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Old 09-05-2011, 12:55 AM   #41
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From my limited experience with three rental properties in Michigan, all purchased in 2005/6, the key to success for me was finding the most experience management person/company I could find. In this case, it is a family owned business with apartments. They are experts at screening, interviewing and managing tenants. And, they are experts at repairing anything that goes wrong. I can honestly say that I have not had one 'headache' from owning these properties. I pay the management company about 10% of gross rent and I sleep very well...
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Old 09-05-2011, 05:18 PM   #42
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Quote:
Originally Posted by lovinglife1 View Post
From my limited experience with three rental properties in Michigan, all purchased in 2005/6, the key to success for me was finding the most experience management person/company I could find. In this case, it is a family owned business with apartments. They are experts at screening, interviewing and managing tenants. And, they are experts at repairing anything that goes wrong. I can honestly say that I have not had one 'headache' from owning these properties. I pay the management company about 10% of gross rent and I sleep very well...
Good for you. Most new Real estate Investors, cannot purchase a Rental Property. Plan for vacancies, repairs. Pay Property taxes/insurance.
Pay 10% of of the gross rent and still have a Net Return for the year.
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Old 09-05-2011, 06:19 PM   #43
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Quote:
Originally Posted by wolf

Good for you. Most new Real estate Investors, cannot purchase a Rental Property. Plan for vacancies, repairs. Pay Property taxes/insurance.
Pay 10% of of the gross rent and still have a Net Return for the year.
ESPECIALLY not properties purchased in 05/06 aaa the quoted poster said.

Significantly easier now, with rents the same or higher as then, but prices 40% lower.

Pretty impressive.
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