7 Success Tips For Michigan Land Lords


Michigan land lords are sitting in the drivers seat since the Michigan Foreclosure Boom is over and values are coming back.  Not only were they able to buy great rental properties over the last 5 years but even right now there are thousands of houses in strong rental neighborhoods that are still available to cash buyers.  Most times if a property is appraised for less than $50,000 it becomes difficult for buyers to get purchase financing.  This is where cash buyers come in to sweep up cash flowing rental properties.  Remember one thing in business…Cash is KING.

Here’s 7 quick tips to help you be a more profitable land lord;

  1. Make sure you have a strong, legal lease that a competent attorney has gone through
  2. Know the local laws
  3. Take the time to call references and run credit checks
  4. Set up an escrow account for security deposits
  5. Attain proper homeowners insurance
  6. Decide who’s managing
  7. Treat it as a business not a hobby

BONUS: The one piece of advice I give anyone who’s decided to become a land lord is this…make sure you set the parameters with your tenants long before you sign any paperwork from them.  Assuming you haven’t overpaid for the rental house, and you have most of the items above checked off of your list, being a wimpy landlord is your last roadblock to success.

Don’t be a wimp!

See you at a REIA event soon.

Dylan Tanaka

Founder of the REIA of Macomb, where as a speaker, author, consultant, and full time real estate investor Dylan's taught hundreds of investors how to become more successful in their real estate investing business. Personally completing over 200 residential transactions, as a principal, totaling over 50 million dollars. A passion of Dylan's is Winning Futures, a non-profit organization based in metro Detroit where he mentors high schools students and was recently named mentor of the year.

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Leave A Reply (4 comments So Far)

  1. Dylan Tanaka
    5 years ago

    Thanks George!

    Hope to see you at a REIA of Macomb event soon!

  2. George Thomas
    5 years ago

    These are great tips!!

  3. Dylan Tanaka
    5 years ago

    Thanks for the kind words. Some things can’t be taught they must be learned…through frustration and attorney bills 🙂 I just hope to save others from making the mistakes that I made early on.

    Good luck in 2013!

  4. Dennis Fassett
    5 years ago

    Hey Dylan –

    This is a great list. And your last tip is spot on – too many rental property owners have all their ducks in a row with their paperwork and expectations setting, then blow it by being wimpy or wanting to be pals with their tenants.

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