All Forum Posts by: Ader Viloria

@Theresa Harris

You are spot on, im not extending the lease on the most difficult tenants, essentially they operate on two groups- 2 tenants on the second floor against 2 on the first floor, I’m not extending the lease on one of each group, breaking up their alliance and letting it go of the trouble makers. Rents are below market, and both tenants are offering to match market values to stay. reason why I’m considering on giving them a chance, but they had been acting like this for so long, part of me thinks, it will never change and just like you, I think is not worth it regardless of the rent increase. Also a new fresh coat of paint will definitely go a long way and should be sufficient for at least one of the units to get back on the market, great point! Thank you for taking the time to leave your opinion.

@Wayne Brooks

You are totally right, they have had these problems for a while now, and to think they can change now really doesn’t make sense. Thanks for your feed back.

Bought a place last year in Stoughton, WI. A 2 story, 9 unit apartment building In which 4 of the tenants are constantly fighting and having issues. They are long term tenants and this issues had been going on for years, anyways I tried to establish and reminded everyone of the rules and expected behavior when dealing with one another when I first got the place to only find out it made little to zero effect. Fast forward to 3 month prior their renewal date, I decided to send notices of lease non renewal to 2 of the units, now they are offering to pay more rent if I let them stay. To me will be great if they stay since won’t have to remodel 2 apartments at the same time, but their constant drama is affecting the entire community. I though about renewing their lease to month to month and allow them to pay the higher rent and if any new issue arise have the option to cancel their contract with one month notice. Any thoughts? What would you guys do?

@Timothy G.

I guess I’m just looking for a clarification on how he come up with the increase, I have a 4plex in Madison and their appraisal went up by 8k in one year, but it’s Madison. I’m surprise they think 184K in 1 year for Stoughton is ok, I realized the property is bigger but still I was not expecting that much and regardless of what anyone is willing to pay for a property would you expect they assess the value base on its current condition? Not only that how do you up 40% on value with out any improvements or rents increase? I will just contact them and see what they have to say but it just seems extremely high jump in such a sort time.

Thanks for your feed back and support, I’m currently not looking for partners but will definitely keep you in mind if things change.

@Timothy G.

Raising the rent is just part of a normal process of the business, usually on my other properties we see an increase of 3% on rents to counter expenses like taxes, insurance, interest and others. How can they justify increasing the value of the property over 40% just over 1 year? There most be something I can do, just to give an idea the property was assess at $414,900 in 2018 before I owned it, now this guy come by look at the outside and nothing more and tells me it’s asses at $599,000, and increase of $184,100 in a year on a building that has all original stuff? That place doesn’t even have bath fans, is crazy! What am I supposed to do kick the people out and get new renters so I can keep up with their ways of doing business?

I recently purchased a 9 unit residential apartment building, the city sent out a third party assessor to evaluate the property for property tax purposes. I owned the property since July, 2018, on the assessors report he claims the property increase in value $184,100 between 2018- 2019, which will skyrocket my property taxes by a lot. The property is in Stoughton WI, no improvements were made and leases are below market due to previous landlord. I mean everything for the most part is original to the building, how is it posible that this guy comes and assets the property with out setting a foot inside any unit and claim that in 1 year the property when up almost 200k? Is there a way I can reject his assessment? It is still below the bank assessment but $184,100 increase seems a bit excessive considering is not a major city and no improvements had been done, any body familiar with assessments and stuff like this? I just fear the increase will eat up the money needed to improve the place and tenants life. Any advise on how to reject that or lower that assessment with the city?