All Forum Posts by: Dawn Anastasi

I've purchased 2 properties from the City of Milwaukee (tax foreclosures). Keep in mind that there are two requirements when purchasing City-owned properties:

1. You are required to take the Landlord class from the City of Milwaukee (not a bad class actually, but you need to attend in person, it's not an online thing).

2. There is a deed restriction that you cannot sell the property for a number of years otherwise you face a penalty.

If you are okay with these two things, then it's worth investigating.

City Owned properties are not always available to purchase by investors. Some are specifically ear-marked for Owner-Occupants only, so you need to read the listing carefully. Also, the City will give you a "scope of work" and you need to make sure you have proof of funds that cover both the purchase price AND the scope of work. If you don't agree with the City's scope of work, then you need to submit your own when you submit the offer. As someone else on this thread mentioned, some of the properties may cost more to rehab than the value of the property, so not every property is a good deal. Many city-owned properties are located in D-class areas, so keep that in mind.

In both cases, I'm glad I bought the houses I did. I rehabbed them well, and the tenants I've placed after rehabbing are both still there to this day.

 Always get an attorney for any sort of legal paperwork. Even if you think you can trust the other party. Otherwise you risk getting burned.

I see you are renting it for $1,395/mo. Instead of dropping the rent, try a "move-in special". Dropping the rent is something that affects you month after month, a move-in special is a one-time thing. For example, if you'd drop the rent $50/mo, instead try a $500 off first month's rent move-in special. It will save you money over dropping the rent.

(I might be biased, but I think this is the best landlord training in the Milwaukee area.)

The Landlord Bootcamp is so popular, it filled up already, but we were able to add 15 more seats. Make sure to reserve your spot before these 15 get filled up!

Does she pay late because of her paycheck schedule? You may want to consider a schedule where if she is paid biweekly, she pays rent biweekly.

Example: normal rent is $800/month. This equates to $9,600/year. You could charge $375 every two weeks. This may make it easier for her to budget, but if you do the math, $375 * 26 = $9,750. This is an extra $150/year and she (hopefully) won't be late again.

In WI, you can accept payments after an eviction has been filed and it does not dismiss the eviction. The AASEW tries to fight to keep landlord/tenant law balanced in the state.

 Aseem, you missed the last AASEW meeting which was last night, however next month, the Trade Show is being held at Potowatomi on October 11th. You can register for that on the AASEW website.

It's funny reading this thread I posted on from 2 years ago. Update: the SAME tenants are still with me ever since I bought the house in November 2012. They pay $875/mo and as of this writing, they've paid me $71,750 in rent on a house I purchased for $23,000. It amazes me sometimes on the return I'm getting on that house. I still haven't raised the rent on them. They still take care of the house and will probably live there another 10 years.

I have no "angle" and it's insulting to insinuate that I do. 

I am not going to get into the middle of disputes between people and contractors because I was literally not there at that job. I recommend contractors that have done good work for me personally, as a courtesy to others. 

I would not want to own property where I felt unsafe being there.