This was a lot of fun. The great folks at our bank, the National City branch at Maple and Lahser in Bloomfield Hills, hosted it. I’ll post pictures later
Category: Rental Houses
Real Estate Investing TV: It’s All About the Exit
What’s the first thing that a deal partner or investor is going to ask you when you pitch them on a project? “How am I going to get my money back.” So that makes your exit strategy the key to your proposal.
Cash Flow ROCKS!
If you’re at all a regular reader of this space, you know that I’m a hawk for cash flow. Regular, boring, methodical cash flow. Not only that, but I have been boldly proclaiming far and wide now for over a year that southeastern Michigan is THE best investment real estate market in the country for buy-and-hold cash flow investors. And it continues to get BETTER. The real estate market here is still in absolute gridlock.…
Part II of Finding the Perfect Deadbeat
Yesterday I started a discussion on how finding, screening, and selecting tenants is Critical Success Factor #2 for being successful at owning rental properties. And I began to discuss the four steps that need to be taken to screen and select successfully. I talked about step 1 yesterday. That was Set expectations up front. I’ll finish up with the rest of the steps today. 2. Do not advertise your unit for rent too early. You heard that right. You can advertise…
Critical Success Factor #2 – Selecting the Perfect Deadbeat to Give Your House To
That’s harsh I know. And the way that I run my business it’s not at all accurate, because I have some of the best renters that you could imagine. But think about it – you have a house that’s worth, say $100,000. You’ve bought it, done some work to it, and you’ve made sure that you’ve complied with the rental-unit laws in your city. Then you spend time looking for someone to GIVE the house to.…
CRITICAL Success Factor #1
Here we go again.  Don’t you just love it when someone asks your opinion of something that you actually happen to know a LOT about, you give them the answer, then they proceed to argue with you?  It happened to me again last week.  And unfortunately it was one of those I-already-made-the-decision-so-I’m-only-asking-you-because-I-want-to-validate-in-my-own-mind-that-I-was-right kind of questions.  I’ll spare you the details, but the person bought a trashed out house in a marginal area that he’s…