All Forum Posts by: Account Closed

Hey Autumn,

I recently used SmartMove which BiggerPockets has partnered with: https://biggerpockets.mysmartmove.com

My biggest concern is that it's rather pricey. For two adults, that's $70-80 in application fees. I was talking with a local property management company, and for tenants that have been in Wisconsin for a long time (most of them), they just use public records available here in Wisconsin. Not sure if FL has something similar.

For credit check, I've heard good things about SimpliVerified. 

Good luck!

Thanks Christine. Will continue to push for them to find another solution, but also work on backup plans #2 & 3.

First property has been a fun one! Learning a lot. 

This time, a tenant is purchasing a house, and their closing date was postponed. Therefore, they decided to stay. Original lease end date was Sept 9. They say they'll be out by Sept 14. I have new tenants moving in Sept 15. I gave myself a week for repairs/cleaning/painting.

Now, my concern is: What if closing doesn't happen on the 14th.

I've read up on the laws around eviction, hold-over, and filed for eviction, but that won't happen until after the new tenants are supposed to move in.

What are my responsibilities to the new tenants if the property is not available on the 15th? 

Thanks in advance!

@Paul Haviland Hey! Thanks for checking in. Not sure if you’re still going to any of the local meet ups but would love to catch up sometime. 

Turns out the tenant was moved out before closing, but just a day after the lease ended. They left plenty of junk behind, so a bit more work and expense there, but everything else is underway nicely. Remodel making progress, and several showings to lease beginning Aug 1. 

Plenty of learning opportunities of what to look for during walk through, and setting up the deal. 

Thanks All!

@Denice S. Closing is not contingent on vacancy. I do have a final walk through Monday, but don't plan to delay closing as a result. 

@Caleb Heimsoth Not actually in City of Madison, but still in Dane County. 

@Carl Fischer It seems that I'm going to have to talk to the tenants and understand what's happening and if I can solve that problem. Maybe pair that with Cash for Keys. Eviction is last resort. 

Great news! I close on my first property (duplex) on Tuesday, but have encountered the first obstacle. 

The seller provided notice to the tenants that the lease would end June 30. Unfortunately, they are still in the property and from driving by, it doesn't look like they plan to leave any time soon. Wisconsin Statute 704.23 simply states that I can "proceed in any manner permitted by law to remove the tenant and recover damages." That is pretty vague, so I'm wondering what I can do? Does that mean proceed with the eviction process? Does that mean that I can contact the sheriff and have them removed? 

Rehab is scheduled to start next week with an open house the following weekend. I'm on a tight timeline and trying to figure out how to mitigate this issue.

I know I can try cash for keys, but need to know what my next step is.

Thanks in advance!

Can you sell a property and use the proceeds under a 1031 to make an improvement to another property that you own? Thanks!

I am closing on a duplex on July 3 with 20% down. I called several banks in the area. In Wisconsin, I found a published list of all banks, and sorted by assets under management and geographic proximity to me. Contact the smaller ones and you’ll have luck.

Hello BP Team,

I have a property under contract which is assessed at 300k. Two identical properties next door (don't know condition or finishings) are assessed at 235k and 270k. 

My purchase price is 230k, and I'm wondering what the process would be to have it re-evaluated to decrease assessment.

Thanks in advance.

Bummer, I was just thinking about calling him back! Best of luck @Kole Kingslien!

I offered him a slightly better offer than what he's giving you, but he had a hard no. 

Last year, a converted 4-plex sold about 1-2 blocks away for 148k, and a worse layout. 

Best of luck!