All Forum Posts by: Michael Smythe

@Carlos Lez what does your Lease state about "acts of nature" and other occurrences out of your control?

It's not easy!

We get turned off when the first thing an owner asks us about are our fees and not how we do business!

Recommend you ask them to explain their processes for: advertising rentals, prospect screening and maintenance COMMUNICATION.

@Alex Ng would recommend YOU pay the bank, but provide proof to the seller so they know you are doing so and not ruining their credit.

Who has the online access for the mortgage?

Who's going to claim the 1098 interest from the mortgage on their income taxes?

@John Kim @Travis Biziorek is 100% correct.

S8 really isn't difficult, but it's not the answer to everything that the self-proclaimed "gurus" make it out to be.

With S8 tenants, you're just trading one set of challenges versus direct paying tenants.

When we advertise a rental, we take the best tenant we can find, immaterial of their source of rental funds.

You want to be careful investing in the City of Detroit because there are a lot of "crooks" trying to sell you Class D properties dressed up to look like Class C or B.

Connect with us or Travis for more info!

Most standard insurance policies have $1M of coverage for liability - which is fine for a single house.

Just make sure you understand the policy coverage LIMITATIONS: floods, mold, etc. 

Then you may want to investigate the cost of special riders to cover what worries you.

@Jennifer Goddard too many reasons to cover, but here are some thoughts:

1) A PMC that works out fine for one investor, may not work out for you.

2) Chasing the cheapest rarely results in met expectations

3) While the majority of PMCs offer the same services, investors make the deadly mistake of assuming they all EXECUTE those services the same way:(

PM us for a call if you'd like more details.

@Ashley Ernst So, how many months of rent will the seller discount on the price to make you comfortable moving forward with the purchase?

Have to have processes to succeed!

You can either file a W-8BEN or get an ITIN and setup an LLC with its own EIN.

@Josh Terranova screen S8 tenants like any other tenant, but ALSO do a surprise visit to their current home as how it looks is how yours will look after they move in.