All Forum Posts by: Brandyn Dietman

I used Rich Washer with Select One Mortgage and did an awesome job! I plan on using him on my next deals!

I just bought my first property in May, after crunching numbers for about a year (looking for 3 or 4 unit properties) in what felt like every neighborhood in Milwaukee.. My plan was/is to live in my units and move every year or so into a new one using a mix of VA, FHA, and conventional loans, refinancing my VA/FHA when able to restart the process. I looked everywhere except West Allis (because I didn't think I wanted to live there). What I found for me personally was that I loved the idea of the East Side, but the houses were too much for what I wanted to start out with ( high property cost left little room for my DTI to get another loan, realized more calls from younger potentially less responsible might be hard as a new landlord), River West was fine, ok housing, ok cash flow, near stuff to do, but I didn't like the pockets of crime and around the time I was looking there had 2 friends have their vehicles broken into there which turned me off for now, Bay View was great with great turn key properties, but I'd pay almost double for what you can get in other parts of Milwaukee, and owners would only accept "top dollar" because it's Bay View, Brady area was awesome, but it's a quick moving market and twice got pushed out with cash offers, you'll also need to have cash on hand for repairs as quite a few need remodeling and parking seemed to be an issue, Wauwatosa is great(where I was renting) but good luck finding a rental out there, South Milwaukee/St Francis was fine but some rougher houses out there, descent cash flow, but just didn't find the right one there when I was looking, which left me in West Allis! I live the 3 unit I found, good cash flow, safe, and good neighbors. It may not be the sexiest part of this eh, but I'm pretty convinced I wont have trouble renting the units out, nor will I have to chase people for rent since most of my neighbors are hard working middle class. Hope this long rant helps!

I agree! Try to have it contingent upon the tenants agreeing to a new lease before closing you're able! I just bought a thee unit building, and it was nice to at least come into it with 1 solid apartment that I don't have to worry about paying!

Scott Schultz I I am doing my first five day pay or vacate right now in Milwaukee… I thought I could only post a notice on their door and consider it served if I tried three times in person first?

No where near your guys' scale, but I'm in a 3 unit (I live in the bottom unit), 0% down on a VA loan, clearing $650 a month after everything is paid, including the property water bill! Hope to get to your guys' level some day!

great thank you Marcia!

Thanks for all the replies everyone, I appreciate it! I'll take your advice and draft a letter politely letting her know that if she doesn't pay on time, she'll receive a pay or vacate notice on the 6th.

While I don't quite think "pathetic" or "soft headed" are really appropriate, let alone necessary, thank you for you input. 

After everyone made some good points on partial payment, I looked into it more and found this stating I'd waive eviction by accepting partial payment. Can anyone in Wisconsin who might have dealt with this before verify this?

Thanks for all the advice everyone! I do manage the property myself because I live in one of the lower units. I don't like that she's going to be late, and it definitely isn't ok, but I do appreciate the heads up. So I think I'll meld everyone's advice into one and write a formal "you've been naughty" letter with an understanding she will pay by 2 weeks later in full with the remaining amount, or be served a pay or vacate notice. And offer the $50 back if she sets up auto payment and on time payments for the remainder of the lease. Thanks again guys!