All Forum Posts by: Jacob Beran

I’ve been wondering the same…hope everything is okay with him

@Nate Sanow
Thank you for the response - those are great points. I think the main unique values I would recognize are the 1:1 coaching/mentoring sessions, ability to walk a potential property with one of the flippers (up to 3 times/year), and having access to more localized advice (as opposed to a mastermind that is nationwide).

This may not change your answer at all, just wanted to provide some additional context. Thanks for the advice!

@Caleb Weimer Yep!

Hey everyone! I am considering joining my local REIA's mentorship program and am curious to hear from others if it seems like a reasonable deal.

What it is: My local REIA offers a mentoring program that guides you towards your first 3 flips. They offer trainings, a list of preferred contractors, private money funding, and guidance along the way.

What it costs: $7,500 deposit (refundable after 3 flips) , $400 per month fee, 50/50 split on first 3 flip profits (no split for losses), and ~10 hours per week commitment.

I am looking to be more of a BRRRR investor long-term, but figured that this could potentially be a way to get mentoring to help find/analyze local deals and manage rehabs. I'd appreciate any thoughts people may have!

@Greg Weik - thank you very much for the thorough response. Lots of great considerations to be aware of - my lease does not specify a penalty for vacating early, however, it is great context to know what you have done in the past.

@Theresa Harris The remaining tenant does not meet the criteria to rent on their own, as the Rent-to-Income would likely me too high.

Hello BP community,

I have two tenants occupying a unit who are both "jointly and severally liable" for the full 12-month lease. One of the roommates wants to end their part of the lease due to personal reasons unrelated to the unit or roommate.

So far, I reached out to the tenant who wishes to leave, informed them of the verbiage of the lease, and directed them to find a qualified, background-checked, replacement roommate (unless the other roommate would like to end the lease as well).

1. Am I required to mitigate damages as a landlord and assist them in marketing for a replacement tenant? (posting on Zillow, etc.)

2. Any other suggestions / call-outs for dealing with a situation like this?

Thanks in advance for the help!

Thank you all for the feedback and to @Brock Mogensen for the recommendation - much appreciated!

Hey everyone!

I was wondering if anyone has any recommendations for property managers in the Ozaukee County, WI area. I have seen many posts with great property manager recommendations in SE Wisconsin, however, nearly all of them are restricted to Milwaukee area.

Thanks in advance!

Hey everyone!

I currently have two tenants in a unit who pay separate utilities and rent under the same lease. One tenant is moving out, while the other is staying.

I have a few questions as the lease wraps up:

- How do you deal with the security deposit when one is staying and one is leaving? Do you roll the deposit over for the tenant that renewed? Or do you just return it to both?

-  How do you assess deductions for damage in a common area such as a kitchen? 

- Do you clean the entire unit after the one tenant moves out? Or just the common areas and their bedroom? 

Thanks in advance, I’d really appreciate the help!