Purchasing East Lansing Rental Properties: What You Need to Know

East Lansing—as most residents and visitors know—is a wonderful community. It has a terrific mix of high quality of life and affordability. In fact, according to Livability.com, East Lansing is one of the top 100 best places to live in the United States.  

East Lansing’s high quality of life and constant inflow and outflow of college students make it an attractive place to purchase rental properties.

I have seen it myself.

Since 2007, I have specialized in the sale and acquisition of East Lansing rental properties. If you are thinking of purchasing or selling a rental property in the city, there are several important things to keep in mind. Specifically, I am referencing the different types of license classes that can be relevant to renting a home. By understanding what they are and the differences between them, you can efficiently purchase and rent out property in the East Lansing area. You can also avoid unforced errors which can cause lost time, money, and legal headaches.

Purchasing and Renting Out Properties in East Lansing

To start owning and managing rental property in East Lansing, prospective landlords must proceed through a variety of requirements as outlined here. After they purchase the actual property, prospective landlords must apply for an initial rental license. The process, on average, takes about two to five months, so prospective landlords must be cognizant of this fact when evaluating their budget and potential income.

In that initial application form (which you can find here), there are several important requirements that applicants must follow. One of those, as alluded to above, is ensuring that you are seeking the correct class of license. You can find more detailed documentation on classes of licenses here, but the bottom line is that there are six different classes. The major differences among these licenses center on factors like renewal dates, the type of dwelling that leasing or renting out, whether the owner resides in the building, and specifics about people who can become tenants in a room or building.

For instance, a class I license is renewed every 39 months. It authorizes the owner of a one-family dwelling in which the owner resides to lease or rent a room to one person. By contrast, a class III license is renewed every 13 months. It authorizes the owner of a one-family dwelling in which the owner doesn't reside or a two-family dwelling to lease or rent the dwelling to a family of two unrelated people per rental unit. There are additional caveats to these general licensing classes, especially for owners who are applying for initial rental licenses. Those caveats deal with residential zoning districts (you can find more details here).

While there was a moratorium on licensing before I entered the real estate business in 2004, applying for the right initial rental license is critical. The Rental Housing Division of East Lansing regulates rental licensing in the city and inspections for licensing. If you are found to be renting without a license or are renting out your property in violation of your rental license, you may be subject to fines and other penalties.

Therefore, before even purchasing your rental property, it is helpful to foresee how you plan on using your property. Think about whether you want to live in the property itself and how many people you want to be tenants in your building. Along with this, you must take your time when completing the application and ensure that you have not made any mistakes. Not only could you be penalized for applying for the wrong class of rental license, but you will be spending your valuable time fixing errors that you could have avoided.

Because of this, I recommend that you do not complete the application by yourself. Instead, I encourage you to work with an expert in this area. Whether you are an investor or the parent of an MSU student, working with a professional can save you time and give you the peace of mind that you are complying with these important East Lansing regulations.

Starting Your Journey

East Lansing is a great place to purchase a rental property. The opportunity is significant. However, I encourage you to work with an expert to ensure that you are applying for the correct rental license. Whether you decide to work with me or another professional, hiring a trusted guide can make the process much easier. 

East Lansing Students Return

As we are entering the fall months, it is easy to observe countless changes occurring in our community. Events like the Sun Dried Music Fest to the Michigan Chicken Wing Festival signal that summer is coming to an end. 

But as we prepare for fall to officially arrive, there is one more change that happens every year. It’s a change that may have become second nature to us, yet it always remains a somewhat disruptive force in our day-to-day lives.

I’m specifically talking about students returning to Michigan State University. 

There is no doubt that MSU remains a signature part of our community. Yet for certain parts of the year, MSU is much louder as it makes its presence known. Even if you don’t live close to the MSU campus, this ritual of tens of thousands of students returning to our community can disrupt normal life in the city. 

Because of this, it is helpful to develop a quick and easy plan so that you can navigate Lansing during this extremely busy time. By doing so, you can eliminate stress and enjoy the remaining moments of summer in our city.

How Returning MSU Students Will Affect East Lansing

According to the MSU move-in timeline, the university will be facilitating a two-day move-in for incoming students. That move-in is scheduled to occur on Saturday, August 24 and Sunday, August 25. But having said this, the official MSU move-in timeline is for students moving into university housing. This does not account for other students moving into our community. You can expect that students will be moving into our community leading up to the first day of classes, which are on Wednesday, August 28.

