All Forum Posts by: Michael Smythe

NonRenewal is what happens in the "normal" course of leasing. Landlord basically tells the tenant their lease will not be renewed and they have to move out by end of lease.

A Notice to Quit is a more legal way for a landlord to tell a tenant they are not renewing their lease AND it may also me used to terminate a lease for tenant lease violations and other legal reasons. 

Here is link to Michigan Landlord-Tenant forms:
https://www.courts.michigan.gov/SCAO-forms/LTLC-forms/

If the tenant does not move out at the end of their lease or indicates ahead of time they will not, you should send them a 30-Day Notice, Demand for Possession, ASAP. Send it today as Michigan statutes require a MINIMUM of 30 days notice that must cover at least one rental payment period (typically a calendar month), not any other 30-day period. So, you must send January 31 to be able to start a court case on March 1. If you send on February 1, you won't be able to file a case until April 1.

Great advice

See if you can log into the court landlord-tenant docket. 

Scan the attorney names and typically you'll several names over and over again.

Write down at least 3, Google them and interview to hire.

Are you looking at Class A properties? 
Those rarely cashflow from Day 1 anywhere in the country.

Class B can break-even or have slight cashflow.

Class C is good cashflow, but tenant headaches.

Good idea on the Trust as that will avoid probate (required even if there is a will) and your father can control who gets what via the Trust.

Your challenge is what happens if you do all the work to turn the portfolio around and then your father sells it, gives you less than you think you deserve or leaves it to someone else?

You'll need to speak with an Estate Planning attorney to figure out possible protections.

Lack of properly setting expectations from Day 1, then failing to deliver on those expectations, typically due to a lack of proper communication.

@Kyle Johnson did you get three bids?

Did you see pics, preferably video, of the roof showing WHY it needs to be replaced NOW and can't be patched to last another 1-2 years?

You can't trust the contractors as they want to get paid to replace vs repair it.

May not be able to trust the PMC as they may be getting a cut or want the path of least resistance.

It's less than a 3 hour drive, so pick a weekend day to go look at it yourself. If you are still unsure, take a good video and then post it here for feedback. 

What are the cost differences?

@Colleen F. we have to send the signed lease showing the language that allows us to transfer.

When you generate enough revenue