All Forum Posts by: Stephen Lovett

Greetings!  My partner and I are looking to acquire a rental property in Ann Arbor, MI.

We would like to work with an agent who is also an investor to identify some potential target properties, ideally this weekend.  We want someone who really understands the area well, as we are not as familiar with Ann Arbor.  If you can help us, please message me.  Also let me know if you have availability to meet this weekend or early next week. 

Kind regards.

Greetings.  My colleague and I are very active investors in Detroit who are in Miami looking for investment properties.  Yesterday, we met with an agent, but while he have us some suggestions to explore today, and wants to work with us, we both felt that he was better suited for owner occupants than investors.  What we would REALLY like is to meet with an agent who is also an investor and who also has a good understanding of the ups and downs in investing in different parts of Miami.  We're staying in South Beach for about the next week. Please help!!

Congratulations.   The most important thing is to get a good Michigan lease.  This is a great starting point to really guide you and your tenants through all that each party needs to do.  

Welcome! 

Thanks members for your feedback.  I think I will pass on the w/d.  This is kind of what I thought but it's much more helpful to have this feedback.  Agreed that the value in the kitchen is much higher!

I have also seen some where they leave out the fridge.  I don't agree for my market.  Makes the kitchen look just so incomplete.  That's the largest physical appliance after all.

Where do you folks stand on built-in microwaves?  I included one on my last flip but am dealing with an issue that will force me not to on this one.  

My strategy for appliances in flips has been the following:  New stainless kitchen appliances throughout (range, fridge, dishwasher and sometimes microwave).  When laundry is on the main floor, include washer/dryer.  If laundry is in the basement, do not include washer/dryer.  On my current project (a mid-level suburban home), I have laundry in the unfinished basement which will be freshly painted (floor, walls and ceiling joists). I noticed a Black Friday sale for LG front-load washer/dryer combo in white for $1,100 + tax.  I'm of course tempted to include them in my flip to help maximize it's appeal.  The question is do you think I'll get it back in price and/or sale speed?

Welcome to BP.  As a fellow Michigander, I wish you great success!

I usually use Home Depot for most of my project, but shop around for major materials such as appliances, granite etc.  I've found recently that items like garbage disposals are good to buy through Amazon.  Lower prices, no tax and often free shipping.

This is really specific to the area/ market.  In my area, I have rentals in both the suburbs as well as the city.  In the suburbs, the expectation is typically to have appliances included and I include the full suite.  I the city, folks mostly already own appliances so I do not provide them.  Since I do both, I can tell you that your life will be simpler if you're tenants supply their own appliances. 

Logically,  you make a good point.  However, this is government we're talking about.  I am aware of programs to settle water bills for people who are in financial need.  Besides that, I don't know of anything.  I'm not an expert on this subject by any means so I would do some research to see.  How much is the current delinquent water bill for the property you're considering?