All Forum Posts by: Kevin Janssen

My sister and I are looking to partner together on our next purchase. I have two deals done under my belt on my own and this would be her first. She hasn’t done a lot of research but brings a bit more than half the money. I’m not sure how to go about approaching ownership split as I would be doing majority of the management/maintenance besides maybe some assistance on tenant turnover. Not sure if we should have documents from a lawyer written up but I’m not sure how to bring up like a 60/40 split in my favor if she’s bringing more cash. If anyone has any experience with this type of situation I would appreciate their input. 

Hi Adam,

I have house hacked twice my first time was at 10% and my second time was an FHA at 3.5% which was two years ago. I used Bell Bank in Wauwatosa on both and worked with Jeff and Brian on my last one (Father & Son). Both of my mortgages got sold to US Bank but I have had a good experience with their services and with US Bank servicing the loan.

Well I'm just a few blocks away and depending on how things go this summer with buying additional units I might be able to help out so I can pay off that new snowblower I got this last winter.  I don't really have an interest in doing the lawn care but can maybe work something out for the snow.  Feel free to reach out in like October if you haven't found anything and I can see where I'm at with things. I would make sure to have insurance as well.

Is this 1bed/1bath units? Guessing just from the windows. I bought 4 unit that was 2/1 two years ago for $260k using FHA and in my opinion, way overpaid given the work needed so I've had to become handy. What type of rent are you getting and if not at market what do you project market to be?

@Jon Coleman I know for my company there isn't because oftentimes we don't have a way to tell if the tenants smoke or not.  I'm guessing most companies are similar.  One way to help protect yourself and your investment is to require your tenants to get a renters policy with at least 100k of liability and have them list you as an additional insured so they can't cancel it without you knowing.  You can usually get a renters for $15/month so the cost isn't to bad for them.  At a minimum, if you're going to allow people to smoke in your building I would make this a requirement.

Absolutely no smoking inside the dwelling.  I have in my lease that it needs to be done 10ft from the house so the smoke doesn't bother others who may have their windows open.  I would update the lease and enforce it and if they continue to do it then it's not a fit.  I work in insurance and see way too many fires due to tenants smoking inside the house.  I saw your other post and with the neighborhood, you are in you wouldn't have an issue finding a tenant that will abide by the lease.

Congrats, I'm nearby there and it's a great neighborhood.  I've done my own snow and lawn removal but thinking of hiring out the lawn care this year.  That snow removal seems crazy especially the salting.  If they are there for the snow removal I wouldn't think the salting would be that much more than than the cost.  FYI a 50lbs bag of rock salt is less than $10 at home depot.  You could always discount a tenant's rent in return for doing the work and provide them a shovel or snowblower and salt.  The person I purchased my 4-unit from did that but at the end of the day it comes down to being your responsibility if they don't do it and someone gets injured.

So I am ending the tenancy on the 31st of October can I say they have until 5pm on the 31st or would I be best to say 8am on the 1st of November.

Thank you for the information.  Sorry it has taken a bit to respond.  Will definitely review the statutes and legal blank forms.

I have a tenant who's 1-year lease ends on 10/31 and then goes month to month.  I do not plan on renewing them but want to make sure I am giving the proper notice.  The forms I have are nonrenewal of month-to-month tenancy but I'm not sure if this would be considered a month to month yet or if it would since it would be effective 10/31 at midnight.  Does anyone have experience doing this and what form I should be using?