All Forum Posts by: Peter K.

Good luck with your purchase!  I don't let my tenants work on my properties--when I got into this business I learned the two most important rules of being a landlord:

1. The landlord is in charge.

2. The tenant is not in charge.

Having a tenant work on your property can make maintaining this order difficult.  It has worked well for some people, but to me, it's not worth it.  Particularly if you are out of state.  Make sure you have someone lined up to go and inspect the work being done since you can't do it yourself.  Make sure it is done on time and with the qualify of work you expect.  Document payment (or rent break?) meticulously.  

@Shawn Ackerman I would be if prices were more reasonable!  I shopped a bit this spring and found prices higher than I'd like to pay.  I had a nicer house under contract but the deal fell apart.  I'm on the sidelines focusing on the day job and my family for now, but if I came across the right house at the right price I'm a buyer.

I planned to buy three houses this summer, but once I started shopping, decided to hold off and see if prices drop.  We are up significantly from when I was last buying in 2015.  I don't buy cash flow properties on the north side of MKE expecting appreciation.  I expect them to pay for themselves quickly and then make money for me.  If they go up it's gravy.  If they go down, no sweat, they were inexpensive to start and they make money.

I think the financing terms you used are not realistic.  You will need 20% down to get a 30 year fixed, and the rate will be more than 4%.  If I'm wrong--please connect me with your lender!

Second the Paulino referral.  He did one for me at the end of 2015 and another one two weeks ago.  He shows up when he says he will and gets the job done.  Let him know Peter from Toronto Properties also referred you. 

I have an accepted offer on a property, which at the time I wrote the offer, was marketed as a short sale.  The property had a foreclosure suit filed on it in March, I wrote my offer including SSO (the short sale addendum) 4/1.  

There was a motion hearing on the foreclosure suit that the sellers didn't attend on 4/3, and judgment of foreclosure was issued on 4/17.  We agreed to a counter offer on 4/5 (I was not aware of the entry of foreclosure at the time).  

At this point, I'm wondering if I should hang in there on this house or bail--I have the right to bail at this point as we are past the agreed upon date for seller to obtain lender approval.  

I feel that the price is a fair deal for the house but I'm not stealing it.  I am in a position to have one deal going at a time but not more so I don't want to sit on this thing if it's not going through; I'd rather bail and go after another deal.

Anybody have insight as to whether or not this deal could still be approved as a short sale?  The loan is held by WHEDA if that is relevant.

I have five SFR's and a duplex, all on the north / northwest side. Three of them increased, three decreased. Total assessment change was a decrease of $2,100. I think that three of mine are over assessed, and three under.

I wrote an offer based on the assumption that the three units I couldn't see were in similar (read that, rough) condition to the one I was able to view, and that the tenants would be a hassle to get out.  There were ten other offers--all but one over asking price, I'm told.  Not worth it to me.  

I looked at a foreclosed four family this morning. Only one unit is being shown--no access to the other three units. Cash only deal--they won't even allow an appraiser into the other three units. It's an all brick building on the corner of a block I already own a house on, and it's priced to reflect the mystery... Good roof, furnaces in 2011... Would need electrical upgrades and the unit that is being shown needs new flooring, tub and shower surround, paint cabinets and new countertops. Even with all of that even a full price offer would be ok by me.

It's the unknown of the other units... I assume they all need the same improvements to get them in the condition I want my properties to be in. The thing that gives me pause is the process of removing three unknown tenants from the property. Could be as easy as 30 days notice or cash for keys, or it could be a game of hide and seek.

Yesterday the listing was updated to indicate multiple offers, highest and best offer needs to be in by 4 p.m. today. I have a couple hours to decide if I want to take a run at this.

Have you ever bought a property with unknown tenants? I assume no rent will be paid and getting the tenants out will be a hassle, but don't know how much of a hassle. Feedback appreciated!

I'm interested to hear about your experience investing in West Allis.  I own on the northwest side of Milwaukee and am comfortable with how to run a business there, and would be interested to hear about how it is working with the city and finding tenants in West Allis.  If you guys grab coffee, I'd love to join you!