All Forum Posts by: Jacob Beran

Thank you everyone for the input.

I ended up following up with the tenant, and they mentioned that the father-in-law was actually going to come back over because he had the wrong equipment to remove the snow.

A path has since been created in the snow and I told the tenants I appreciated their help in remediating the problem. They were using a new snow removal company that was unaware of property lines in the neighborhood.

Over the last few recent snowfalls, they are now plowing into the proper location after those conversations we had.

Thanks again everyone!

Hi everyone!

Recently, we had a large snowfall (10”) and when I went to clear our part of the alleyway, our neighbor’s snow removal provider plowed all of their snow onto our parking spots. The drifts are up to over 8’ tall and by no means can be easily cleared.

How do you suggest I handle the situation?

So far I have done the following:

- talked to neighbor about situation

- he said he would call his father in-law to clear the snow as best as possible by end-of-day

- the father in-law arrived, but cleared VERY little of the snow

- I have not spoken to the neighbor yet after that

Thanks in advance!

Jacob

Ivan,

I would make sure you at least have a reason to kick them out due to a lease violation of some sort. If a similar situation such as this arises in the future, it is worth noting that when you make an offer, you can add a contingency that some and/or all of the tenants are out of the property. Although this may make it difficult for the seller, this can allow you as the buyer to transition into a less messy tenant situation.

Best,

Jacob 

In addition to the comments above, I would also suggest areas further north if you are interested in a higher price point that is also "landlord friendly". Specifically, Ozaukee County (Cedarburg, Grafton, Port Washington, etc.) has a good selection of single family homes.

Hi Ainara,

The 1% Rule, while not a perfect science, applies specifically to the purchase price of the house. Therefore, it should be utilized when you initially purchase the house. Example: The 1% Rule would suggest that a property you can purchase for $100,000 should bring in at least $1,000 of rent per month.

As @Mike McCarthy mentioned, definitely still do your homework and analyze the property to make sure it works. I would suggest "running the numbers" and look at your cash flow after factoring in your mortgage, CapEx, taxes, etc.

Jacob

I agree with Hai - you should also consider an FHA loan, as you can still get one for up to a four-plex (as long as you owner-occupy it for at least 1 year). That way you could put as low as 3.5% down.

Note: If you have not already, I would recommend getting pre-approved from at least one bank so that you can act quickly on any deals that come up.