Most property managers or landlords in Muskegon want to know all the requirements needed to rent a house. To do so, they need to know the rental regulations in Muskegon (and the regulatory bodies), how to calculate a rental property, and how legal services are essential when it comes to landlord and tenant disputes.
Top Property Management Companies in Muskegon
Some of the top property management companies in Muskegon include:
- Access Property Management Group
- Westshore Property Management
- Real Property Management – Muskegon
- Anchor Real Estate
- Houghtaling Property and Management
COVID Emergency Rental Assistance (CERA)
Are your tenants having difficulties paying rent? Through the COVID Emergency Rental Assistance (CERA) program, MSHDA has federal funds available to help tenants avoid eviction while simultaneously guaranteeing landlords can recoup unpaid rent. Everyone qualified should apply right away to take advantage of a program that can help them regain housing security.
Who is Eligible?
CERA helps renter households who earn less than 80% of the Area Median Income (AMI) and meet the following criteria:
- Individuals in the home have qualified for unemployment benefits, have had their household income reduced, have suffered considerable costs, or have encountered severe financial difficulty as a result of the coronavirus outbreak, either directly or indirectly.
- Individuals in the household who are behind on their utilities or rent can indicate that they are in danger of homelessness or housing instability.
Required Documents for Landlords
Landlords will be required to offer the following:
- CERA Landlord Application (download here)
- a duplicate of the lease (if a written lease was completed)
- Ledger showing tenant’s recent payment history
- Verification of court fees, if any are due.
Government Offices That Oversees Rentals in Muskegon
In Muskegon, several government offices oversee rentals and anything related to it. Some of them include:
They provide a variety of housing options for Muskegon residents, including public housing and the Section 8 HCVP. They are located at 1080 Terrace Street in Muskegon, Michigan 49442.
From planning and zoning to building maintenance, SAFEbuilt provides a full range of community transformation services.
The Muskegon Department of Public Works (DPW) is in charge of the city’s infrastructure, including bridges, roadways, and highways, as well as sewage collection and treatment, water filtration and distribution, street lights, and traffic management. The Department of Public Works is also in charge of maintaining Muskegon’s parks, marina, and cemeteries.
Surveys, deeds, liens, mortgages, plats, land contracts, condominiums, financing statements, related paperwork, and other miscellaneous real estate documents are the office’s principal responsibilities. The Register of Deeds is also in charge of collecting the State of Michigan’s and the County’s Real Estate Transfer Tax.
Rule of Thumb to Calculate Profitability of a Rental Property
Ambitious landlords and real estate investors need to know how to calculate rental property cash flow before diving into the rental real estate market. Cash flow is, after all, the lifeblood of a rental real estate company. Thankfully, calculating cash flow isn’t as complex as you would think.
Therefore, learn how to calculate a rental property’s profitability so you can focus on buying cash-flowing investment properties while avoiding those that eat into your net profits.
The 1% Rule
When the costs of a property aren’t known upfront, it might be difficult to make an informed decision. The 1 percent rule can be used to swiftly assess a property to see if it is a worthy investment for further investigation. In other words, the 1% rule is a method used in renting real estate to estimate if a property will generate positive cash flow.
The rental rate for the property must be at least 1% of the purchase price, according to the rule. So, if a house is listed for $400,000, it should provide a monthly rental revenue of $4,000 or higher. The rule would not be satisfied if the rental revenue was around $3,500. The better the return, the bigger the rental income compared to the purchase price.
Rental Property or Housing Issues? Our Attorneys Can Help
Our goal at Bowen Law has always been to provide complete legal services to all of our clients; for our landlords and property managers, we go well beyond helping with your housing rental issues. We create limited liability companies (LLCs) to protect your investment, draft land contracts, leases, and assist with a wide range of real estate transactions.
To explore how our team can best serve you, give us a call or send us an email. The following are the services that are often provided:
- Land contracts and leases
- Management agreement
- Formation of LLCs and other business entities
- Negotiation of a lease
- Real estate planning
We are familiar with the rental laws in Muskegon and can represent you in any legal actions. You can rest easy knowing that your legal concerns are being handled by a highly qualified landlord attorney. Contact us today to learn more about our services.