All Forum Posts by: Tim Dingman

Thanks @Dan Gheesling ! We're tiny right now, but I think our small size can be an advantage; we can be responsive to our customers 24/7. We've interviewed over 60 landlords and PMs to learn best practices, so I think we're starting off on the right foot.

Seems like there's not a lot of activity here related to Detroit. Is my perception accurate, or am I missing something?

If you're on your own, the LLC won't help you much. A big benefit of an LLC is the limited liability (the LL in LLC). If you do get sued, the prosecutor can "pierce the veil" of the LLC, eliminating the limited liability and getting at your personal assets.

If you have partners, I think having an LLC for each property would work well. LLCs are easy to set up, and having each property in its own LLC would allow you and your investors to take different stakes in different properties. It would also protect different houses from each other in case of lawsuits. Of course, you'll pay more in registration fees and will have to deal with more paperwork, so there is a downside to that strategy.

A little late to the party, but I hear Trowbridge Law does evictions for $75 each.

Hey everyone

Tim here. I'm a 25 year old Massachusetts native who moved to Detroit in 2012 after graduating from Brown University. I just wrapped up my first rehab in the New Center area of the city, and I'm starting a property management company with a couple of my friends from the rehab project.

My main goal here is to network with other rehabbers, property managers, and real estate investors in Southeast Michigan, with a special focus on Detroit. I came across BP several times during my research into REI before the rehab, as well as during my research in preparation for becoming a landlord.

REI is going to play a huge part in the revitalization of Detroit, and I'm sure there are people here who will help make it happen!

-Tim