All Forum Posts by: Wilson Churchill

@Stephen Masek I agree that government and consumer debt should be curtailed, but "credit" does have a place in business. Regarding the government, it has the power to fund all of our infrastructure needs without ever borrowing a penny, but that is beyond the scope of this thread. Government borrowing should be banned.. Usury should still be part of the Christian religion (Pre-Calvinism).

 If they don't agree to refund the fee, then what? Just let them continue to collect the late fee from the landlord's portion of the rent? $50 could turn into hundreds or more in this case, depending on the number of units managed. If they did have to sue, legal costs are included in the judgment, generally.

 This is assuming they refuse to return the money and that the contract can't be interpreted as allowing this. I don't like being ripped off, whether it's $50 or $5,000.. I've met some very shady property managers before.

I would contact your lawyer asap.

 Prices seem to be above 30k now in Madison Heights.. The good mls deals get full-price offers on the first day of listing. I am happy with the two that I own here. I also buy in Pontiac, but that is definitely more challenging than Madison Heights. The key to buying in low income areas is to avoid the areas where furnaces and pipes are stolen, imo.

 LOL. Sorry, I didn't mean to imply that it was the NW part. I don't really know because I have no interest in buying in Detroit. This is only what I have heard from others that do.

 Yes. The banks and credit unions I have worked with (Key Bank, Navy Federal Credit Union, and Penfed) say that the closing costs will have to be paid if the line is closed within three years, but the line can be paid to zero without additional costs so long as it remains open during the first three years.

I am not too familiar with Detroit. From what I have been told, the NW part of the City is ok for rentals. Just make sure to visit the property and neighborhood and talk to the neighbors, if possible.

It's inspirational to read about the investors here that have owned or currently own and manage hundreds of properties. 50 would produce a comfortable amount of income for me. With 500, I would have to hire a full-time contractor and an assistant.

I would ask them if they would consider moving into one of your less expensive units. Or if there are none available, I would explain that you don't have any less expensive units at the moment..