All Forum Posts by: Douglass Belt

@Dave Carpenter

Are there particular zip codes in that area (West of 41) that you would look at? Where are some good resources for deals? Again, thanks for all the help and feedback!! 

@Tim A. thanks for that tip! West of 41 and north of Bluemound/18? What do you think of the Butler area?

thanks again-this is very helpful!!

@jason 

@Jason Bott Thanks for that info. I was guessing based on other premiums for similar properties.

@Brie Schmidt- Thanks for the input- I did not know Duplexes there were not sub metered. Is that pretty typical in MKE?? I know in Madison, and the Twin Cities, they are all metered separately for water.

@Dave Carpenter Thanks for your feedback. It is good to know the rent range was accurate. I would ideally like to get a 3BR Duplex per unit, which seems more scarce. Is that area Milwaukee a decent one? It seems west of 41 is better than east?? Do you see it changing and if so, in which direction? Thanks again for all the feedback!

hi thanks for all the feedback. It is on th east side of 41 and considering it does not cash flow makes it a bad deal In addition to all of your feedback. Was i calculating this right and/or missing any expenses?

Also appreciate your thoughts and humor @Jenkins Ramon!

@Ramon Jenkins

Zip is 53208

2/2 BR Duplex, $150,000 sell price

* Rents $800/month=$1600/month both units

Expenses:

Mortgage ($150K @5%-budgeting high) $853/month

Taxes-$333/month

Lawn/Snow $45/month

PM-$$160/month (10%)

Utilities-Tenant pays all

Insurance $100/month

Garbage $30/month

10% vacancy (1,920)

Total Expenses $1473/month

Income $1600

Net income  -$33.50/month. loses money from what I can see. Any thoughts on what I am missing?

Thanks!

Does anyone have a recommendation for a reliable, fair, and honest handyman? My contact is getting out of the business, and the backup is not reliable or easy to get in touch with. I am looking for someone who can help fix minor issues such as leaks, installation of ceiling fans, or minor electrical projects, replacement of broken single pane windows, etc.

Thanks!!

Hi @Jai Reddy

 I guess my first question is by liquidating the house, are you looking for a down payment with the proceeds for another property? Is there a option to refinance or pull out equity of this property for a down payment on another property in Oklahoma? It sounds like you have a great situation with your tenants and they have treated it well. If you can keep it in your portfolio, the long term benefits will pay off if you choose that route.

 If your tenants are signed to a lease, you want to check with local housing laws, but they new owners may have to honor that lease until they find a new place. that would be giving them some peace of mind. However, it is a business and it sounds like the kind of people who would understand if you decided to sell. Perhaps they would be willing to buy from you? Have you thought about Rent to Own type situation? 

@Dawn Anastasi is a good resource you may want to check with for PM ideas, and may be able to shed better light on laws for selling a property with tenants.  GOod luck and hope everything works out for you!

Welcome @Mark Shaffar  I am a fellow Madisonion as well. Please reach out to me if you have questions about the local market. Happy to help as well as learn from you. 

Doug 

Welcome aboard @Todd Doperalski

this is a great site that you will enjoy and not a better resource for information, questions, concerns about anything! be sure to listen to the Podcasts that @Brandon Turner

 and @Joshua Dorkin put on! They do a great job of hosting a variety of topics and guests.

@David Moore 

- Thanks David, that gives me a good idea and more input to go off of. Personally, I have had issues with Farmers, however I have some other contacts I can reach out to to ensure proper coverage with a fair price. Thanks again!