All Forum Posts by: Bill B.

I've had the income approach required and considered when applying for a mortgage on a strictly investment SFR because they'll add 70% of that income to help qualify for the loan and for DTI ratios.

I’d be on your side Thomas except this is the third thread in a row I’ve read today where you’ve copied and pasted the exact same respone about the poster looking up the answer and getting PM. (At least I hope you are copying and pasting and not just posting the same thing over and over.)

If you’re not going to add to the thread why bother posting at all? Maybe she was hoping a Wisconsin landlord would spend 30 seconds helping? More than 90% of the posted questions on BP could be answered with one response, “look it up” but then what’s the purpose of BP?

Ps.   pocketsense.com says...

“In Wisconsin, landlords may evict tenants during any time of the year, including during the winter months. Landlords must, however, provide written notice to the tenant providing an adequate notice period prior to filing a summons and complaint in the county clerk’s office. After providing the tenant with written notice, serving the tenant with a complaint and summons and receiving a judgment in the landlord’s favor, the landlord can proceed with eviction through the local sheriff’s office.”

Leo, @Terry Lao should be able to tell you if a maintenance person is required, but I doubt it. 

@Wendy L.

Hey Wendy, I always make sure that the checkbox for seller pays Hoa Xfer fees and capital costs is checked when I’m buying but it’s certainly something you could have countered with buyer must pay. I don’t know how it would have played out if the sale didn’t go through but you’d be in a slightly better situation. 

Just look for it on the next offer you receive and feel free to counter that part of the offer. 

Edit: as I think about it. On short sales where the bank refused to pay for the Hoa costs I definitely had to pay for it out of pocket before closing, usually during the inspection period as a buyer. As the buyer has to read the financials and the cc&r’s and agree in writing to be bound by them. 

Yes they can and no you can’t. 

You should have gotten a letter saying they intended to place a lien at least a couple weeks in advance. Is there any reason they wouldn’t have your current address? When I get that letter I pay it and bill the tenant. That way you save the lien and lien release fees. 

I assume this is Las Vegas, if it’s north Las Vegas all the utilities can be placed against your property as a lien. The city is in charge of invoicing homes just for this reason, even though a private may be supplying the services. 

If it’s NLV. The city also invoices for sewer services  if it’s Las Vegas you are invoiced for sewer services as they must be billed to the property owner  but I started including them in my lease and bill the tenants after I receive them  

In MN septic systems must be inspected within the 3 years prior to sale and pass then current code. (I’ve owned a cabin for 20 years there and when I considered putting it on the mwrket this yearl I was told I needed the “valid for 3 years sales inspection” completed prior to sale. )The companies that do that said they have to guarantee that the system will work for 3 years and meets current code.) I put it off for now as to get mine I’m going to have to get a waiver from the department of health because the tank is 41feet from the water well while 50 feet is current code. 

So there are less houses without an offer than in 2016....we're people saying the housing market was slow 2 years ago? 3500 houses sold per month on average so now a 2 month supply is too much? I thought we wanted 6 months (18,000) just to be balanced? Plus the 7,000 SFR includes 2000 condos. Very different market than houses in Vegas.

Part of it is sellers here will rarely drop their price. If they can’t getting asking or within a few percent they either let it go stale or pull it back off market. Either they have a plan for a certain amount of money or don’t want to sell without making a killing. 

December may be a fast selling time of the year in other markets but not vegas. If demand goes down after school gets out we can worry about a plateau especially as it seems the feds are finally going to pause after this next rate increase, although before woulda been better.  With the nations 2nd fastest rising rents this year after Phoenix, all the better. 

Thanks Casey and Robert. I’m sure you read line one off my post....

Prices seem to vary A LOT...

I notice in their example they charge the 10% commission even when it’s empty or they need to go back and check their math  (it says $1100 is 10% of the rent for 12 months, becuase first month fee is included, that means they charged $100/mo all 11 other months, even during the month it was empty (the $1,000 vacancy charge.)

In Vegas it’s 8% of rent collected, $300 paid to realtor that brings tenant, that’s it...

I went with Renters warehouse in MN as they charged 1 month’s rent for a guaranteed 2 year lease (I’m not sure if the tenant moved out if they would have refunded the months rent collected, paid me the missing rent, or found a new 2 year tenant for free, but we’re at year 3 with same tenant.) and only $89/mo in fees on $2700/mo rent.(less than 4%)  

You could certainly see if there’s a enters warehouse there or check other PM’s maybe that’s the going rate and if you can’t invest somewhere else you have few choices other than self managing. 8.5% of the whole year up front and then 10% per month is a lot, it’s more than 2 months of the rent. Especially taking the first moh and then not guaranteeing that month. Imagine paying it and then the tenant doesn’t pay the 2nd or third month. Now someone’s been in your house for a couple months and you haven’t seen a dime. 

I percent of rent agreements becuase it puts your PM on the are page as you, keep the tenant in place and paying rent. You don’t want them to are more money if they kick the tenant out and find another one a month or two later. 

8% of rent, $300 commission to their realtor or any other realtor that finds tenant, $150 to renew a lease. Zero markup on repairs. (actually a discount is shown on invoices)  most Tennants have stayed more than 4 years (1-2 years at a time leases and then renew for 2-3 years or add market + $50/mo for MTM)

If you have less than 5 properties they ask you to take care of name changing utilities and Hoa or pay $5/mo per property, 5 or more it’s all covered if you wish. (I still handle so I know what’s going on. But I’ll have them take it over if I leave the state.)

Key properties in Las Vegas, been great to me for years and years.