All Forum Posts by: Account Closed

Makes sense (repairs and and management).

Come to think of it, I think I have looked at it! LOL If that is the building you are talking about, the garage does need repairs. A new roof for sure but even structurally, it is leaning. Might be able to 'straighten' it? Basement is Ok. Not great but Ok for such an old building. I did get to look at 2 of the units and met the respective tenants. I did not like the floor plans and decided not to move forward.

Patrick

Quick questions:

- Does the property need any repairs? 

- Is it already rented? Would you brother pay rent? I am assuming his rent is included in the $2,400/month income.

- Why spend $ on management if he's going to be in the building?

Looks good overall though. 

Hard to find nice 4-units for less than $200,000 these days. Let us know how it goes if you move forward! Good luck!

Patrick

Locked 4.25% 30 year yesterday with my credit union...

Hello,

I mail a Christmas card to my tenants with a $25 gift card (Target, Amazon, etc.). It is really not much but I know they appreciate it. It helps maintain the relationship. 

Patrick

Thank you for the question. It is interesting to read people's perspectives on this. I have been reluctant to increase rent on my good tenants to incentivize them to stay. Most of my rents are at or close to market value so I am afraid some of they would feel they could find something 'better' somewhere else. Legitimate concern or am I off base on that one? 

It was probably not the best way to do it but as a new investor I didn't know any better. I bought my first property cash ($45K) and put ($15K) into it for improvements (new kitchen, appliances, paint, turning the attic into a 3rd bedroom among other things). I could have bought more properties with that amount of money but this house will always be very special to me and is renting for $1,200 so nothing to complain about really.

If the interest on the cc is high and you can afford it off, just pay it all off. You will have less in your pocket but it will probably feel good knowing that you are done with it.

I agree with Brie but personally my first option would be to try pay with or transfer the amount to a 0% cc offer. 

I stand corrected ... I looked up the zip code and yes, not all good. As someone mentioned earlier, I was thinking east of the freeway.

Your zip code is actually up and coming! You could get a good deal there. Though probably pricier, Bay view would be great too and it is just south of you so not far at all. You could go west too but avoid properties with a West Milwaukee address. There are a lot of nice properties at decent prices but the property taxes are really high. Some parts of West Allis are not bad. Regarding the size, I would go for a duplex since it will be your first property. You can learn how to screen and manage tenants that way and have their rent cover your expenses. The benefits of a duplex in the Milwaukee area is that your unit could be a lot nicer and bigger than in a 4-plex where all units are the same. Something to consider if you plan on staying there for a while. Patrick