All Forum Posts by: Dave Klein

I have the exact same thing on the 3rd floor or one of my duplexes. I wanted to make it a rentable unit again and found the cost to add a fire exit kill the project.

Step 1 is check with your city to see what the current zoning is and then look into your fire escape situation/code.

Here's what I replied back with 
"I think it sends a bad message to the other tenants if we don't do
anything. What does this person's criminal history look like? Are they a
hood rat who always has a loaded gun and will cause drama?

I don't want a vacancy but if they have any sort of record at all I think
we need to get them out. Give them notice to vacate. Hopefully, they
don't trash the place."

We are going to to give 301 notice that we will be ending their tenancy at the end of April. Hopefully they understand the severity of what happened and will not push back. Heck, they could have hit someone and been facing manslaughter charges. I feel reassured that my gut was basically the same as what most of you were suggesting.

I just received the following email from my property manager. How would you respond? I'll let a few people give their opinion and then I'll share mine. I just purchased this building 3 months ago so these are all inherited tenants.


Hi
Dave, we had an incident at 123 Main St yesterday where unit 301
discharged a weapon into unit 201. Luckily no injuries. I've talked to
both tenants. Unit 201 is uncomfortable with the situation and has
indicated he wants to move if something is not done about the tenants in
301. Unit 301 claims this was an accident. The police were called but
we do not have a police report number as 201 had to leave for work and
301 wouldn't answer their door (according to 201).

We
have a few options. We can serve a 5-day notice for criminal activity,
which requires 301 to vacate the premises within 5 days. However, if
they do not vacate we need to pursue evictions at which point if they
appear in court, act contrite, and claim it was an accident, the judge
could throw the case out. Alternatively we could just terminate 301's
lease for the end of April (they are on a month to month lease
agreement). This assumes you want to do anything at all.
I
know we have a few units vacant at that building so I wanted to get
your approval before doing anything. I personally am on the fence
between a severe warning and a lease termination for 301. I do
understand accidents happen and I don't want a vacancy if we don't need
one.
We have not been out to take a look at damages yet but will get there as soon as we can.

I'm from Manitowoc and been doing real estate as well as a few other businesses for quite awhile. 
Here's your guy
https://www.wipfli.com/about-w...
Very knowledgeable in several different areas.

I stay in a lot of short term rentals and I could never stay in a place this didn't provide basic needs such as toilet paper. I would have to guess that is turning off guests.

If you're ever looking to sell I'm in the Green Bay area and would love to talk to you about it :)

@Ray Thorsen that rate is grate but those points are insane.

Have you checked out waterstone bank yet?

I have a list of about 1500 commercial properties that I want to have Skip traced for the owner phone numbers.
Who's the go to company for this?

I'm looking for a medium sized apartment buildings/complexes on the east side of Wisconsin, specifically northern Milwaukee, Green Bay, Appleton, Sheboygan, Oshkosh or Manitowoc.
I pulled my list and narrowed it down to the 8-32 unit buildings that I'm after. I sent out a mailing to about 1200 back in June and received only a handful of calls all for people looking to get rid of duplexes.
I think I would have better luck calling owners directly. Does anyone have suggestions on a good skip tracing company? I have a great list but no phone numbers.

My theory is that someone who owns a property that large is probably a somewhat savvy investor and not going to pay much attention to post cards.

I'm open to feedback here from those that have successfully found medium sized off market multi-families.

Originally posted by @Jesse Daconta:

@Dave Klein

From what I understand... You can't be considered a real estate professional if you have a full time job. Someone please jump in if I'm wrong. Do you have a spouse that doesn't have a job by chance?

Best,

My spouse works a traditional 9-5 job for the local school district so her job is more rigid and she would have a much harder time becoming a RE Pro. I don't feel that I have a full time job but rather a business that I own ....... it's a gray area I know.