All Forum Posts by: Kevin Janssen

I couldn't make this one but I heard that this is done about every other Thursday is that correct?  

I wouldn't consider myself an expert on Milwaukee but I would be careful buying there.  It can be a rougher area of the city and would probably recommend your first Milwaukee property to be in a bit better neighborhood.  Google maps went through Milwaukee in 2015/2016 and I use that a lot for work to look at properties which give you a good idea of locations.

Awesome Podcast one of my favorites so far!  Will be purchasing the book.

I would definitely rent but try to downsize.  I'm an introvert as well but living far from friends is hard and even I need a little social contact.  How much is a two bedroom apartment cost compared to a three?  Would you be better off getting rid of the gym and buying a member ship for $10-$20 a month instead?  Would the move to the RV increase your travel time for work?  This would increase amount you would need to spend on gas and vehicle maintenance.   

Thanks Jennifer sorry for the delay in my response.  All the appliances are mine except for the tenants washer/dryer in the basement.  Per the selling agreement there is a security deposit that the seller will bring upon closing of the sale.  I've decided to increase the rent however plan to wait until July 1st as I will be out of the country shortly after purchasing and do not want to deal with a moving tenant while I am gone.  I was reading the Wisconsin land lord tenant laws but did not see anything regarding notice for increasing rent do you know where to find this or what the time length is for giving notice?  I plan on doing the same thing with a lease as well.  

Thanks for the response everyone! I think with the right systems the tenant will be fine, he has been living there for just over a year.  I think once I am back from vacation I will raise the rent to be closer to market value which will give me 2 months to figure out if he will be a good fit or not.  

When inheriting a tenant do you have a questionnaire that you have them fill out to make sure that the procedures the seller gave you match up?  I remember reading in one of the Bigger Pockets books something about that but wasn't sure if it was done.  

HI Edgar,

I am not familiar with anything in that area but I just asked my realtor for some names and he gave me three and from there it was up to me to decide who to go with.  

Hi Chris,

Thanks for the response.  I'll read through the law and make notes.  I was beginning to lean towards the same idea regarding raising the rent and wait until I return from my trip.  Kind of bad timing but wanted to make a move before the market heated up even more than it already is.  

I'll be closing on my first duplex in about a month and will be inheriting a tenant on the second floor in which I will be occupying the first floor.  Currently the tenant is on a month to month lease and getting a break on the rent as his buddy owns the house and he does the yard work which I will be taking over.  Based on what I have seen for the market rents we are about $100-$150(max) under priced.  I would like if possible to keep the tenant as he has a steady job and has done a good job keeping his unit and the house well maintained.  What is the typical procedure for raising rent, are you able to do it right away or I believe per what i've read you need to give notice.  To also throw a wrench in things I will be leaving for vacation a month after I close for 10 day's so dealing with a move out/finding a new tenant would be very difficult.  I greatly appreciate any knowledge and thoughts you might have!

Thank You,

Kevin

Yes Marcus but from the insurance companies point of view they want to avoid unnecessary risks.   If they start taking everything its gonna be like healthcare where premiums sky rocket.  On decks without railings i've seen reserves in the hundreds of thousands for liability so when companies see that that type of risk they want to avoid it.  

Mark that is a big thing we run into in the industry is valuing the properties when they are submitted.  Often times its the opposite where they try to insure for 2-3 times their real value and get mad when we say we will insure their $40,000 home for $40,000 and not $120,000.