All Forum Posts by: Uwe K.

I don't quite understand.
So the code enforcement guy comes out, looks at xyz (e.g the fallen tree branch), says it's not ok, and then? How does he get money from that?

Here I would get a notice from the city/inspector, typically in the mail, that I, the owner, need to correct the xyz code violation(s) within x days. Could be tall weeds, garbage, woodwork needs painting, razing order, or anything in between.
The city doesn't request a penny from me until they re-visit and it's not completed or deadline extended, then I get fined.

Just because the thread popped up again:

Agree with Bartstop, and the GFCI thing we had done in one unit and it passed inspection with no issues. Labeling is key, though (Ungrounded outlet, GFCI protected).
Here they also allow to fill the ground hole in a 3-prong outlet with epoxy instead of tracking down an expensive two-prong outlet. Not in the NEC, though.

Steve: in order to ground to neutral, at the outlet you would connect the ground to the neutral. So just a short length of wire, screw on ground, screw the other end on the second neutral screw. Or create a pigtail if that is already being used (so taking all the neutral wires plus the "ground" and connect them with a wire nut).
Put the cover on and pray that no inspector looks behind it, as they will surely not like it.

I am not really familial with the property management salaries/wages.
But $20 an hour at 40 hrs per week gives you roughly $40k a year.
That's quite good for a position that doesn't really require a particular education. First year teachers get sometimes less (ok, special case), and the Blockbuster store manager (they few that are left) probably gets around $12 to 14 an hour. Just as a comparison...

Jarrid, I am sure there are drug issues in my neighborhoods. But it's not necessarily that abundant and concentrated and maybe in plain sight, and most of all, not the first word that comes to mind when thinking of the area. So in low-income neighborhoods, at least in Milwaukee, and I guess most other larger cities, you will never get away from drugs, as you will never get away from people throwing garbage in your yard, "cutting through" the yard while looking for scrap metal, strangers' cars parked on your parking areas, scary crowds in the alley...

You have little control, but if you have suspicions or even strong indicators, the city and the police listens to you, even if it's not your property. If it's yours, sure, you have to and would want to take action.

I am sending you a PM, too.

Regarding the other two properties: You are creating quite a spectrum there, from "just rescued from the wrecking ball" to "didn't quite make it into Washington Highlands".

One point to consider if you want to owner occupy: In these cases the banks and usually much more willing to lend and also lend with lower down-payments, even it's a duplex with one half income.

Write "address service requested" on a letter to them. If they put in a forwarding request, the postal service will forward plus send you a notice back with the new address. Costs you 50 cents if they have a new one.
Otherwise a private detective or Google, whitepages.com or pipl.com etc. may find it after a few months.

Also, you can sue without their address, possibly. Depends on your state's law, e.g. here in WI you have to make a reasonable attempt to deliver, and reasonable would possibly include the last known address. The tenant won't be there, but you have documented attempts before the summons gets publicized (and with that assumed to be known by the defendant).
It's somehow like that, I am not a lawyer, so not sure about the details.

Probably too late now, but if it's for scrap, you can go to the local scrap yards and ask, as I believe complete garage doors are not in the typical shopping cart that rolls in there.
I've tried that once after some a.. stole a whole box of brass fittings. No success, but most scrappers were friendly or at least pretended to be helpful.

Ryan, you forgot a step I think:
Pour gasoline, then the match.

Anyway, spraying with rubbing alcohol, min. 70%, repeatedly, like twice a day. They say better than any commercial spray. I think it worked for me in one of my units. You can never be sure.
Otherwise a steamer is recommended to go on the corners etc.

Jarrid,

First of all: Never ever ever ever never ever buy in the Woodlands (e.g. the N. 95th st. one). Three major reasons and one minor:
First: Drugs
Second: Drugs
Third: can't remember, but I think it was drugs.
Minor reason: Those are condos, and the condo assoc. has a max. percentage of condos that are allowed for rental. And I am sure that is more than maxed out, best guess 70-80% rentals or something related. The police created a substation directly in that area... speaks for itself :)

Then yes, it is true that banks don't like to make loans for under $50. You could call around and ask many area banks, there might be a few. One of my banks would have done a $30k-ish loan a few years back, but then they saw the condition and backed out. Issues were the roof needed to be replaced partially, and broken windows were listed in the inspection report. Ooohoooo, scary stuff, I know.

Rougher neighborhoods can have a good payout, but there is rough and there is really rough. E.g. I would probably not buy near the N. 24th and Vine St.
I actually own houses in rougher neighborhoods and in those area in MKE it really depends on the block. Go over one street and it's less "investable", subjectively.

So first we went by how rough the area or the block is, and then as you say, the total cost incl. rehab. You are right, those houses aren't the nicest, and you always have to budget for some surprises.
The fixup cost then depends on 2 main factors: How much sweat equity you put in, and what you consider as acceptable and does not need replacing.
Although I think Jenkins' $48k guess is a bit high, you can get up there if you gut it completely, put everything new and do not lift a finger.

If on the other hand, you do most everything yourself, and keep in the house what's good and working, you can get buy with even $10k rehab for a duplex. I've done it, although the $10k did not include tools that you may need. Add that to the budget.

But also, be prepared to deal with some potentially difficult clientele. It's not everybody's cup of tea to deal with "rough-neighborhood" tenants.

I agree with Rob, I don't think it is a good idea and you will have tons of headaches, in addition to the headaches you get from moving your whole life abroad. You would need to find someone here to handle pretty much everything, but chances are good that someone will screw you somehow (and if it's just neglect) within the next 10 years. And there is no quick driving to their house to slap him in the face :)
If you need to put/park your money somewhere, buy some stocks for the cash. You can diversify, can watch it daily from anywhere, and even manage it yourself online. Or hire a financial advisor.
Alternative parking option is my savings account. No diversification, but safe bet (I promise ;-)

But doesn't PayPay rip you off almost as much as CC merchant accounts? At $1000 rent you are almost short $30.