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All Forum Posts by: Shawn Davis

Shawn Davis has started 11 posts and replied 59 times.

Post: Securing A Vacant Commercial Building In Bad Area

Shawn Davis
Pro Member
Posted
  • Investor
  • Wilsonville, OR
  • Posts 59
  • Votes 51

Please tell me what you have done (successfully) to secure a vacant building in a bad area of town.  I am looking at using a company that uses steel window and door covers.  I am way out of my element here as this is a property we had to take back as the lender and it is not at all like the properties we own and manage in our own portfolio.  

Also, other than shutting off utilities and winterizing the pipes, is there anything else I should be doing in a very cold climate area to have the best chance at protecting the building until we can get it in service?

Thanks!!   

Post: Need license property manager if you dont reside in county???

Shawn Davis
Pro Member
Posted
  • Investor
  • Wilsonville, OR
  • Posts 59
  • Votes 51

I have never heard of that requirement but I wonder if they are referring to the need to have a local physical address and person as your agent for service.  This is a fairly typical requirement and it is in place so that a tenant can serve notice on the landlord for any number of reasons.  If this is what they are referring to, you can usually have an attorney in the locale where your properties are serve as the agent for a fairly reasonable fee.  They would not provide any property management services but they would relay any notices served upon them to you.

Post: Any Agents, Familiar With Northside Milwaukee Area Properties

Shawn Davis
Pro Member
Posted
  • Investor
  • Wilsonville, OR
  • Posts 59
  • Votes 51

@Kevin Townsend I just sent them to you.  

Post: Any Agents, Familiar With Northside Milwaukee Area Properties

Shawn Davis
Pro Member
Posted
  • Investor
  • Wilsonville, OR
  • Posts 59
  • Votes 51

@Dustin DeSmith - I just sent you the property Info

Post: North Side Milwaukee Investors -Great Cash Flow Potential- Multis

Shawn Davis
Pro Member
Posted
  • Investor
  • Wilsonville, OR
  • Posts 59
  • Votes 51

An out of area investor is looking to sell the following Milwaukee, Wi properties.  This is not wholesale deal, all listed properties are owned by entities the seller controls.  Great potential for the owner that can properly manage or has great management in place.  

Duplexes

1.  2454-2456 N. 44th St.   (Duplex) Each unit 3 bedroom/1 bath.  2 car garage and walk-up attic. -$35,000

2.  2359 N. 44th St. -  (Duplex) 2 bedroom/2 bath unit and 2 bedroom/1 bath.  Finished 3rd floor and 2 car garage - $35,000

3. 3053 N. 11th Ln. (Duplex) Each unit 2 bedroom/1 bath - $20,000

4. 3056 N. 11th Ln. (Duplex) Each unit 2 bedroom/1 bath.  Walk-up attic - $20,000

5.  4130 N 24th Pl. (Duplex) Each unit 2 bedroom/1 bath.  Has attic and 3 car garage - $25,000

6.  3517 N. 23rd St. (Duplex) 2 bedroom/1 bath down, 3 bedroom/1 bath up. - $25,000

**Courtesy to Brokers

*** Discounted Package Price (all 6 properties above)  if closed by 2/25/17 - $150,000.00  Strictly a CASH or HM deal only; buyer pays all closing costs.

Mixed-Use

1.  4500-4506 W. Burleigh - (3) commercial spaces on 1st floor.  One currently rented by Boost Mobile at $800/month (1230 sq. ft.) the other two approx. 1060 sq. ft. and 1200 sq. ft.

Room for (4) 1 bedroom apartments upstairs.  Plumbing and electrical set-ups currently in place.  - $120,000

**Courtesy To Brokers

Strictly a CASH or HM deal only; buyer pays all closing costs. 

34 Unit Rooming House and 10+ bedroom Co-Located Home:

1.  5477 N. Hopkins St.

34 bedroom rooming house.  This is a true rooming house with 3 floors of rooms and shared bathrooms and kitchen.  Amazing cash flow potential for the creative manager.  Ideal would be to find community residential program to lease. - $200,000

2.  5475 N. Hopkins St.

5,600 sq. ft. 10 + bedroom/5+ bathroom plus 4 stall garage and Carriage House. Front house has 10+ bedrooms/5 bathrooms over 3 floors of living space. Currently zoned SFR. The Carriage House is separate from the big house and consists of a 4 stall garage, with 2 bedrooms, 2 bathrooms kitchen and living room. - $150,000

Above two buildings could be sold together or individually

*** Courtesy To Brokers

*** Above two properties share a driveway and could work well together using front building for offices/treatment rooms and back building as residential unit.  Great possibilities for care facility of some kind or non-profit program.

Feel free to call/text me at (608) 509-4447

Post: Property Managers or Owners Successful With North Side Milwaukee?

Shawn Davis
Pro Member
Posted
  • Investor
  • Wilsonville, OR
  • Posts 59
  • Votes 51

Are there property managers currently successfully managing North side Milwaukee properties (sub $30,000 properties? 

