All Forum Posts by: Jason V.

I just got my water bill and learned a hard lesson in variable costs. My water bill in my multifamily went up a hundred dollars with my new tenants and the City of Waukesha is expecting to raise their water bills up to 300% in the next few years. This will definitely impact my cash flow. It is important to conduct market research in an area in which you may invest in to prevent future problems. Keep this in mind my Bigger Pockets friends! I learned the hard way!

I just added it to my phone and look forward to trying it. Thanks!

I'm late to reply, but have a single family rental in Johnson's Woods. It is a nice area for rentals. The area is pretty quiet and near some of the suburbs. The residence used to be my primary residence. Had some graffiti in the area, but nothing bad. Prices seem pretty low in the area compared to some other parts of Milwaukee.

Thanks! It was odd because I did my due diligence and checked out much of their old work. They have excellent reviews on Google and the BBB, as well as a good reputation by other builders. I used to work construction and understand things happen, but they had poor communication and customer service, and I found I had to always be on the phone with them to ensure the project was getting done. I am pretty sure they never want to see me again!

It's been a while since I posted and thought I would add an update. We paid $99,000.00 for the property because we assumed the mortgage from a relative with a terminal illness. He wanted to give it to us and we bought it for the price of the current mortgage. Currently refinancing with the bank to take out money to pay off the updates. 

New front and back porches cost me a total of 16,000.00 which took a big chunk out of my budget. Estimates went up to 20,000.00 for the front porch alone! The porch is from 1900 and had sinking concrete. It was very dangerous and difficult to remove from the foundation of the house. The back had a second floor balcony that we had to replace as it was entirely rotted. The house had updates done and I am now budgeting for a new paved driveway, as well as large replacement items such as a roof that will be needed in about 6 years. Here is an after picture:

The builder was awful to work with and three months behind schedule on it, not to mention they tore up my front lawn. I will lay sod down as I don't want them around my property anymore.

Thanks for all the replies. We talked to another insurance company and they gladly picked us up without any issue. Always good to hear the advice from my fellow BiggerPockets members.

Thanks @Wayne Brooks. I will take it under advisement. 

I recently received a notice from my insurance company that my landlord policy was canceled on a newly acquired rental property. The property was bought from a sick family member who quit claim the property to my wife and I without telling us right away (which was a surprise). We had already planned on buying it from him and got a mortgage for the property a few months after the quit claim, complete with insurance. Prior to the closing, I still wasn't aware that the property was entirely turned over to my wife until we purchased the house.  Needless to say, my wife and I were both irritated because of the legal liability we were exposed to. The family member said he did it on the advice of his estate attorney and believed we were ok because he still had the house insured. After shaking my head, I was thankful nothing happened on the property. After closing, the insurance company underwriter canceled the policy because of non-continuous insurance. Does anyone have any avenues here? I find it odd that we could get a policy canceled for ownership of a house we were not aware we owned. I also find it amazing that the owner of a property can quitclaim property to someone without telling the person getting the property. I plan on speaking with the family member's estate attorney and possibly filing a complaint with state licensing. 

I had a tenant that cut his couch in half with a reciprocating saw. He said he couldn't get it out the door. I told him to take the door off the hinges and he said he didn't have a screw driver. I replied, "Then why do you have a reciprocating saw?" He left the couch in the middle of the room when they moved out. I am still trying to get the stink out of the place. 

I have used erentpayment.com and like it. They send reminders to tenants and me stating when rent will be deducted and then give us receipts after the transaction. You can also customize the way the money is collected, such as not accepting partial payments and collecting security deposits. I had a tenant that was routinely days late with the rent check. She finally signed up and now there are no problems.