Because of this, you can expect to see many MSU students and their families in our community for the next few days. This will undoubtedly create some traffic challenges. Quite clearly, there will be traffic congestion on and near the campus itself, especially on August 24 and August 25. To be perfectly honest, you should try avoiding that area until move-in is complete. This is true even if you want to park near campus. While there are meters and gated lots for parking, they can get expensive and they will likely be full. 

Along with congestion near the MSU campus itself, there will be a large amount of traffic around the Hub and Landmark apartment complexes. The city decided not to close roads to accommodate move-ins for these two buildings, so you will need to allocate some extra time if you plan on driving near those apartment complexes.

Even if you think you can avoid some of the move-in congestion by avoiding the MSU campus or popular apartment complexes, you will quickly discover that the entire city is going to be buzzing. Continuing construction in downtown East Lansing, along with this new influx of students and their families, will mean that traffic is going to be extremely slow. Whether you simply want to grab a quick lunch or enjoy spending a Saturday night in East Lansing, you will need to add some time to your travel plans. Just be patient and expect to sit in traffic for longer than you might. 

Along with this, you may want to think about parking further away than normal and walking to your final destination. Parking in downtown East Lansing can be a challenge, so keep this in mind when you are traveling over the next few days. It goes without saying, but restaurants, bars, and your favorite stores in East Lansing are going to be more crowded than usual. Just take a breath, be patient, and relax. You can still have a great time, notwithstanding a more crowded East Lansing for the next few days.

The Value of Preparation

As you know, MSU is an extremely large educational institution. There will be many students and families entering our community in the next few days. Because of this, I highly encourage you to be patient and make a plan before you drive around East Lansing. Don’t hesitate to take a different road or walk a bit further to your destination. By doing this, you can minimize your stress while still enjoying the next few days in East Lansing. We wish you the best of luck!

How to Know When to List Your Home

You want to get the best price possible when you list your home for sale. With an up and down housing market, it can be difficult to know the best time. However, the financial aspect is only one factor in deciding when and if to sell your home. You have to consider your own needs. Here are some signs to help you know when it is the right time.

Lack of Space

One of the biggest reasons people have for selling and buying a new place is that they have outgrown their current homes. Many people buy starter homes with plans to live in them for five to seven years and then move on. Once you have reached that point, you know it is time to find a new place and put yours on the market.

You Have Equity

If you have been planning to sell for some time but held out because of the poor housing market, you may be ready to take the next step once you have equity in your home again. Do your research to determine if your home is worth more than what you owe. If so, you may be ready to capitalize on it and list your home.

More Sales in Your Neighborhood

If you are seeing the Sold sign more often in your neighborhood, it may be a sign that now is a good time to sell. Certain neighborhoods are booming with growth and buyers are desperate to get into these areas. That often means a higher price for you.

Less Time for All of the Work

You may have gotten to the point in your life when you don't have time or energy for the upkeep of your home. Rather than letting things fall apart and causing your home to lose value, consider selling it and buying something with less work involved.

Where You are in Your Life

As your life changes, so does what you need in a home. Maybe you have more kids now or they are growing up and moving out. You may have switched jobs and now have a longer commute or you may be looking at retirement. If your house no longer fits in with your current life, it may be tie for a change.

When you are ready to sell your home, give me a call. I can help you list your house and sell it quickly so that you can move on to the next stage in your life.

Tips for Getting the Best Mortgage

You will find numerous products when you are shopping for a mortgage. Some are geared towards first-time home buyers while others focus on people shopping in specific areas or with certain terms in mind. It can be overwhelming to try to decide which product is the best one for you.

It Starts with the Lender

Before making any decisions about the loan product, you should decide on the lender. You will receive a lot of advice in this area from family and friends who have the perfect recommendation. How do you determine if the person they recommend is right for you?

First, remember that they have been through this and now own a home. (If they don't, beware of their advice.) You must also realize that the person that was right for them may not be right for you. Personalities and needs differ, and you must find someone you feel comfortable working with.

Do your research about any lender you consider. Find out how much experience he or she has and if the lender has any complaints against them.

Review All Terms

Once you have a couple of lenders that you like, compare products and terms. Don't just look at the interest rate or even the APR. Compare closing costs and other factors that will determine how much you will pay for your loan.

