Becoming a Landlord in the City of Detroit [[private residence)

[313rd]

My current tenants are moving out after three years. I was able to find them by word of mouth. Now that I've been relocated out of state for work, I'm in need of new tenants for my property. I'm not looking into becoming a slum lord. The house is in Northeast Detroit on the border with Harper Woods. The entire house has been updated in the lat 10 years. I'd be willing to sell, but with houses in the neighborhood going for $5,000, it just isnt going to happen.

Has anyone has any success in renting out their home?
Has anyone used a mgmt company to find renters and small ticket maintenance?
What is current rent going for in NE Detroit? Bungalow with 2 Bedrooms on Main Floor and Finished Upper Floor possible Master Bedroom.
Is Section 8 worth looking into?

[corktownyuppie]

My current tenants are moving out after three years. I was able to find them by word of mouth. Now that I've been relocated out of state for work, I'm in need of new tenants for my property. I'm not looking into becoming a slum lord. The house is in Northeast Detroit on the border with Harper Woods. The entire house has been updated in the lat 10 years. I'd be willing to sell, but with houses in the neighborhood going for $5,000, it just isnt going to happen.

Has anyone has any success in renting out their home?
Has anyone used a mgmt company to find renters and small ticket maintenance?
What is current rent going for in NE Detroit? Bungalow with 2 Bedrooms on Main Floor and Finished Upper Floor possible Master Bedroom.
Is Section 8 worth looking into?

I haven't had problem finding tenants, but I live on the Corktown/Downtown border. I grew up near the NE side and will say that it's a very, very different market place. Just to give you some comps, in Grosse Pointe Park near the Detroit border, you're looking at $750 for a small 3-bdrm with two floors. So in you part of Detroit, I would expect you be somewhere around half to 75% of that

[micky]

Has anyone has any success in renting out their home?
Has anyone used a mgmt company to find renters and small ticket maintenance?
What is current rent going for in NE Detroit? Bungalow with 2 Bedrooms on Main Floor and Finished Upper Floor possible Master Bedroom.
Is Section 8 worth looking into?

Been doing the landlord thing for 20+ years, couple of single unit's in Midland and some multiple/single unit's in Detroit

One thing I have learned people are people no matter where you go, Money race color religion whatever none of it matters either the individual has some self respect or they don't, the ones that do are far and few between.

Management company's only look at the facts credit, references, employment income verification that's it, Real estate company's offer good competent management services however they can eat up 20% or more in fees.

There are a lot of good hard working people out there right now that have lost a home/job whatever, good people with bad credit the management company's wont touch them that is their loss, someone who has owned a home know's the trials and tribulations of home ownership and tend to treat your house/apt with some respect

After a couple of years you sell them the home on land contract and every one walks away happy, really a good time to own real estate in the Detroit area lot's of good things happening around town last couple of years, the future looks bright for Detroit.

Section 8 is a crap shoot, look em in the eye and find where their heart is at and you should do just fine, however statistically it is a very bad bet for you and the neighborhood, just saying.

Small ticket maintenance by a family owned company is your best bet they tend to be honest/hard working and take the time to do the job right, fix what needs fixed instead of replacing it all just to get paid mentality of the bigger mechanical contractors.

Anyways good luck in your adventure keep as much cash in escrow as you possibly can for a rainy day fund and the rain will come at the worst possible time, Trust me on this about the time you think you got it all figured out and are about to retire to the good life the furnace will explode at 3 am Christmas eve freezing the house plumbing turning the 1st floor and basement into a skating rink, while the tenants are on vacation till Jan 3rd.

Oh the joys of home ownership