the 12 months kicks in again.

@Jeff Ryers a background check costs money, so free is not attractive.

Also, no application fee, in our experience, only attracts broke applicants, who turn into nonpaying tenants.

Google PMCs in your area and check their websites for their application fees.

@Jerell Edmonds most decent, but not free, PMC software has the capability to send tenants payment reminders AND past due reminders.

@Tyreek King-El you can't get blood out of a rock!

Turn what you have over to the police and move on with your life.

@Richard Kim wait, but start looking for a new PMC.

If you can't find one, start planning to sell.

If it goes away, no harm done, just some time spent.

@Tony Ferreira what do you have for savings, do you own a primary residence and where are you looking to buy?

All these will affect your options.