All Forum Posts by: John Joey

I have a question for the landlords/lawyers regarding implied lease/short term lease termination. I think I know the answer, but I'd like confirmation.

A tenant informed me of their vacation today 10/31, and stated that they'd written a termination letter. Reviewing my effects, I discovered their letter in an envelope from "Atos Medical." Although the letter is dated 10/1/19, it neither contained my address nor any sender information. So, it was among my trash.
I believe this notice is inconsistent with landlord/tenant law as cited in statute 704/21/2/C, because it wasn't registered, and inconspicuously packaged.

Am I within my rights to; decline this notice, request November's payment, and an 11/29 effective date? If so, how shall I proceed if they refuse to pay?

Thanks!

Hey everyone! on 6/

I'd like everyone's opinion on using AirBnB as a means to increase cash flow, reinvesting the cash flow to force appreciation via upgrades to the property's infrastructure, and units. Details below -

I purchased my first 4 unit (2 bedroom 1 bathroom) multifamily house hack property in June, and I've just entered 1 unit. Since 2/4 of the units are on month-to-month agreements. I've considered having them vacate in order to AirBnb each room. Since I must give 28 days notice, I can have them out by September 29th. This will give me 2 months to upgrade the unit in which I reside (paint, new carpet or floors, new kitchen cabinet, and furnish), then enter the newly vacant unit, and host the upgraded unit. 

As I've resided in AirBnB's since November '17, my average monthly cost was $676 per room. Granted, you receive a 50% discount for booking 28 days or more which I did. My last host did her first month of airbnb using 2 rooms in her home, and grossed $1342 between both rooms. The 2nd room was occupied 68% of the time, but generated $827 between 7 guests.

Although I'd like more statistics regarding the Milwaukee airbnb market, I figure that 50% occupancy per month would generate the same amount of revenue as leasing both units would.

Please give your opinions. 

 Caleb, $58 per visit on a weekly basis. I just cancelled, and opted for $37 bi-weekly elsewhere.

Hey everyone! On 6/8, I purchased my first 4 unit house-hack, and I just wanted to share my first error for all the "noobs" to ensure we remain attentive moving forward. 

When purchasing the property, I was told that the seller owns a lawn care company. So, I requested their service package to see if I may solicit them to mow the lawn. When I read through the services offered, I noticed multiple types of cost depending on the service;

1. Price Per Season
2. Price Per Visit
3. Price Per Visit and Materials

I chose the weekly lawn mowing service listed at $58.00/Per Season, and bi-weekly Bed Maintenance for $25/Per Season. On 7/11, a month after acquiring the property, I receive an invoice for $385.49! the "per season" apparently means the visit price may fluctuate per season or some rubbish. So I have to pay almost $400 for my first month of lawn care. Of course, I was puzzled when imagining that months of work would be performed for a single payment of $83, but I simply checked the boxes, signed, and went about my business. Now, I'm paying for my absentmindedness (literally).

The lesson here is as follows: NEVER agree to anything you don't understand. 

 Pete, you're correct regarding the price discrepancy between neighborhoods. In the beginning, I hadn't noted this. It was once I saw the Trulia crime maps that I began paying more attention to these details and saw the differences between neighborhoods, prices, crime, etc. This is basic stuff, but it's not something many consider when transitioning from the consumer perspective of real estate. 

Peter, a gradual increase seems to be the recurring suggestion I've received from those whom I've solicited. I'll definitely heed your advice! I'll be moving into the 1st Unit; that was the recommendation from the seller and broker. I'll also enroll in carpentry courses, and use my unit as testing grounds for making upgrades, e.g. Painting/Refinishing cabinetry, replacing carpet floors with wood/bamboo, painting, etc. 

 Katie, which software are you referring to? 

Nick, I never thought about that. I'll give that a try and add the numbers to my analysis. Thanks! 

Thanks Pete! I've run analysis using Rent-o-meter, Zillow, and Trulia. I guess I'm somewhat nervous to raise prices given the drastic difference between what tenants currently pay, and what I've approximated as appropriate - $800. I'll just go with my gut nonetheless. 

Hey everyone! I've been following bigger pockets since September '17, and I'm closing on my first 4-plex house-hack on Friday. Looking at the rent rolls, I believe that the rents are somewhat under-priced for my area; I'm trying to determine the average rent price, and what I should increase the prices to if at all. Any assistance would be greatly appreciated.

Property Characteristic:

• Unit Types - 2 bed, 1 bath
• Zip Code - 53210
• Street Location - Lisbon & Hartung Ave
• Appliances - Refrigerator, Oven/Stove/Cooktop
• Tenant Utilities - Electricity, Heat, Gas, Air Conditioning
• Landlord Utilities - Sewer, Hot Water, Trash

Current Rents:

1. $525 - MTM
2. $525 - MTM
3. $675 - MTM
4. $675 - 1 Year

Please note, I also intend to have tenants pay apportioned share of water/sewer/municipal cost. I understand the common practice of landlord paying, but I don't care for such liabilities. Given the information above, how would you price these rentals?