Frequently Asked Questions
Find answers to commonly asked questions about our products and services.
Where Does Tenant Rent Go?
Current urban myths notwithstanding, the vast majority of money paid as rent by tenants does NOT go to landlords! In fact, only 8 cents out of every rent dollar goes to property owners as profit.
Mortgage Payments: $0.39
A significant portion (39 cents) goes directly to cover the property’s mortgage, ensuring the property remains available for residents.
Operating Expenses: $0.31
From utilities to insurance and ongoing maintenance, 31 cents cover the essential operating expenses that keep properties safe, functional and well-maintained.
Employee Payroll: $0.09
Payroll for community staff, from property managers to maintenance teams, collectively accounts for 9 cents of every dollar of rent. Their hard work and dedication are what keeps every community thriving.
Property Taxes: $0.11
11 cents of every dollar of rent goes toward taxes, which finance community programs such as schools, emergency services, parks and other local services.
Capital Expenditures Reserves: $0.02
For future upgrades and significant repairs, owners allocate 2 cents to capital expenditures reserves. By doing this, they are future-proofing their communities and ensuring quality housing for their residents.
Profit: $0.08
There is a common misconception that rental housing providers enjoy large profit margins. In reality, only 8 cents of every dollar are returned as profit to owners. This slim margin underscores the challenging financial pressures that the rental housing industry faces.
How do you handle broker compensation in light of the NAR settlement?
Broker compensation is not set by law and is fully negotiable.
Is there really a lack of “affordable housing” in Washtenaw County?
Ypsilanti and Ann Arbor are located in Washtenaw County, Michigan, which borders Wayne County (home of Detroit and population 1,743,396) to the west.
Washtenaw County is the 2nd wealthiest county in the State of Michigan, after only the resort areas of Leelanau County and Traverse City.
As you would expect, the cost of rental housing in wealthier counties is higher than in less affluent areas, because the cost of housing is directly related to property taxes, transfer taxes, and wages in the surrounding areas.
As a percentage of wealth index, rental housing in Ann Arbor and Ypsilanti are actually LOWER than in LESS affluent communities.
On top of this, Ypsilanti and Ann Arbor are home to the highest concentration of government funded (i.e., tax) subsidies like Section 8 vouchers AND taxpayer funded “affordable” housing units.
In fact, the City of Ypsilanti has invested even MORE taxpayer funds into Dorsey Estates, a brand new 46-unit “mixed income” homes right in trendy Depot Town.
The cost of rent is directly a result of costs imposed on property owners by federal, state and local governments.
I don’t live in Michigan but I want to buy an investment property there.
Can you help?
Yes! We have helped over 100 out-of-state real estate investors buy properties in Michigan, and we have managed hundreds residential, commercial and multifamily properties in Michigan. We are the eyes, ears and boots-on-the-ground for our out-of-state clients.
What is your experience in the real estate industry?
Owner/Broker Colleen Kennedy received her law degree from Michigan State University and was first licensed as a real estate broker more than 15 years ago. She served as Director of Commercial Management for one of the state’s largest property management companies from 2020-2023. She previously served as a Corporate Commercial Leasing Attorney for Land America Financial Group, and a Foreclosure Litigation Attorney with Trott Law PC.
Owner / VP Operations Jeff Muir received his real estate license in 1999 and has been licensed in both Michigan and New York. He has experience in both residential and commercial real estate for investor clients and served as Director of Acquisitions and Business Development for one of Michigan’s largest property management companies from 2019-2023.
Associate Broker Allison Ireton currently serves as General Counsel for Bloom City Club and TreeTown Cannabis and has been a key figure in the emergence and growth of Michigan’s highly successful regulated medical and recreational cannabis industry. She currently serves on the Board of Directors of the Michigan Cannabis Trade Association (MICIA). Allison earned her bachelor’s degree in information systems management from Salisbury University. She then received her MBA from Quantic School of Business and Technology in Washington, D.C. and her Juris Doctor degree from Ave Maria School of Law in Ann Arbor, Michigan. Ireton is a fully-licensed real estate broker. and manages all cannabis industry-related real estate deals and transactions for Investors Realty Group.
Chandler Kennedy is a licensed real estate salesperson. After graduating from South Lyon H.S. in 2020, he took a summer labor job with a large property management and construction firm. Over the following two years Chandler was promoted first to leasing agent, then assistant property manager, and then property manager. He managed a challenging portfolio of over 300 rental units in Wayne, Washtenaw and Monroe Counties (including everything from single family homes to a 200 unit apartment complex), while also handling marketing, leasing, asset management, quoting, and labor supervision.
Can you help me solve a difficult tenant / vendor / brokerage issue?
Most likely! With our legal and public affairs background, as well as our in-the-trenches, hands-on experience in property management and acquisition, we can help untangle difficult issues. Examples include getting Section 8 payments moved to a new owner, evictions, vendor/contractor disputes, performance and compliance audits, etc.
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Fair Housing
Investors Realty Group, a licensed brokerage company, is a supporter of the Fair Housing Act. If you have a disability that is preventing you from experiencing this website, call (734) 603-2770
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Disclaimer
The information provided on this website does not, and is not intended to, constitute legal advice; all information, content, and materials available on this site are for general informational purposes only. Information on this website may not constitute the most up-to-date legal or other information. This website contains links to other third-party websites. Such links are only for the convenience of the reader, user or browser. Readers of this website should contact their attorney to obtain advice with respect to any particular legal matter. No reader, user, or browser of this site should act or refrain from acting on the basis of information on this site without first seeking legal advice from counsel in the relevant jurisdiction. Only your individual attorney can provide assurances that the information contained herein – and your interpretation of it – is applicable or appropriate to your particular situation. Use of, and access to, this website or any of the links or resources contained within the site do not create an attorney-client or fiduciary relationship between the reader, user, or browser and Investors Realty Group, Rent Ready Systems, Investors Consulting LLC or any employees, owners or officers of these companies.
Rates & Fees
Investors Realty Group offers full-service real estate brokerage and property management as well as operational consulting. We also offer flat-fee, month-to-month property management support plans that range from $125 – $350 per month. Work can be quoted per-project. Unless otherwise specified in a written and signed work agreement, all other work will be billed at the rates stated below.
Colleen Kennedy, JD & Broker
Consulting & Project Management
$225 per hour
Jeff Muir
Consulting & Project Management
$175 per hour
Basic Labor
$85 per hour
Skilled Labor
$100 per hour or prevailing wage
Basic Property Management Work
$100 per hour
Mileage
$.65 per mile or current IRS published rate
General Contracting
Cost +18%
Materials Purchasing
Cost +15%
Advertising Purchasing
Cost +15%
Work can also be quoted by project.
Still have a question?
If you have any other queries, feel free to reach out to us. Our knowledgeable team is here to help!