All Forum Posts by: Uwe K.

I also think that the proximity to the landlord means nothing to a tenant. If they want to whine, they do it in any case. It's then up to the landlord to "train" them.
Only advantage of being further away is in some non-critical cases you may be able to say "oh, I'll look at next time, I am 20 mins away". That excuse won't work if you are in shouting distance.

Honestly, I wouldn't give much on that.
If I am Mr. Watts or some other manufacturer, I can just order whatever I want from my suppliers (which can and also will be in China etc.) or make whatever I want. I tell them green handle, then they make it green, still from China.

If some cheapo importer thinks they should make a green handle because it portrays better quality for carpet cleaners, then Mr. Cheapo goes to Mr. China and says: Make it cheap, but green handle, then I sell it for half price at Harbor Freight.

I once ordered a load of PEX fittings on ebay, were cheaper than the local store (Nibco or so). I did clearly see the difference as they were much thinner. Less material, less cost, can be sold cheaper. Also warranties play a role. Warranties always add cost for manufacturers.
Same with valves. Name brands explain part of the price difference, but not all of it, so something has to give: Material, tolerances, etc. But there can be excellent products being made in China, and there can holy crap being made in the union shop next door.

That's a good point...

So many RE investors have their own broker license for one reason or another.
I was looking into that and have a couple of questions that I couldn't figure out yet.

1. If you buy as a broker, are you still entitled to the commission? I was reading that for REOs and short sales the banks often don't pay it if the buyer is also the broker. Any real world experiences?

2. If the buyer is an investment LLC, but the broker is also a member of the LLC, does that change the picture? What if the broker's wife buys it, then after the purchase the owners are "adjusted" on title (apparently no fee for this in marriage situations).

Course and exam fees of about $1500 could be easily offset with the first purchase if situation 1 or 2 would work.

3. Independently, how does MLS access work? Does one have to be a member of the (or a) realtors association? Quarterly or monthly fees? Could I just pay a quarter, and then skip one if I don't need/want to make a deal? Or is it like DISH network and they have you on the hook for min. 2 years?
I realize there may be differences for various MLS, (looking for southeastern WI here), but just trying to get some input from people who have done it.

THanks

So here is a thought I had:
If rent is due on the first, and has to be received on the first, couldn't I give the cure or quit notice on the 2nd day?

Background:
Currently my rent is due on the first (postmark) and must be received by the fifth to allow for the mail truck to create some USPS deficit. If not received, I can send the notice on the sixth. So far so good.
Last Nov. I had a situation: Tenant didn't pay (I knew it beforehand, she told me that she moves, aka breaks the lease, and needs the money for the new place's deposit. Nice logic...
So for whatever reason there was a delay in giving her the 5-day cure or quit notice of a few days. Then the fifth day was a Sunday, which added another day, day 6. On day 7 I filed, only for the court lady to tell me that the next possible court date was something like 2 weeks out, ended up Dec. 3rd!

IN this case I was 95% certain she would leave, which she did. Also did not show up in court.
But now imagine she had not left. Court writes a writ for 5 days, that's the 8th. She is still not leaving. then on the 8th, maybe 9th I go to the sheriff. Our sheriff is apparently currently too busy with making TV commercials for injury lawyers, so it takes them the max. allowed time of 10 days to kick the people out. By the time I get my property back it Santa is coming to town, which is a ridiculously long time, even without my own delay for a few days.

So I was wondering of changing some tenant's terms to say I will go and pick up on the first by, say, 7 pm. Then if they don't have it, I can give the notice on the 2nd and save 4-5 days of "kick out lead time"
There is nothing about a required grace period in the state statutes, and I don't have to allow x days for mailing.

Details will depend on the state.
In WI, I would post the notice, say 5-day notice to pay or leave. They don't pay, so they should leave, as this notice terminates the lease. This also means, they have no right to be there anymore. But them still being there also means I cannot just walk in and do stuff and change locks etc., because they still "live" there (albeit illegally).
If it then goes through court, sheriff, etc., it's clear cut.

If they appear to have left before (court dates), they surrendered the premises, they are yours again, you can do what ever you want. The key is to decide whether they in fact did surrender. When all stuff gone is pretty obvious. A computer and some undies left, not sure. All clothes still there, probably not, even if nobody has seen them in a week.

At any time during the lease I wold be able to post a 12 hour notice to inspect (or do repairs or whatever). I can post this 3 times a day if I want, every day, however I deem necessary and appropriate. In emergencies, I can just walk in.
If during inspection the premises look empty, the tenant left according to the notice (even if late). Then there is also no need for the sheriff to come out.

Oh man, you must have had a fever when you set that one up. :)
I'd rather pay the tenant $5 gas money and $10 for the time and have them deposit it, or pay a courier to pick it up across town, before I give anything to that greedy Paypal moloch.

I have never heard of this appraisal method either, and I am a bit confused.
Am I reading this right: Say rent income $1000, times 90, minus 180?
Why the minus 180, it's so negligible. It's like (rent - 2) *90, barely a difference.

If I use it at one of my duplexes as an example, $650 + $685 rent, total $1335. Times 90 = $120,150. Less $180 still more than double what any sane person would pay for it in the current market. This example is not a one-off.
It about fits with a single family, but is again way too high with another SF. And would be way too low with my private residence (SF).

Getting OT here, but would they have allowed you to build, say, a 15 acre ranch? One house, big living room (or 10), about 20 bathrooms..... :)

Hehe, you just reminded me of a funny "experience":
I never seriously considered buying RE on ebay, but over a year back I was once bored and just looked at what's listed in Milwaukee, WI. I saw one in the inner city, low income, rough neighborhood. $11k listing price. Not much description, mostly said "do your own research".
I was bored enough to actually do some research: City info gave me: Last sales price was a few months before for something significantly under the $11k, it was listed as vacant lot, and some time before there was a raze order in the system.
I email the seller: "SP when I bid on this and win, will I actually find a house there?"
Resonse: " Do your own research"
Me: " I did, hence my question" and I put something about fraud in...
Response: "Yeah, fraud whatever. As if ebay allows fraud!"
Oh yes, and he would transfer as quit claim, he wrote....

Gave me quite a chuckle. Enough that I actually drove by that lot: As vacant as can be, not even weeds have grown on the fresh dirt yet, and the hood rats haven'thad the chance to rip off the yellow barrier tape yet....

My point? Maybe not to buy unseen? Not sure if that ebay buyer protection would cover that.