All Forum Posts by: Brandon V.

Just an update for anyone who is curious about what happened here.

I went to court today and they lowered the citation to $124.00 so the total the tenant owed is 115 + 124 =239.  I asked her to pay an additional 100 on June 1st and 139 on July 1st and she said she would rather pay 60 every two weeks with her pay check and I agreed.  So it looks like everything turned out fine :)

Brandon

Hi All,

I just got an accepted offer on a four family building!  The good news is its all rented out.  The bad news of course is seeing some of the leases.  

On one of the leases it states that the Term is for 12 months beginning May 1st 2011 and ending April 30, 2012 with "Automatic Renewal" written on the side as well as other landlord or Tenant obligations saying Automatically renewable.  Does this mean that I would need to honor an automatic annual renewal for May 1st, 2017-April 30th, 2018 or could this be considered a month to month renewal.  The reason I ask is rents are $665 where I believe market to be closer to $725-750 or should I just be thankful that I have a long term tenant.  

Additionally there is another tenant who is month to month who pays a rental price of 630-30 for maintenance.  This tenant also is the only one without a security deposit.  This unit could be rented for $700-725.

Thanks!

Brandon

So the $115.00 snow removal bill is due April 20, and the $313.00 citation ticket is due May 8.  I'm thinking about discussing it with the tenant later next week after they have paid April rent and ask for the payment by April 18th.  In the meantime, call the city  ask them to lower the citation which seems a little ridiculous to me.  If they don't pay, by April 18th, start the eviction process, and if it comes to that, eventually deduct the $115 and $313 off the security deposit after they have moved out.  Does this sound like the appropriate timeline and action?  Thanks.

@Scott Schultz @Jeff Sprunger

Hi Everyone,

So I just received a bill in the mail for a $115.00 snow removal from the city of West Allis and a $313.00 ticket.  In my lease with my current tenant it states that she is responsible for snow removal.  How do I handle this situation?  Thanks.

@Richard Moore

What have you tried in finding a lender?  You can just go to the bank and ask to talk with one and they can assist you further with getting pre-approved.  Once you have that letter, usually you'll be able to see any property that is within that letter in my experience.  If you don't get pre-approved, you'll find out what you need to do further.

Thanks everyone for the fast responses!  We met and they were very nice about everything and like many of you said just worried about their small child, perfectly understandable.  I'm going to fix it since it is a very cheap and easy fix (its just three small cracks, sorry I don't have any pictures right now). Thanks again everyone!

Brandon

Hi BP,

I just had brand new tenants moved into my upper duplex and everything has been going great.  Today they texted me telling me that they are very nervous about the ceiling which has some large cracks in it and seems "loose" to them especially have a small child running around.   I have  an inspection on the property and mentioned it to my inspector as well and he said that it is typical of the ceilings with this type of attic and have shown my tenants the inspection report to calm them down but they are still nervous and want to meet and talk about it further.  What would you recommend doing and how would you plan on fixing this situation.  Thanks.  

Brandon

West Allis Milwaukee Wisconsin WI

@Dmitriy Fomichenko

Yes I would like him to set a SD IRA up but only use the SD IRA funds for a 20% down payment and get a conventional mortgage with the bank for the remaining 80%. The bank cannot use the funds from my relative because it is an unsecured loan from him but they would allow it if the money was gifted. Is this typical or perhaps I just need to shop around more.

@Dmitriy Fomichenko @Mark Nolan @Account Closed

Thanks everyone for the great input, I really appreciate it!

After hearing this I sent an email to the bank and they wrote back saying they would not be able to use the funds as a loan because it was not secured.  Apparently the back doesn't like the fact that the asset would belong to my relative.  They did say I could be gifted the money but I could only be gifted up to $14,000 without tax, which I need more like $20,000.  Is this typical for banks or should I continue to shop around?  Is this just a Milwaukee, WI ( Wisconsin) thing?

Thanks

Brandon

Hi BP,

I have a relative who has a lot of money in a ROTH IRA currently but they would like to help me out to fund another rental property. Would using the ROTH IRA from this relative be an option if they were to convert the ROTH IRA into a self-directed IRA and then use that money for the downpayment? Ideally they would only want to be an investor with a specific interest rate of return (act like a hard money lender) but use the funds from the self directed ROTH IRA with the mortgage in my name. Has anyone done this before or used a company to do this? In addition, would the profits be taxable or non taxable since the money was coming from a ROTH IRA? I would assume that if he lended me $25,000 @ 10%, I would be able to write off that interest expense, he would be able to take that as nontaxable income that goes back into the self directed IRA and the excess cash-flow would be my taxable income? Does this sound accurate?

Thanks!

Brandon

Milwaukee Wisconsin WI