Milwaukee WI Single Family Rental

8 Replies

My wife and I purchased a single family home about 3 years ago and we are currently thinking about either selling the house @ market value or renting it out. I would love to begin using this as an investment property and having the benefits of doing so. We'd like to move closer to our workplaces and find an apartment alternative while our house rents. 

Questions to members:

What was the hardest part of renting a SFH?

How can I get the most rent out of the place?

Any other advice?

Thanks,

(Newbie) Juan

Where is the property located ?   ( please do not enter exact address )

Example : North 106th Street

zip code 532**

What the property current condition.

example : age of roof, water heater , furnace

any mold or foundation issues

Above information gives quick idea of your property situation, fyi

My suggestion would be to use he biggerpockets calculator to 

run potential buy-hold income.

Rentometer would be a good place to determine current market rent.

Any other advice?

Suggestion :  pick at least two different days for open house.

Do not go around showing property every time someone request 

a rental viewing at least not until you have one or two open houses.

Reason : My experiences rental open house saves on your personal schedule, 

                stress level, and car gas usages.

Thanks for the quick (and 1st ever) reply. 

53207 area (BayView/St.Francis) Howard and Clement

House is in great condition...we bought it after the seller remodeled the place top to bottom. All major mechanicals were also updated. Thanks for the advice. Craigslist listings in the area with similar size run about $1,100-$1,300. 

I rented out my single family home in Waukesha when I left Wisconsin. House has been rented out to the same tenants since 2008. Haven't had a single missed rent payment because I screened the family personally. No maintenance items other than replacing one microwave and dishwasher in the last 6 years, and painting the exterior once. 

To answer your question, the hardest part is to find good tenants. The next hardest part is keeping good tenants. I've kept the same tenants without increasing rent even once over the past 6 years because I've wanted to keep them.

I might sell the house this year after the current tenant lease expires. Word is that the Fed is leaving an interest rate hike (from current 0%) in June due to good employment numbers and improved economy.

What was the hardest part of renting a SFH?

I would say nothing is hard with locate a decent tenant for buy-hold properties.

Break everything down into little components and move until the next property.

Making sure you check potential renters background and credit.

Consider month to month versus yearly leases.

Attend your local reia club.

Go to Milwaukee landlording class as soon as possible

Work with a lender for your investing needs.

etc

Off topic

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Make sure this something your family willing to be involved in.

Mention passive income versus sitting in a cubical until your 67 years old.

How can I get the most rent out of the place?

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Bayview area

My suggestion : Long-term buy-hold maybe consider seller financing.

( Keep the deed in your name until paid in full )

Another suggestion :

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Maybe consider now tax return season to locate top notch paying 

tenants in Bay View.        ( February through July )

If I owned one property it would  be the one I lived in if possible. The only way I'd rent out my home is if I bought another single or duplex to live in.  Just my thought.  If you do rent your house don't forget to use applications screen your tenants.  Singles typically attract long term tenants. 

Thank you all for the great feedback! I will definitely keep these in mind as we consider going forward. 

@Ramon these are very helpful for a beginner like myself.

@Jim very good point to make...Really making me think if this makes sense from a budget and current/future perspective!

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