All Forum Posts by: Amanda Smith

I have inherited tenants to a new duplex that I need to have leave in 3 months due to smoking, pitbull and low rent. I want to give them 3 months to leave since they have been there many years. Do I just do a non-renewal letter for end of August or do I need a new 3 month lease? I have a couple terms I want to put in there, such as no smoking near other tenants door, cleaning up of dog waste immediately instead of leaving in yard, etc. Not sure of you can do that in a non-renewal. They are on a MTM from former landord owner right now.

There was 3 offers and they chose mine. Yesterday the underwriter saw that the appraisal mentioned basement walls were wet so they are demanding a qualified person to analyze the basement. Hopefully that will get answers for me!

I have an accepted offer on a duplex. When doing the inspection the tenant said not long ago there was water in the basement up to her ankles but was fixed recently. Nothing about this was mentioned in the condition report. I called the water department and the last water bill was normal but prior to that was unusually high for at least 6 months. It was more than double what it should be. Before this, I had asked the sellers agent for the water bill but they had refused to give it, saying the seller has already gone 'above and beyond' because they gave me some rent receipts and saying seller does not keep good records. I asked the city if any permits were pulled or inspections done in regards to the water and they said no. What I would like is for them to let me know what the issue was and how it was fixed. I would also like the name of the company who fixed it to make sure it was done properly. The seller often does repairs himself and this seems like something that would need to be professionally done. Is this too much to ask before I put my money down? 

In light of COVID, I was wondering if there were any restrictions on getting rid of the month-to-month tenants in a duplex I am buying at end of the month. They are paying almost $500 below market value rent and I know they won't want to sign a new lease with rent that much higher. I don't know if there are any restrictions IF they haven't been paying rent now due to covid. I actually do not know if the tenants are up to date on rent. The seller claims they are but when he gave rental receipts he cut off the date showing when the rent was paid and refused to give receipts with dates. The payment receipts are also in someones name that is not on the lease and when I asked for clarification, they sellers agent refused to get an explanation for me. This won't matter if I can just instate my own lease after 30 days, but if there are US or WI restrictions I want to demand more before the sale goes through. Thanks in advance!

In light of COVID, I was wondering if there were any restrictions on getting rid of the month-to-month tenants in a duplex I am buying at end of the month. They are paying almost $500 below market value rent and I know they won't want to sign a new lease with rent that much higher. I don't know if there are any restrictions IF they haven't been paying rent now due to covid. I actually do not know if the tenants are up to date on rent. The seller claims they are but when he gave rental receipts he cut off the date showing when the rent was paid and refused to give receipts with dates. The payment receipts are also in someones name that is not on the lease and when I asked for clarification, they sellers agent refused to get an explanation for me. This won't matter if I can just instate my own lease after 30 days, but if there are US or WI restrictions I want to demand more before the sale goes through. Thanks in advance!

I am buying my first investment property but can't find a lender that will go less than 25% down for 30 yr fixed, unless it is an ARM. Fixed will give me some peace of mind. However, Paying this much down will end up using 40% of my liquid cash. Is there a ratio of savings that is best to use that people go by? I am feeling like it is 'irresponsible' to slam down this much cash for some reason. The property will have an ROI between 11.8% and 14.2% depending on rent I get. If I have this supplemental income I won't have to work anymore, barring no unforeseen rent decreases due to economic crashes.