Sell a brand, not just “2Bd, 2Bth, $ x”

I totally agree with the 3 major points I found in the attached article:

  • Upgrade in a clean and unique way…
  • Market indirectly by giving people something to talk about…unique information to brag about…you !
  • I like having the tenants write blog posts for an inside perspective. Offer an incentive to them.

Good read:

http://boss.blogs.nytimes.com/2012/06/15/how-a-detroit-landlord-made-his-properties-hot/

Advertisements

Lease option and land contract sales are not mortgages

Michigan Office of Financial and Insurance Regulation (OFIR) recently issued a statement advising that land contracts and leases with options to buy are not considered “Residential Mortgage Loans” according to MCL 565.351, et seq. and the MLOLA.

Why does this matter ? We landlords and L/C sellers thought we’d need to be licensed as a loan originator – but not.

Tenants may break lease if fear of danger exists

Michigan rental agreements should now contain a provision that states, “A tenant who has a reasonable apprehension of present danger to him or her or his or her child from domestic violence, sexual assault, or stalking may have special statutory rights to seek a release of rental obligation under MCL 554.601b.” If a rental agreement doesn’t have this provision in it, a landlord must post a written notice of it in a visible place in their office, or deliver a written notice to the tenant when the lease agreement is signed.

Does not apply to joint signors…Contact me for more information

A checklist library

Found a good list of maaaany different types of property checklists for care/purchase/upgrades, etc.

http://www.ehow.com/home-inspection-checklist/

New posts

There’s a new post at RealtyNetWorth.com you might take a look at re: setting up rentals as one facet of your retirement planning. This was a major part of my parents golden years – something I’d be glad to sit and discuss with you.

How to set up a lease with option to buy

( note: use this is as a primer, seek further advice from your Real Estate broker/tax advisor, lawyer, insurance agent, and mortgage holder…I saw a few errors of fact, p ).

A lease with option to buy is a lease that allows a tenant the right to purchase the property for a specific price within a certain time frame. In most lease-option situations, a portion of the rent is applied to a future down payment. Lease options are most popular among buyers who don’t have enough funds for a down payment and closing costs. Here is how you set one up:

 

addditional reading/checklists:

http://www.ironcladrealestate.com/lease_option.php

Renters in Foreclosure: What Are Their Rights?

Federal legislation signed in May 2009 gives important rights to tenants whose landlords have lost their properties through foreclosure.

Renters and tenants are now being affected by foreclosures almost as often as homeowners. The mortgage industry crisis that started in 2006 has resulted in thousands — no, make that millions — of foreclosed homes. Most of the occupants are the homeowners themselves, who must scramble to find alternate housing with very little notice. They’re being joined by scores of renters who discover, often with no warning, that their rented house or apartment is now owned by a bank, which wants them out.

http://landlordadvice.wordpress.com/

http://www.nolo.com/legal-encyclopedia/article-30064.html