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All Forum Posts by: Dawn Anastasi

Dawn Anastasi has started 117 posts and replied 5877 times.

Post: Hi from Milwaukee

Dawn Anastasi
Posted
  • Rental Property Investor
  • Milwaukee, WI
  • Posts 6,201
  • Votes 4,343

That's because when we Milwaukee-ans hear the name of our city, our ears perk up and we become active!

Post: I am in high school and i am interested in real estate investing does anybody have any tips.

Dawn Anastasi
Posted
  • Rental Property Investor
  • Milwaukee, WI
  • Posts 6,201
  • Votes 4,343

Isn't there a restriction in which you have to be 18 to enter into a contract?

Post: Now everyone has a criminal record?!

Dawn Anastasi
Posted
  • Rental Property Investor
  • Milwaukee, WI
  • Posts 6,201
  • Votes 4,343

I had someone apply recently that had 2 counts of prostitution and one armed robbery.

Post: Do any of you active investors do your own taxes?

Dawn Anastasi
Posted
  • Rental Property Investor
  • Milwaukee, WI
  • Posts 6,201
  • Votes 4,343

I do my own taxes. I also own an LLC. I might get to the point of paying someone else to do them soon, however. I know last year will be a killer because I acquired 4 more properties. It just takes a lot of time and even with 4 properties for 2011 the return was 21 pages long.

Post: Basis when loans are discounted?

Dawn Anastasi
Posted
  • Rental Property Investor
  • Milwaukee, WI
  • Posts 6,201
  • Votes 4,343

K. Marie Poe, when you did this were the notes still in the original borrower's name? This is what I am assuming.

Post: What would you do in this situation?

Dawn Anastasi
Posted
  • Rental Property Investor
  • Milwaukee, WI
  • Posts 6,201
  • Votes 4,343

You told him about your intentions but didn't put anything in writing. Unfortunately, he took advantage of you. I don't think you have any recourse except to not work with him again.

Post: Inheriting a Tenant with NO Security Deposit!

Dawn Anastasi
Posted
  • Rental Property Investor
  • Milwaukee, WI
  • Posts 6,201
  • Votes 4,343

I had this situation and the tenants had been there for 3+ years. They were deathly afraid of someone buying the property because they had to leave. I continued renting to them, and the prior owner never fixed anything, so I fixed what I needed to fix and left them with no security deposit. They are on a fixed income but pay their rent like clockwork every month.

They are an older couple, take good care of the property (the stuff that wasn't fixed really wasn't their fault (old leaky water heater, crumbling chimney, no railing on the front steps). This is the only time I will ever go without one. But they do take care of the property and want to be there for a long time.

When/if they do move out, I'm counting on minor "wear and tear" fixes, painting, etc.

In general, 99% of the time, yes, get a security deposit.

Post: Hi from Milwaukee

Dawn Anastasi
Posted
  • Rental Property Investor
  • Milwaukee, WI
  • Posts 6,201
  • Votes 4,343

I didn't even know there was a meeting tonight -- I don't belong to it.

Great tip on the keywords; didn't know that existed. I've already connected with Kay via email.

Post: Basis when loans are discounted?

Dawn Anastasi
Posted
  • Rental Property Investor
  • Milwaukee, WI
  • Posts 6,201
  • Votes 4,343

This is very interesting -- I was recently contacted by someone who was in bankruptcy and just wants to "walk away" from their mortgage and just wants to move (her kids are gone now and the house is "too big" for her).

I wondered about just taking over their loan, but didn't know you could negotiate with the lender to "settle" for a lower amount. Was this "settlement" because you paid them off all at once?

Post: Re-keying locks

Dawn Anastasi
Posted
  • Rental Property Investor
  • Milwaukee, WI
  • Posts 6,201
  • Votes 4,343

I've only done 1 SmartKey lock -- it was more expensive, and I figured it was more cost effective to get lock sets for $15 (2 deadbolts, 2 handles, all matching keys) then if I need to change one out, I just cycle them to a different property.

No one knows that they've been used before and at what property but me. I store the old locks in ziploc bags to keep everything together -- including the keys.