All Forum Posts by: Jim Peret

I found a few vacant properties I would buy if I could get them at a wholesale price. I looked them up on the tax records to find the owners. One is owned by Wells Fargo NA and has a mailing address in SC. Can anyone give me any advice on following up in this and your thoughts on buying it at 70% of ARV- rehab cost? I'm thinking it was acquired 7/14. The other property is owned my a couple who live maybe 5 miles away. I think it was acquired in 2007. Both a single families. The other property is owned by a couple at a different address.

If I owned one property it would  be the one I lived in if possible. The only way I'd rent out my home is if I bought another single or duplex to live in.  Just my thought.  If you do rent your house don't forget to use applications screen your tenants.  Singles typically attract long term tenants. 

I use Wisconsin Legal Blank rental Agreement (form 19) and sometimes also use their Nonstandard Rental Provisions (form 984). Are they the best for small Landlords? What's the best way to split up snow removal and land care on a duplex? I usually just put it in both of tenants rental agreement but don't specify specific duties. I've been getting away with that but with a new tenant coming seh asked about specific duties. Long term tenant that's staying does some snow but minimal and that used to work with other tenants.  My other issue I'd like to address is tenants leaving unit very dirty and leaving stuff behind. Any suggestions will be helpful.

Opps I didn't ask anything. Usually in these cases my main focus is to keep the tenant. Should I look for compensation or eat it? Any other suggestions? 

I'm going to My Duplex today after talking to my lower tenant. She said somebody was trying to break in and her brother (who doesn't live there) shot there the door. Then said something about drywall damage and mentioned she would pay if she had to. She is a very clean tolerant two year tenant I'd like to keep. At this point I don't know if it's a random break in or they were targets of something they may be involved in. I'm not in a war zone and located on 56th and Keefe.

Steve is 100% right.  OK for rental.  Most homes don't have the egress required. Also if I'm buying something with a reinforced wall I want to see the wall not drywall.

Does anyone know of any good books on SD IRA's?