All Forum Posts by: Steve Vu

@Darren Budahn Could you kindly forward me the email as well? I tried navigating the Milwaukee city website but couldn't find any information on the program you mentioned.

Hello everyone,

I have recently had a property management company in California lease one of my property (find new tenants) but I will be the one managing the unit day to day. 

I have requested that they send me a copy of the rental application + credit report/background check and they told me that it is illegal for them to share that information with me. Does anyone have any input on this?

I just want a copy of the paperwork in case the tenants end up being bad, so I can have all the information I would need to potentially go after them. 

Thanks!

@Taye N. Sure no problems, let's set something up in 2 weeks. I'll be glad to share my experience with you.

@Joshua Martin That's too bad, it would have been great to meet up in Milwaukee but there is always a next time!

Hello BP Nation,

I will be traveling from the San Francisco Bay Area to Milwaukee this coming week between June 6th and June 9th to inspect 10 units that I am currently under contract for, and check up on the 21 units that I already have. Please feel free to reach out if you'd like to meet for coffee and talk real estate or just say hi!

A little background on me: 

I never had a corporate job or W-2 wage and started investing in 2012 using creative financing. I slowly built up my portfolio using a buy/hold strategy and now own 25 units (13 SFR and 6 Duplexes). I first bought locally in California but the market appreciated too fast and the cash flow didn't work for me anymore. In 2015, I decided to look for a different market, and ended up settling for Milwaukee. The bulk of my portfolio is now located in Milwaukee.

@Leland Barrow I will most likely switch PM after all of this is resolved. I did communicate in writing, so I have records of all of our discussions. I am unfortunately out of state, so I wouldn't be able to confront them personally at the office :)

@Brandon L. Yes, the companies I contacted were all local and serving my area. I was actually vetting them all because I was considering switching management. I do like keeping tenants that pay for years, however, not at the cost of loss income. I feel that settling down for 1075 while the market dictate for 1200-1500 is too much of a discount.

@Ben Leybovich I understand what you are saying, and yes, it is very possible they would end  moving out and I'd incur turn over costs immediately. However, looking at the long term, I feel that increasing the rent will increase my bottom line overall over the years even if I incur an immediate loss. I am still asking a slightly below market rent/fair market rent, so I should be able to get solid tenants at that rate.

@Thomas S. I agree with you, and I am now visiting all my options before confronting the property managers. 

Thank you everyone again for all the responses!

Hey guys,

I have a quick question regarding an issue I have with one of my properties in Texas. My property currently rents for 1050/month and the lease is due for renewal on August 1st 2016.

I contacted the property manager in June 2016 regarding a rent increase, and they told me that rent would increase to 1075/month if the tenants decide to renew for a whole year. Otherwise, they would go month to month at a rate of 1275/month.

I contacted 5 other local companies and they all quoted the rent  for my property at 1300-1500/month, so I specifically told the current managers NOT to renew the tenants for a year unless it was at 1275/month on June 30th.

I just followed up yesterday, and they told me they just renewed the current tenants on July 7th for a year at 1075/month.

I absolutely do not agree with this. Do you know if I have any options besides sucking it up, keeping the current lease at 1075/month and firing the PM?
Thanks!

Ordered the big bundle. Looking forward to dig in :)

Tiffany Bishop I agree with Nick. That area is definitely not a B neighborhood; it has a high violent crime rate and very low median income. Most likely a C- or D neighborhood that I would stay away from.

Hi Zach, Welcome to BP. I am a real estate agent in CA as well but invest in the Milwaukee area. Good luck on your learning and investing journey!

Welcome again Jarrett, good luck investing!