All Forum Posts by: Troy DeLong

@Lucas Rodrigues Ferro  If you will be working at MSU, then Okemos, Haslett, Mason or Williamston are all fantastic areas to live and commute from. I live in Mason myself and love it here. Taxes in all areas are fairly high, with Haslett probably being the highest. 

If you are looking to invest some more in the area, then you have tons of options as far as price, location, SFR vs. MFR, tenant pool, etc.

I see you're a contractor? I work for a local builder and am also a licensed agent. Let me know when you get moved into the area. I'd love to buy you a coffee and chat. 

@Ryan McNamara 

Hey Ryan. For a NEW rental registration, it's gonna be $400. For a change of ownership of an existing rental, it's gonna be $200. Then you will have your inspection fee every three years that will vary based on the type of building and how many units. If you want to connect, I can email you the City forms. 

@Nathan K. HELOC is a great option to purchase more properties if you have enough equity to do so. I've worked with a couple out-of-state investors who have went this route and got a HELOC (on their Primary Residence). Their best success was working with their local credit unions to do so. I would start with them.

Hey Brandon, 

Liberty Title in East Lansing is very investor friendly. I would reach out to them first. (517) 977-9509. Ask for Mona (Office Manager). 

Hey Katarina, 

If you plan to house hack a multi-unit property, then I wouldn't worry too much about the monthly cashflow right of the bat. I'm not familiar with the Boston area, but I would have to guess your out-of-pocket cost every month would be way less (if not zero) house hacking than if you rented elsewhere or purchased a single family. If you "break even" while house hacking, that's great! Once you move out down the road, then you would start cashflowing. 

House hacking is probably the best way to get started in REI, and FHA (3.5% DP) makes that even better. Not impossible by any means. Best of luck!

@Gregory Schwartz I went with Monday.com software because that's what my boss decided we were going to use, lol. But he chose that one over the others because it was very user friendly (for our older managers) and it offered a 'Groups' function where we could add certain individuals to different projects. It's also nice because we can upload invoices, quotes, drawings, permits, etc all to the individual project we create. We were able to go from texting and emailing groups to one centralized platform where everything is MUCH more organized. Start dates, who's in charge of what task, price, status bars, completion dates, etc. 

@Nolan Brendese

Your best two options would be to take advantage of an FHA loan (3.5%) or a Rural Development / USDA loan (0%). Both of these would work great for a single family residence, but I'm not sure if RD will work for a multi-unit property. That's a question for your lender. Also, keep in mind that only certain areas qualify for a RD loan. I'm not sure where you are in proximity to Charlotte, but city proper does not qualify.

With the funds you are listing that you have on hand, it sounds like you could make it work if you stretch it far enough, but the smart thing to do would probably be to save up more funds throughout your lease term and purchases something down the road. I know interest rates are going up and people aren't sure if prices will follow or will come down, but you really don't want to stretch yourself too thin on your first purchase. 

Figure out your best options with a lender, start saving/planning for that option, and revisit the market once you get into the last half of your lease. 

@Gregory Schwartz

If you're not worried about Property Management tracking, and more so looking to keep tabs on your personal/business progress, I highly recommend Monday.com. 

I work for a GC and we started using Monday.com after the new year. It's very user-friendly, low cost and allows the option to add team members to projects and tasks. Very clean format. 

@Ashley LaVigne Being your property, you'll have to have the rental license in your name and not the PM's, but most management companies take care of the registration. If not, at least guide you.

Being that tenants are already there, shouldn't there already be a license in place? If there is, then all you need to do is submit your 'Transfer of Ownership' form to the City and you'll be good to go. 

If there is no license in place, then I would question who you are purchasing from. If you need to file as a new rental, then as long as you have APPLIED for a new rental license, you can put/keep tenants in the building. That is my personal experience with the City of Lansing. 

Hope this helps! 

@Chad Keilen There are definitely agents in the area who are way more involved in this than I am, but I've helped clients close on five investment properties in the last year and am continuing to learn and move in that direction everyday. I'd be more than happy to meetup with you when you get back to Lansing and discuss potential moves you could make. Let me know!