All Forum Posts by: Michael Smythe

@NA Poteau how have you verified this is the owner of the property? If it is the owner, then require the directions in writing. 

A bigger concern is if the owner wants you to pay funds to a name other than the owner. That you cannot really do without legally addressing the 1099 issue.

@Frank Chin not sure what you are referring to. Every PM software we've ever played with has 1099 process to create for owners and every CPA we've spoken with states they are required. 

@Cinnamon Johnson you really should have thought about all this already!

Doesn't matter what Zillow shows for rent balance, what does the lease say? Most leases prorate the 2nd month of rent to align with 1st of the month rent payment schedule.

We're heading into winter, have you thought about what will happen to your waterlines with no heat? Also, why haven't you signed up for DTE landlord program?

Better question is who is going to use the key to do a MoveOut Inspection, secure the property against theft of mechanicals and squatters?

If this property in the City of Detroit or suburbs?

Congrats. 

Do another one and keep helping Detroit's recovery!

Wait to create LLC to you figure out what state you will buy in.

You might want to follow the "Deep Dive" series we're doing on our BiggerPockets blog about Metro Detroit cities, City of Detroit Neighborhoods and comparing Metro Detroit to other hotspots investors usually consider:

https://www.biggerpockets.com/member-blogs/3094/99854-deep-dive-into-metro-detroit-cities-ecorse

Our analysis is a template you can follow for any city, but doubt you'll find this much info for any other market in the US.

So, why would you invest remotely anywhere else?

How can we assist you further?

Recommend you threaten them with writing complaints to state board of Realtors and the Attorney General.

Going to guess they are having a difficult time finding reliable contractors and want to avoid responsibility for a screwup:(

@Sarah Robinson

What services are you specifically looking for?

Just hire a PMC.

You will of course, need to hire a good one and spend 10 hours/month managing them.

Only if YOU will self-manage and know what you are doing.

Otherwise, the tenants will eat you alive.

Royal Oak only does an exterior inspection.

If you are just renting a room out is MAY be ok.

You could have issues if you try to evict the roommate though. The judge may ask for your rental license and if you don't have one, they can deny your eviction case for past due rent (7-day).

Then you would need to start an Eviction for Possession (30-day).