All Forum Posts by: Charles Clark

Can A Landlord Charge an Application Fee To A Prospective Tenant In Wisconsin? 

Posted by Tristan R. Pettit, Esq. in Rental Applications, Application Fees

The article starts off with a story of a lawyer getting a call from his client to discuss the property management company he uses for his properties. The client wants to talk about how his PM company charges over the credit and background check costs that incurred by doing the checks. According to the article, the application fee must either be returned to the tenant or applied to the tenant's rent or security deposit.  

I was shocked to learn this. Will this effect how you screen tenants in the state of Wisconsin? 

Bom dia Brian, I hope all is well with you. 

Milwaukee is like most major cities. It has markets within markets. Having a solid team on the ground will ensure that your properties cash flow. Finding an agent or lender is a good start because they can point you in the right direction for the rest of your team. With so many contractor apps now a days it is a little bit easier to find them if a problem arises. Also, using PM apps has been a game changer for me. I currently use DoorLoop to manage the 34 units around the surrounding area of Milwaukee. The app allows my tenants to put in maintenance requests with pictures and notes. This gives me the option to see if I need to hire a handyman or a specialist to fix the issue. More importantly with the app, I am able to collect rent online. Allowing my tenants to pay by ACH, debit card or credit card from their phone has saved me time, effort, and money. I no longer chase down tenants for rent. Less than 5% of my tenants pay by check and those get mailed to me. Managing from a distance has become easier due to technology because you have the ability to connect with your tenants, contractors, realtors, lenders, insurance agents, and any one else you need to manage your rental units. I manage my entire portfolio from my phone. You could not do this 10 years ago. 

If there's anything I can assist you with, please do not hesitate to contact me.

Beleza,

Charles Anthony

Bom dia, I hope all is well with you. Being in the Milwaukee market, I can share as someone currently investing here it is a good place to start. I purchase my first investment in 2019 by buying a four unit using a FHA loan. Since then my fiancé and I have scaled to 15 units in 3 years. We are house hacking a duplex and own a 8 unit and 5 unit buildings.

The first step would be to reach out to either a real estate agent, property manager, and/or lender. The key to being a successful OOS investor is having boots on the ground and trusting someone to manage your affairs. Getting approved is the next step. Knowing what you can afford will make the process easier for the agent to find you a property. Third step is know your criteria for what is a good investment for you. Are you looking for $200/door or 15% COC ROI? Be able to explain to your team what is a good investment in your eyes so they can run the numbers on properties before they send them your way. Streamline and scale is my motto.

If there's anything I can assist you with, please do not hesitate to contact me. 

Beleza,

Charles Anthony
  

Bom dia, I hope all is well with you. As I tell my client, if you know your goal is to get more, then maximize the units you can get each loan you are approve for. With my first purchase I was only looking at duplexes and planning on buying another duplex right away. After realizing that I could purchase a four unit with my residential loan, I started analyzing quads from that moment on and it was the best decision. One loan can either get you 2 doors or 4 doors. 

However, I do want to share that my fiancé started investing with me at the same time and did not want to buy a four unit but knew buying a multi fam was important. So we are house hacking a duplex because it was better for us from a living situation. With that being said, go for the quad unless your living situation dictates otherwise. As @Marcus Auerbach stated, the worst house hack is better than buying a SF liability. 

Feel free to contact me if you have any other questions. 

Beleza  

Bom dia @Eitan David,

I hope all is well with you. Please contact me, depending on the job I have a handyman and multiple contractors I can assist you with your properties. 

If there's anything I can assist you with, please do not hesitate to contact me.

Beleza,

Charles Anthony

Is the juice worth the squeeze? Every property has a price that makes it a good deal. If the foundation work came up during inspection then I would ask for a reduce price. At a reduce price, this property might be worth the squeeze, if you know what I mean. Maybe $135k to $145k would make this a good deal and give you more equity to refi after renovations. 

I hope this helps you on your journey. If there's anything I can assist you with, please do not hesitate to contact me.

Beleza,

Charles Anthony

 Bom dia, I hope all is well with you. I am a real estate consultant/agent in the Southeastern Wisconsin area. I currently own and manage 15 units on the north side of Milwaukee. I also manage multiple properties throughout Milwaukee for OOS investors. I want to piggyback off of David Mo comment that Milwaukee is a diverse market like most major cities in the United States. And that your success will depend on having good, quality people on the ground to help you manage your property. A lot of mom & pop investors tend to not raise their rents when they get good tenants, so there is abundance of opportunities if you are able to purchase one of these properties. Rents are still considered low in the city of Milwaukee compare to major cities like Chicago. Kenosha has seen an uptick because of the Amazon warehouse that was built in the area. There is a small development boom happening in that surrounding area. This is a great market to invest in and if you have any further questions, feel free to contact me.

Beleza,

Charles Anthony

@James Brewer

Bom dia James, I hope all is well with you. I have a few contractors I use for my company. Please contact me and I can make introductions. 

If there's anything I can assist you with, please do not hesitate to contact me.

Beleza,

Charles Anthony 

@James Brewer, I hope all is well with you and appreciate you asking this question. 

I came from what people would call the "inner city" of Milwaukee, WI. It has not always been the best place to live but made me who I am today. Someone with a life's motto of "Raising the Standard of Living" for my tenants, clients, investors, and the communities I serve. The inner city is what it is due to lack of investments which creates opportunities for those residents. Some of the residents who do not take responsibilities for their lives, their families and where they live causes more damage for the whole then just themselves. Because some of these bad apples causes trouble doesn't mean we should turn our backs on the community as a whole. Some of these residents go to work everyday and pay their bills on time because of their pride to be a standup citizen. 

Growing up in this type of neighborhood teaches you how to survive and to not trust outsiders. If you are going to invest in these areas, go there and meet the people. Get someone on your team that knows the community and the people. Despite the drama, the people in these communities know what is going on in their community and if they know you are trying to improve their community they will look after you and your investment. 

Don't turn your back on investing in a community that could use your investment to better the environment and other people lives. The greatest gift you could give to someone in the "inner city" is a home that looks like it should be in the suburbs. The smile on their face will be worth the investment.

Beleza,

Charles Anthony
  

Bom dia @Eyal Gur, I hope all is well with you mentally, physically & spiritually. 

I am an Investor Agent in the Milwaukee area and would like the opportunity to learn more about your team goals. I currently own and manage 15 units, 8 and 5 unit buildings and a duplex that my fiancé and I are house hacking. I have a small team of contractors and property managers that I can call on to assist with OOS investors. Message me if you would like to talk further.

If there's anything I can assist you with, please do not hesitate to contact me.

Beleza,

Charles Anthony