Detroit Real Estate

How better to teach somebody than share my journey of buying an Metro Detroit investment property.   Years ago when I meet my wife I had a house.  It was early in our relationship so I didn't want to sell my home, so I rented it out for 3 years.  I finally sold it.  But about 7 years ago I bought a Canton duplex that I rent out to two different families.  So I do have experience.  My first experience of being a landlord wasn't very good. 

POORLY FILLED OUT PAPERWORK ----  I didn't do a great job of having a good rental contract.  I didn't fill out the lease completely.

NOT HAVING THE PROPERTY IN DECENT SHAPE ---- I rented the property out in poor or unsafe condition.  I even operated a business out of the rental property too. 

THEFT ----   I only rented the house and kept the garage to store my possessions.  I even stored a boat in the back yard one year.  My tenants learned how to break into the garage and steal stuff out of it.  The boat was shrink wrapped but somebody cut the shrink wrap and stole the radio, the depth finder, and anything else that valuable out of it.

SECTION 8 ---- I rented the home to a lady that lived with a boyfriend which was a no-no for section 8.   So she was conveniently absent and unable to let state inspectors into the house.  The renter had changed the locks on the house so I no longer had a key.  I couldn't let the state's section 8 people in.  it took me six months to get a check from the state because of these issues

DIDN'T PULL CREDIT REPORTS ---- I didn't know how to read a credit report.  If I talked to a person and liked them I rented to them.  No paperwork.  No references.  I went on gut feelings.

BEING TOO NICE ---- I bought every story the renters gave me.  They were cut back on hours at work.  They had been sick.  The kids car insurance was due.

I WAS TOO LACKADAISICAL ---- I didn't do yearly checks of the properties.  If they were late with rent I didn't jump on it.  I let somebody get 4 dogs!  I was just happy to have a tenant.

RENTING TO FRIENDS AND RELATIVES.  ---- I didn't know if I was moving in with a girlfriend forever so I rented my house to a friend with my possessions in it.  Damage and theft were just some of the problems, coupled with late rent and no payments some time. 

I hope to teach you by sharing my journey of buying a Metro Detroit investment property.

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                                                             My quote of the day:

Never let your persistence and passion turn into stubbornness and ignorance.                                                         Anthony J. D'Angel