All Forum Posts by: Mike D.

Do Not let the assessor in your property unless its before the renovation and looks rough this can get you a lowered assessment for that year only. I have made this mistake once and I'm still paying a higher rate than the neighboring  homes.

I would think unless the size of the bedrooms is common in the area of the property it will have a negative effect on the quality of tenants you will be able to attract and how long they will stay as well as what you will be able to get for rent. As far as selling you may a hard time with that as well.

it would be unwise to allow "improvements" in exchange for rent. before you know it he will have been there 6 months and still no rent just more changes.

well I think you would need to talk it out and give them the options 1 repair 2 replace. As far as getting them to pay for part of the new system that would be reasonable. If they can't or won't I would just repair the existing unit since they don't own the property yet your still on the hook to cover that cost or give them a credit back to fix or replace themselves.

1st rule of Real estate Location always maters. I would go with the 3 unit the odds are more in your favour.

I've had a similar issue with a back up with a dishwasher filling up the sink and it was a slow drain that need to be cleaned out to solve the problem. I have some questions that need to be addressed to give an answer. 1. how long have the tenants lived in that unit? If it's been a year or more they could have caused the back up ( by pouring stuff down the sink like grease,cooking oil, etc.) which may have damaged the dishwasher. 2.how old is the dishwasher? unfortunately most appliances have short life spans these days and that one back up could have done it in. As far as getting the tenant to cover the damage you may be out of luck on this unless you can prove that they where somehow deliberately trying to damage the dishwasher or negligent by pouring stuff down the sink that caused the back up. best of luck Mike

Hi Tom,

Welcome to BP!

I have had a similar experience down here in bayview (53207) starting out back in 2006. I purchased a rough duplex fixed it up sold it 2014. Purchased another slightly bigger and better duplex fixed that up in late 2014 I'm holding that one, 2015 picked up another duplex fixed & held. Just picked up number 4 a few months back and now deep in renovation.  

There are two little used web sites for upcoming deals if you have cash or access to someone who does. The Milwaukee county auction web site ( back taxes and bank foreclosures) and the city of Milwaukee web site has a city tax foreclosure listing that changes often.

If you would like to check out my current project let me know.

Mike D

I would strongly recommend that you ask that they remove or encapsulate the asbestos or give you a credit to have it removed. However they are not required to remove known or unknown hazards including asbestos, mold, lead paint/pipes, etc. Also you may have difficult time finding insurance for the property now that's a known hazard. One other thing you may have to disclose that there is asbestos in the home to any tenant as well ( I don't know disclose laws in NC).

best of luck

Mike D

will do..... when's the best time to get a hold of you?

City of Milwaukee tax foreclosed investment property in highly desirable area available.

3224 South Taylor Avenue (this home would be financeable in its current condition ) list price $ 116,900 (more than likely something like $ 126,000 bid would be need to acquire the home) and $ 8,225.00 in city required repairs ( I think to bring in top rents 1150+ per unit it would need an additional 15-25k).

South Taylor has another plus the value of this home after even doing the city minimum would be in the 200's and if the full renovations were done it could sell for close to $300,000 In total we would need about $160,000 to make this home what it should be. please contact me if this seems like something that your interested in.