All Forum Posts by: Russ M.

What part of Sheboygan?  I own some units up there and live in Brookfield.

I was able to get 3 quotes in a period of 10 days on 8 units (2 4 families on 1 tax parcel).  So my guess is you arent talking to the right people.  Now I did learn through the process that rates on multifamilies are rising.  Perhaps find other landlords in your area and ask who they are using.  Certain agents will definitely be more "multiunit" friendly.

Best of luck to you!!!

Don't worry, soon they won't have to walk.  They'll be able to ride the trolley!!!!!

I have a question about completing Rent Certificates for the state of Wisconsin.  We bought 8 units this year and closed on June 20.  When completing the rent certificates do we

a.) report rent paid to us from July to December?

b.) report rent as in a. above and add monthly rent/11 days we owned the property in June?

c. ) review leases and report all rent paid all year, even though January-June wasn't paid to us?

I know we don't need to provide them to all renters, but do want to make sure we do them properly if asked for them.

Thanks in advance to all the BP members for your help.

What are the lease terms?  That is something you can find out usually during the course of conversation during a walk through.  Here, if you buy a building you inherit tenants and must honor the existing leases.  You can't buy a property and void the existing leases and get new tenants.  Your offer should contain provisions to provide the rent roll and copies of leases within x number of days after acceptance.

Thanks to each of you for the insights and tips.  The last thing I want is a tenant that doesnt pay.  How would I explain that to my wife??????

At the lease signing I go through every clause of the lease with the new tenants.  Since their eyes have glazed over by the time we go through all the additional forms (smoke detector, insurance, etc) I have a quick 1 page recap that I review with the tenant after signing the lease.  It hits the biggest items I want to stress during check-in of a new tenant.  I include things such as when the rent is due, when the rent is considered late, where to mail the rent, office hours to report standard problems and after hours numbers.  Its at this point that I say something to the effect of "If you wouldnt wake up your mother for this, why are you waking up me?  It better be an emergency"  Additional charges, numbers to get the utilities changed to their name, etc.  Tenants have given positive feedback to being given those contact numbers for utilities specifically.

Fairly new to the RE business and not sure how to handle this one, so I am turning to my new "friends" at BP  :)

Have an apartment opening up and have a potential tenant who has completed the application process.  Yes, I use the BP Smart Move product throught TransUnion.  All looks good except I have no way to verify her employment and/or income as she is self-employed.  She is separating from her husband, so it seems tax returns are no help because they filed jointly last year so income is combined on there.

I am curious as to how others have handled this if they have encountered this situation.  Thanks in advance for any help/advice anyone can provide.  You have all taught me a lot so far and I am grateful.

I would agree with the posters that mention reviewing the lease clause by clause at time of lease signing.  The tenants eyes glaze over and you lose them by the fourth clause usually, but at least you have done your part.  Then to reinforce it, after we go through all of that and each of the additional forms required by the state (smoke detector, lead paint, insurance, etc) I have a quick 1 page recap that I review with the tenant.  It hits the biggest items I want to stress during check-in of a new tenant.  I include things such as when the rent is due, when the rent is considered late, where to mail the rent, office hours to report standard problems and after hours numbers.  Its at this point that I say something to the effect of "If you wouldnt wake up your mother for this, why are you waking up me?  It better be an emergency"  Additional charges, numbers to get the utilities changed to their name, etc.

Its brief one-page and gets more attention than the other 50 pages the tenant probably looks at that day.

Did your offer include an inspection contingency clause?  I am far from being smartest person, but I believe that tells you whether you have any options or not?