property management Archives

May 13, 2024May 13, 2024

Can Condo Buyers Freely Work in, Sell, and Rent Their Condos?

A condo for sale? That’s an opportunity for a buyer to acquire a deed, start building equity…and maybe even attain financial freedom. Some first-timer buyers who want a foothold on the ownership ladder jump on a condo listing for precisely that reason.

To some, condo deeds represent long-term homes and investments. To others, condos are perfect for downsizing. In any case, questions arise for the condo shopper. Questions like: Can I use the condo itself to earn income?

Here, we break down this and related condo queries.

April 26, 2024April 26, 2024

Michigan Deed Holders: Your Property Rights Could Change

Living in Michigan? It’s time to check your deed restrictions. Michigan deed holders should know that changes made to the state’s Marketable Record Title Act (MRTA) took effect March 29, 2024. And there’s a new deadline to record a notice under the MRTA.

KEY POINT TO KNOW: Michigan deed holders now have until September 29, 2025 to keep certain conditions on their deeds that originated 40+ years back. Otherwise, the law will effectively delete certain longstanding “rights and interests” including deed covenants, restrictions, and easements — by letting them sunset.

Now, let’s go into some details about deeds, restrictions on deeds, and how Michigan’s changes could apply to you and/or your homeowner’s association.

January 8, 2024April 25, 2024

Selling Your Property When a Renter Still Lives There: Why and How?

Can you sell a rental unit “out from under” your renter? A loaded question, of course. Look at it this way. If your renters love where they live, it could be a win for all involved.

You have a few things to consider as you plan for positive outcomes, of course. This is true whether you ultimately sell with the occupant in the unit, or wait instead until the unit is empty.

Here are some scenarios — and how you might handle them with style and grace.

September 27, 2023April 25, 2024

Latest in House Hacking: The Influencer Edition

Back in 2020, it seemed to be everywhere. But we wondered just how persistent “house hacking” would be. Turns out the trend has stayed popular on real estate investment websites, in spite of (or maybe because of) a hard-to-crack housing market.

House hacking is really just about buying and renting out real estate. Yet it carries a special meaning for today’s hopeful home buyers. House hacking is boosted by online influencers whose followers are looking for creative ways to make money. Many of these followers hope to own real estate, too. In a digital world, reliable, concrete assets still matter.

September 4, 2023April 25, 2024

If I Buy a Condo or Co-op, Do I Have to Interact With the Other Unit Owners?

Thinking of buying a unit at a condo or co-op? These options tend to be more affordable than freestanding houses. In some areas, they’re the ordinary person’s answer to the challenges of today’s real estate market.

As a unit owner, you’re part of a homeowners’ association (HOA) or co-operative. Both have boards that run the properties. Condo owners often want a say in property management, while co-op owners value this voice in decision-making. So, as to the decision-making process that keeps a property running, you’ll likely want to show up, and interact.

You might like to go to social events and befriend your neighbors, too — but you don’t have to. The decision’s yours. So, before you buy into multi-unit living, you might wonder about just how social the owners are where you’re planning to live.

Read on for some frequently asked questions about living in a multi-unit community.