All Forum Posts by: Ronan M.

"What I don't understand is how the low income tenant attorney makes money. They'd better not try to collect from LL."

That is exactly what they do. How else do you think a tenant who cannot pay the rent can afford an attorney at $200 to $300 an hour.  If you don't want to go to trial and agree to settle the case it will include the fees for the tenants attorney.

You don't want to rent to a tenant that is broke, likewise attorneys don't want broke clients with no ability to pay. Attorneys take these cases knowing the property owner (or their insurance company) will end up paying their fees.

To avoid this...you need to make sure your case is ROCK solid and you win. If you have been counter sued and agree to settle you will be responsible for your attorney fees and the plaintiff's attorney fees plus any agreed damages as part of the settlement.

Been there, done that, its a nightmare.  

Good Info @Ron Reed

Thanks

@Mark Ainley

What areas do you cover ? Thx

Marquette Bank are good to work with.

Very expensive for a 4 flat in GGC.

What is the unit mix and what's the rental income ?

@Ron Reed

0 to 4 units the City will pick up.

5+ units you are on your own.

"But what about things like insurance, garbage, water/sewer"

Ask the seller for copies of the most recent bills for these. Last 2 Water Bills, Last 2 garbage bills if separate from the Water bill. Gas and Electric bills from the winter months. Copy of current insurance premium. Then you are not guessing...you are getting actuals. Most likely requesting these should come as part of the due diligence. But none of this is personal stuff and you could possibly get it without having a property under contract.

I have used attorneys and the big websites to form LLC's until I wised up and and just did it myself. Takes about 20mins on the Sec of States website and you only pay the state filing fees which you have to pay no matter who you use.

Attorneys charge $500 PLUS the state filing fees. Legal zoom et al charge about $200 PLUS the filing fees. Do it yourself and you will have the same LLC and money in your pocket for a nice steak dinner.

I will send you a PM as I don't know if I can throw out all the details on here without breaking the rules.

I googled a bit more info on the frameless to get a bit more educated.

I wouldn't bother...especially if they are more expensive. I highly doubt the tenants would really notice. The regular framed stuff have never really gone out of fashion. They are still widely used. And for a rental that's what you want. A quality timeless cabinet that will last you 10+ years. Totally your call and your preference I guess. If these are 5K a month units maybe those tenants want the fancy stuff.  

I am doing a kitchen right now as well. Frameless never even crossed my mind. But what I did for a bit of extra wow factor was add LED under cabinet lights. I thought that would look good, make people happy and throw off the impression of some extra bells and whistles. $300 was the additional cost.  Went with a nice white shaker and will throw on some fancy handles.