All Forum Posts by: Jeremy Anhalt

As a property owner invested in primarily C class apartments, I am worried that some of my tenants will have their hours cut and lose their income that is necessary to pay their rents. I am concerned with how this might impact my bottom line. I should be able to carry the expenses for a few months if I receive at least half the rents. I am concerned about how to handle those tenants if this situation arises. I am just starting to formulate my thought process around this possibility. I am definitely concerned about the economic impact this virus will have on all businesses and investors.

The Valley is a great area for investment! Your chart looks good. Joining your local Apartment Association is also a good idea. Good luck!

Evictions in WI are pretty quick and easy. Of course, they are never fun and can be more difficult to provide proof of noise, parties, drug activities, etc. The easiest way to evict is non-payment, but I'm guessing that's not your situation. I recently had several tenants call and complain about a party one night a few weeks ago. After talking to several tenants, I found out there were 5-6 people living in the apartment (instead of just the 2 that I rented it out to) and one of the boyfriends was dealing drugs out of the apartment. I gave them a 5 day for both issues and told them I would like them to move out and would let them break the lease. I got rid of the drug dealer and his girlfriend that way and am working through getting rid of the additional guests. If need be, you can always offer dollars for keys. It sounds like your situation might be bad enough to warrant that type of action. Good luck!

I recently had a similar situation happen to me with a big bank; not going to name names, but Brandon used to work for the bank (and so did I many years ago). I talked to the agent about pushing the closing out a month and started calling local banks. Low and behold, I found several banks wanting my business. I was able to get the approval, appraisal and everything else done in less than a month. I did make it very clear to every lender that I would not approve the ordering of the appraisal until I was approved. In the end, I believe it was meant to be as I knew sooner or later I would need to get away from the big bank. Good luck! I hope you are able to make it work out.

I personally use the Wisconsin Realtors Association Lease and then have my non-standard rental provisions and additional rules, lead disclosure, etc. I do use the Pet Agreement from BP forms. I would say it's not worth spending the money on the attorney, but that may depend on whether your county is more pro landlord or pro tenant. As far as the tenant paying the 3rd week due to disability, that sounds like hogwash. Social Security checks are paid on the 3rd, not the 3rd week. I have made due dates on the 3rd for people in that situation in the past. I also let a tenant move their due date to the 10th, but made them pay up front for those 10 days before I changed it. I would be very careful with the lienency you give the tenant. I believe we condition tenants, to prevent them from walking all over us. Also, if you closed in the middle of the month, you should have received prorated rents at closing. I would also ask her for proof of her disability payment showing the date it is paid. 

As far as the banking, I would recommend creating a separate checking account for the property. You should be able to use a personal account with no fees. If your current bank doesn't have free checking, go to a different bank. I don't recommend mingling the funds with your personal account. It's a business, so treat it as one. I like Quickbooks for bookkeeping, but I used a spread sheet when I bought my first property. No sense in spending the $150 until you have more info to track.

@Max T. Thank you for your reply! Correct! I will not charge for the painting. I will charge for the cleaning and priming though. The process to seal the tar/nicotine stains is much more than a simple repaint.

@Corina Eufinger Thank you! I do have cleaning covered in my nonstandard rental provisions so I should be covered.

Nik- I use the Wisconsin Realtors' Association Lease. It has the following rule listed: To keep the Premises in clean and tenantable condition and in as good repair as on the first day of the lease term, normal wear and tear excepted. Would the mess left behind from a smoker be consider normal wear and tear or not? Thank you!

Dennis- Thank you for your response! I will definitely being doing the work to clean up the mess. My question is, can this expense be deducted from the security deposit.