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All Forum Posts by: Ryan M.

Ryan M. has started 15 posts and replied 669 times.

Post: Stolen Main Circuit Breaker

Ryan M.Posted
  • West, MI
  • Posts 674
  • Votes 182

We had a weather head taken out by a tree that fell on the line. I installed a new mast and pulled the old wires through it. The utility company never asked any thing about permits and re-hooked it from their pole.

On the flip side, I cut the tree down and it fell the wrong way. Haha

Had $25 into it.

Post: Help needed picking tenents

Ryan M.Posted
  • West, MI
  • Posts 674
  • Votes 182

9 pets is 9 to many. I can't believe someone would actually try to rent with that, than again I can.

That would have been a 10 second initial call. Pets are my second question.

When they do claim rent on their taxes, you can't have a homestead on that address.

That was a expensive lesson on a homestead I had forgot to remove.

And that's why I said 1031 is a way around it.

Post: Tenants refuse to sign new agreement

Ryan M.Posted
  • West, MI
  • Posts 674
  • Votes 182

There expenses are going to go up per month, who would sign it?

Post: Remove foreclosure?

Ryan M.Posted
  • West, MI
  • Posts 674
  • Votes 182

If there is a foreclosure on the credit report and its true, it should not come off.

It all ready happened and what's to say it won't again. People need to live with the results of defaulting a loan.

Post: Number of Fannie Mae Loans

Ryan M.Posted
  • West, MI
  • Posts 674
  • Votes 182

By 10 multifamiy properties, it should be very easy to cashflow the new ones.

To be on the hook for 30 notes is a place that doesn't look appealing.

It has to be paid back, so no.

1031 is a way around it but I certainly would include it in the return.

Post: Do you raise rents annually?

Ryan M.Posted
  • West, MI
  • Posts 674
  • Votes 182

Michigan law is 30 day notice, Florida may vary but there is rules regarding notices.

Post: Do you raise rents annually?

Ryan M.Posted
  • West, MI
  • Posts 674
  • Votes 182

Not always but usually. 2 to 2.5%

Its all based on where the rental comps are. For a few years things were stagnant. I keep a close eye on craigslist to avoid leaving cash flow on the table.