All Forum Posts by: Joseph Walsh

That's a bit tougher/misleading way to go in this price range of Milwaukee house. You're better off at looking at the immediate surrounding areas. I have a 3br 912 sq ft. SFH that rents for $1000/month. I would go by zip code and then bedrooms and narrow down from there. Then I would do a scan limited to a 5 square block (each direction) area around a property you have identified as a "potential". Some of the more quality PM companies in the area also have realtors onboard, and would be a good source to help you filter out the stay away zones based on your tolerance.

You likely won't get $900-1000/mo with stable renters in those $20-30k properties.  Those are more like 500-600/mo and higher vacancy rates.  There are always gems, but just do a crime report in those areas and you'll see what I mean.  That said, there are many decent area's one step up from that, 50-75k house range that rent around 900-1000/mo and can often draw more stable renters.  Bonus is a lot of the houses in this range are duplexes and you can get $7-800 per unit.  Those area's are trending up now, if it continues many of those will be harder to find in the next few years.  

One key thing, with the new tax law, HELOC interest deductions can only be taken if the money is spent on the property the HELOC is taken against. Or similar "gray" wording. So consult your tax professional on that. Mine was take out before that, so I get a pass :D

The problem here, he's on the sex offender registry.  And the unwavering anti-sex offender protesters (while rightfully so in MANY cases) make no distinction between a pedophile, and an old man that slapped a waitress' rear once in a diner 20 years ago (not condoning, but just pointing out it's a WIDE swath).  Sadly, they are easily self justified in harassment and even vandalism unless they get their way.  I would pass for that reason, especially if this is a house.  Now, an apartment complex, maybe?,outside my area of knowledge.  

Also, there is NO WAY, he didn't know a 13 year old is under age, even a "mature" one.  So that goes to a judgement red flag in my opinion.

Welcome and good luck.  You'll get lots of knowledge here.

I hope you took photos.  There was clearly malicious intent.  (as well as theft)  If they then take you to court, you have the documentation.  I'm not a lawyer, but have dealt with turds like these before in a completely different arena, and yes, they will try everything they think they can get away with, and hope you just settle to avoid problems.  Anyone know if there is a good way to get this onto their background/credit checks for future landlords?  I suppose if there is a criminal complaint, that might show up.  And a judgement against if it goes to court....sigh.  one bad apple.

I just happened to of read through these myself:

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All the talk about whether 6% is fair or not is irrelevant if you are not paying it.  I am not a bible thumper, but Matthew 20 - The Parable of the Workers is something to this day I keep in mind for a lot of these types of things, not just real estate.

One of the properties I am looking at right now has been on the market (and vacant) a LONG time.  I expect to use that as justification that the asking price is just way too high.  (and it is).  Combined with what I know they paid to buy it 6 years ago, and that they have done NOTHING to the property except maybe neglect, that "on market" time has value, if you are looking for "values" in the sense of owner that might be willing to consider a lower offer.  It's how I got my current home at a discount rate.  In this case, they are asking 79k, I plan to offer 53k, and expect they will jump at it.

simple:  No, you shouldn't. 

slightly more than simple: I don't get it.  The commission is paid for by the seller.  Why did you care? With the information presented, they didn't do anything wrong. 

long winded:  If anything, you dinged your reputation by backing out over a commission you didn't have to pay. Nothing was in writing yet, so no harm no foul, but owner decided your idea (sell the property) was a good one, and the agent found another buyer, for more money.  That said, thank you for the learning lesson.  Sorry you lost the property though.