Contact the lender and see how you like this person. Ask if the stated rate is the best he or she can give you. You may be surprised at how much you can negotiate. After all, it never hurts to ask.

Once you have narrowed down your choices, make a decision. If you are still unsure, then you have not really come to a decision. You either need to find more options or you to need to figure out why you are hesitating.

Don't forget to include your realtor in the process of finding a lender, particularly if you have any special issues or are looking for a specific loan. A realtor will have the inside scoop on many lenders in your city or county and will be able to provide valuable insight on how is good to work with.

If you are looking for a home or a lender, contact me. I can show you houses for sale in your preferred area and help you begin the process of finding a home. Give me a call to get started on the path to home ownership.

With Low Interest Rates Is Now the Time to Buy?

If you have been renting with the dream of buying someday, you may be watching the news about the housing industry. With low interest rates keeping homes affordable, maybe now is the time to make the leap from renter to homeowner. Several factors play into that decision to help you know which is right for you.

Future Plans

You must consider where you are going in the next few years. How long you stay in your home will help determine if you should continue renting or buy your home now. Part of this decision will depend on your job. If your current job is unsteady or there is a likelihood of being relocated, you may want to hold off on buying. You don't want the headache of trying to sell a home while being transferred to another city or state, especially with very little equity in the property.

Consider the Down Payment

Before deciding to buy, you have to figure out if you have enough money for a down payment. This means more than just meeting the minimum required by the lender, but as much as you want to put into the house to give you some equity to start out. On the other hand, you may not want to put all of your savings into the down payment and have nothing left for maintenance and repairs.

Know Your Finances

Beyond having good credit and a steady job to be able to qualify for a home loan, you also want to know that you have money saved for other expenses and that you are ready to take on the challenges that come with being a homeowner.

If you feel prepared to face the headaches along with the joys that homeownership brings, now may be the right time to transition from renter to owner. If you want to find out what is available in your price range and location, give me a call. I can help you become a homeowner with a property that fits your needs.

Tools to Help You Boost Your Real Estate Leads

Getting more leads is essential to growing your real estate business. In today's world where more people do their research and part of their shopping online, that means driving more visitors to your website. However, they must be quality leads who actually spend time on your site and follow up. Here are a few tools to help you get more leads.

Sidebars

Create widgets along the sides of your content to get people to click for more information or to sign up for a newsletter. Experts estimate that these widgets can convert about 1-2 percent of your visitors. They are in plain sight right next to the content your visitors are reading and make it easy for them to take the next step.

Pop-ups

Not everyone likes pop-ups, but they are effective when done right. They have a decent conversion rate of about 5 percent of your visitors. Make sure they are interesting and capture the attention of your audience. SumoMe is one option that is free and comes with tools to help you customize for your audience.

Calls to Action

Catch people's attention while they are reading the content with a call to action plug-in. If they are ready to make the decision right then, you don't want to wait until later. Call to Action is a plug-in you can use for WordPress sites that will improve your conversion rate without distracting your readers.

Opt-ins for the End

When people finish reading your content, they are more likely to take the next step. That is why adding an opt-in at the end of your page or blog post has the best effect. Set up a box where people can subscribe to your list for more information. Optin Forms is a free option that has special features that you pay for.

With numerous options available, you have to figure out which ones work best for you. Make the right choices and you will get your audience's attention and help you sell more homes.

Glenmoor

Enjoy life in the middle of everything when you live in the Glenmoor neighborhood of East Lansing. You are within walking distance of the Frandor Shopping Center and plenty of places to eat and hang out.

This is the area to choose if you want a place that is walkable. With numerous retail, shopping and dining establishments, you are close to it all. However, you are also not far from Highway 127 and East Grand River Avenue if you want to venture out to other communities.

Glenmoor has numerous apartments that are affordable for those just starting out in their careers. Condominiums are another option if you are ready to buy but don't want the upkeep of a detached home.

Ranney Park provides the natural green space for the outdoor lovers and runs along East Morgan Lane. It even includes a skate park on the south end for great winter fun. Visit Altu's Ethiopian Cuisine if you want something unique and local or try one of the many chain restaurants like Panera's. Hang out with friends at Woody's Oasis Bar & Grill for an evening of fun.

If you are looking for a vibrant, exciting community that has all of the amenities you could need, consider Glenmoor for your new home. I'll be glad to show you what is available in this young, trendy neighborhood. Give me a call and I can help you find a great new place to live.