I am trying to dip my feet in the water as a new investor and analyze properties using the calculators on BP but I don't have a general idea of expenses in Milwaukee. In a multi-family home in the Milwaukee area west of 60th st, do tenants typically pay their all of their own utilities are or does it vary on the type of property you buy and how the utilities are connected? Also, does anybody have a recommended agent that is investor-friendly to new investors?
I've heard that water in milwaukee is a notable cost based on acquaintances that live there. I am in the suburbs, but served by Milwaukee water and sewer and costs are usually 250-275 quarterly for a SFH...I guess it will depend on usage.
When I rented, I paid electricity/ heat, but water, sewer and trash were covered by the landlord.
I am at the same point as you and just starting out with investing. PM me if you want more details.
Water and sewer seem quite costly. Bear in mind that bill stays with the property. So if a tenant runs up an 800 bill while it's in their name, but decide to skip on you, you will be stuck with the bill. Even if they pay, it would be wise to monitor their payments to make sure they don't fall behind and if they do serve a 5 day notice to,pay that bill.
Some investors do have their tenants pay for utilities and some dont, it is kind of up to you on that end. I would say it is most typical for the owner to pay though. As Kevin said if you do have the tenants pay you should be monitoring to make sure they are making payments.
I am a local realtor in the Milwaukee area. Would love to help you out in your search for investment properties. Feel free to send me a PM and we can discuss more.
most properties in milwaukee will have this set up (again this is your decision but) owner pays: water, trash tenant pays: gas/electric @Michael Fuchs my experience as resident
One thing to watch for is separate meters - I have a duplex in Tosa. Electrical is billed by unit but there is only one water meter on the house. As the landlord, I pay the water because I don't want to have to worry about the tenants fighting over who took more/longer showers and that stuff. For the duplex (3 total bedrooms across two units), my bills are typically $180-210 per quarter/$60-70 per month. Not sure what the electrical bills are since I don't pay them.
In my duplex as well as my 4 I pay the water bills. Trying to get the tenants to pay them is quite challenging. I put locks on the outside water spigots last week. No more filling the baby pools and running the hose