E- Deposits
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We are pleased to announce that we now have E-Deposit
capabilities for owners who wish to receive their monthly rental payments
electronically. The settlement date for this feature is the 14th of
each month, with a second run between the 21st and 24th
for any late payments received.
If you wish to receive E-Deposits, simply log in to your
Owner Portal and input your banking information to the designated fields, then send us an email once your information is in.*
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Greetings!
This month, we have a few real-life examples to share with
all of you that highlight why some of our more owner-resistant policies were
created.
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Property Maintenance is a Must!
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For anyone who has ever had an unexpected repair cost show
up on their monthly statement, consider the following:
This past week our attorney was in court to secure Judgments
for tenants who had not paid rent. As the proceedings were about to begin, the
judge suddenly called out to the entire court room for anyone who had repair issues
at the house they were renting to raise their hand. The court then proceeded to
hear the tenant claims, and arbitrarily suspend any case the judge felt
necessary until the repairs are done.
Not only will the eviction process on these cases be extended
2-4 weeks longer than usual, but, the attorney will have to make another
appearance in court.
We certainly understand why there would be some resistance
to doing repairs at a house where the tenants are not paying rent, but the
above example is the prime reason we do our best to act quickly on any relevant
issues that arise. In the long run, it is far more expensive to have a judge
delay your case, then to complete a repair.
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Desperate Times Call For Security Measures
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Last month we rolled out a new policy that all Detroit properties will
automatically get secured by No Zone Security if/when they become vacant unless
owners opt-out. For anyone who may have reservations about this policy, read
on.
Last week, four properties that had not yet been secured were completely stripped within a three day period. Two of the homes had
tenants waiting to move in. Because all of the homes will now require new
plumbing, hot water tanks, and furnaces, the tenants have been forced to wait,
and the owners are out about $3,000 each.
The warmer months will only bring more attempts for these
complete "strip-outs". Not to mention that an unsecured home is also a lot more
appealing to potential squatters then one with steel door and window blocks.
Once again, we strongly suggest that everyone participate in keeping these
homes secure.
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Lead Testing Now Required in Detroit
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We would like to let everyone know about a new
policy that will be set in motion immediately for all properties in Detroit.
A few days ago,
we were sent a notice that the city of Detroit
will now require Lead Clearance before allowing a property within the city to
be registered as a rental and releasing the certificate of occupancy. To obtain
Lead Clearance, the property must be tested by a certified and licensed lead
inspector; the city gave an estimated cost of this testing to be approximately
$450-$600 for a single family home.
Properties that currently have a
Certificate of Occupancy will have to be tested upon renewal, but any
properties currently in the registration process will have to be done right
away. This new requirement is certainly unexpected but is none the less a
necessary expense-especially considering that the fines for non-compliance can
range in the thousands.
We are currently in negotiations with a few contractors
in an effort to secure the best rate for our clients until we can have one of
our staff members certified in testing. For more information on Lead Clearance,
click here.
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I am always open to suggestions for future newsletters, so if you have a topic you'd like to see discussed or explained, please let me know.
Sincerely,
Chris Garner
Garner Properties & Management |
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