Post: Any Agents, Familiar With Northside Milwaukee Area Properties

Shawn Davis
Pro Member
Posted
  • Investor
  • Wilsonville, OR
  • Posts 59
  • Votes 51

I am hoping to talk to agents familiar with Northside Milwaukee Wisconsin properties.  Yes, I'm talking about the sub $35,000 market.  I have a friend who needs to sell several multi-family properties and is looking for help.  Also, if you know of any property managers that work successfully in the same area.  Finally, if you are an owner of properties in this area, and you are cash flowing on your properties, I would love to connect.

Post: Tenants Parents Checking in

Shawn Davis
Pro Member
Posted
  • Investor
  • Wilsonville, OR
  • Posts 59
  • Votes 51

 Legally the deceased tenant (and their estate) is on the hook for the term of the lease.  (A year term is just that.  Typically on a month to month lease, notification of a tenant's death acts as date of notice of termination.)  How you want to handle this is up to you and the remaining tenant but you also have obligations with respect to the deseased tenant's belongings.  You can't just move his items out or give them to any person who comes by to claim them.  Review your local rules on this.  

There is the legal right/requirement and then there is what you decide to do as a human being and a business person.  Good luck brother.  So sad for this family.

Post: Upgrading my Lease

Shawn Davis
Pro Member
Posted
  • Investor
  • Wilsonville, OR
  • Posts 59
  • Votes 51

Cassidy - I just read a copy of the GCAAR lease and also did not notice any paragraphs specifically outlining tenant responsibility under early termination, however paragraphs #1, 2 and 24A  make it clear that tenants' responsibility for rent lasts for the duration of the TERM OF THE LEASE.  Make it clear to your tenants that December rent is due in full and is not to be pro-rated.  If I was you, when I received my tenants' notice. here is what I would respond:

"Dear Tenants - I am in receipt of your notice that you will be vacating the premises located at 123 Main Street on December 18, 2016.  As you know, you are parties to a term lease agreement for these premises.  Under this lease, you are each individually and collectively responsible for rent on the premises though the expiration of the lease on (date).  Your choosing to move early does not absolve you of this responsibility.  Of course, I will do my best to get a qualified renter into the unit as soon after you vacate as possible but until I do, you are responsible to pay each month's rent in full or be liable to the full extent of the law.   December's rent should be paid in full, notwithstanding your plans to vacate on the 18th.

While I will do my best to get the unit re-rented, you should know that the Holidays are traditionally a difficult time to get a new renter.   I have already posted the unit for rent.  You can help me to mitigate your costs going forward by keeping the unit clean and in good showing condition, making it available for showings when requested, and leaving the unit when you vacate in great condition so that a new tenant may move in quickly.

If we work together, I am hopeful that we can get a new, qualified renter into the unit and reduce both of our costs associated with your early termination of the lease.

I will be sending you move-out instructions.  For security deposit purposes, please provide me with your forwarding address in writing."

I would never tell a tenant I had plans to keep their security deposit while they were still living in my unit.  If they feel like they have nothing to lose you aren't likely to get the place back in good condition.  Set it up that you are a team and are working for a common goal.  I go out of my way to tell them the best way to get their whole security deposit back because that is in fact my goal for each tenant.

As far as hiring a lawyer to create a lease, I would first "interview" several property management companies in your area (just in case you decide to go that route) and ask each to see their written screening criteria and current leases that they use.  I have learned a lot by seeing what the "pros" are using even though I choose to manage myself.

Post: Upgrading my Lease

Shawn Davis
Pro Member
Posted
  • Investor
  • Wilsonville, OR
  • Posts 59
  • Votes 51

Hi Cassidy - 

This is not legal advice, you would have to talk to your attorney for that but this is my advice as an experienced landlord:

If your tenants had a term lease that they are breaking early, basic contract law supports the notion that they are on the hook for the full terms of the lease but you must do your best to mitigate your damages by getting a qualified renter into the unit as soon as possible.  Some local rules will cap your damages at 1.5 months rent or some other formula so it is important to know what the laws are in the area that governs your rental.  When is their lease supposed to terminate?  Did you use a form lease?  Very often, even in bad form leases, there is an early termination provision that spells out the rights and duties of tenants breaking a lease early.  Also, your local rules regarding security deposits and leases governs your lease even if you didn't specifically spell it out.  You need to see what the rules say about early termination and which items you are allowed to keep deposits for.   In Washington D.C., though not ideal to be looking for renters in December, there are still opportunities to get qualified renters in there relatively quickly.  Post your ad and get going in finding new renters. Let your current tenants know that it is in their best interest to cooperate with you by keeping the place clean and available for showings because the sooner you get renters in there, the sooner they will be off the hook for rent going forward.

You cant just keep a security deposit without tying the amount you kept to some actual damage you suffered.  You should make it a point to know the security deposit rules in and out because this is the greatest area of disagreement between landlords and tenants and many rules allow for treble damages (meaning three times the amount of the security deposit) AGAINST THE LANDLORD if the deposit is not handled correctly and timely.  If your rules state that a security deposit must be returned or an acounting provided within 30 days of vacancy, and you dont do it or you do it on the 31st day, in many areas this is a per se violation and could easily get you a bill for 3 times the deposit.

I always encourage landlords to connect with their local rental owners association.  These associations are a wealth of knowledge and they often have locally approved form leases and other tenant documents that you can purchase at a reasonable price.