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WELL, AT LEAST THE RENTAL MARKET IS STRONG!
Greetings!
Nowadays, it is very hard to find some good news, with the housing prices, stock market and everything else. But, the rental market continues to be very strong. Garner Properties & Management had a record month in February with 52 new lease signings. With the current economic situation, we are being vigilant with slow paying tenants, and getting them out if necessary. The good news is that if we move them out, there is a strong market to fill the vacancy.
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| No More PropertyWare User Log In
As we mentioned in the last issue, the Owner Portal is a new feature offered by PropertyWare. It will now be the only way to access portfolio data and reports online, as "user" log in access will be removed this month.
We encourage anyone who is not currently using the Owner Portal to contact our office for access. The reports available in the portal can be used to answer most questions regarding income, expenses, and maintenance. This frees up our staff, and allows us to focus more completely on managing your investment in this busy rental market.
We welcome any and all user feedback. If there are additional functions you would like to see, or something you don't understand, let us know and we will do our best to improve your user experience.
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Note to Investors:Remember the Golden Rule 
LOCATION- LOCATION- LOCATION
We all know the first rule of real estate. The current market of rock bottom prices and deals too good to pass up, it seems, has caused some of us to forget. You may be able to pick up a 3/1 brick with a basement for $10,000 or less, but, if it is in a bad area, you are going to have a hard time renting it.
Before making any new acquisitions, ask yourself the following questions:
1. Would you feel comfortable living there?
2. Are there a number of abandoned or burnt out houses on the block?
3. Does there seem to be a lot of drug traffic?
4. Are there kids playing in the yards?
Even the best deal does not make sense if the property will not rent. Do your homework, check the house out BEFORE you buy it. And remember the rule, it's golden.
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Pacut Insurance Agency
Joseph P Pacut 734-895-8123 ph
43679 Michigan Ave 734-895-8127 fax
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Landlord/Tenant
Summary Proceedings:
A Landlord's Guide*
Step
1 - Send Demand for Possession (Notice to Quit for Non Payment of Rent) to
Tenant
Technically, the demand has a seven (7) day time limit, but, as a practical matter, it is normally extended to nine (9) days to allow time for USPS to deliver.
Step
2 - Send Demand for Possession and Copies of the Lease to Your Attorney
Step
3 - File a Complaint for Non-Payment of Rent
Depending
on the court, the hearing date can be anywhere from eight (8) to thirty (30)
days.
Step
4 - Obtain a Judgment
Appear
for the hearing and obtain judgment.
Step
5 - Wait
A
typical judgment allows the defendant the opportunity to pay the balance owing within
ten (10) business days without being evicted.
**If
the defendant satisfies the judgment, before the ten (10) day period has
lapsed, the case is over (at least until the next time the tenant falls
behind).**
Step
6 - Eviction
File
for eviction upon the lapse of the proscribed period.
*
This guide is intended only as a cursory review of a portion of the laws
applicable to landlord and tenant dealings and is not intended to replace the
counsel of an attorney. Before taking any action in any landlord-tenant matter;
contact an attorney.
The Law Offices of
Aaron D. Cox, PLLC
23944 Eureka Rd.
Suite 107
Taylor,
MI 48180
Office -
734-287-3664
Fax -
734-287-1277
aaron@aaroncoxlaw.com
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