All Forum Posts by: Michael Braatz

@Shawn Ackerman  Thanks!  We area actually closing on the property on the 27th!  I'll be sure to write something up once we get a tenant in and I have the numbers all set.

@Shawn Ackerman  I wish!  taxes are about $3,400.

@Marcus Auerbach  That is a great point about more standardized documents, hadn't thought of that!  Also, thanks for the reminder about the five day notice forms.

Would selling the property be an option as well?

If mort/ins/taxes are $2300 and you are getting $2400 in rental income, I can't see how you make any money taking into account maint and CAPEX.

I vote sell, get more money, and reinvest.

@Brandyn Dietman One of my partners has attended the course, I will double check with him and get a hold of his binder!

Does anyone else make use of the smoke detector and/or CO form like @Michael Madden does?

Hi all,

My partners and I preparing to rent out our first property. The property is Located in Milwaukee, Wisconsin(SFR). I was wondering what documents you generally make a tenant sign prior to move in?

We were planning on using Wisconsin legal blanks.  

We will not allow smoking, we will allow cats and dogs(depending on insurance of course) with additional security deposit and monthly fee.

I would appreciate any advice!

Thank you,

Mike

@Brandon Stevens Thanks for the response!  Our plan is to focus on multifamlies and we have concentrated our search there for the most part.  Our agent brought this property to our attention with a motivated seller.  We were able to get them low enough to make the numbers work.

Hello all,

My partners and I have recently had our first accepted offer.  The property is north of Wauwatosa near Burleigh.  It is 3 bed 1.5 bath. (buy and hold)

The half bath is on the second floor along with the master bed.  It could easily be expanded into a full bath at the expense of part of a walk in closet.

The basement also has a large finished area that could be another bedroom with the addition of an egress window(concrete block walls).  

For those who have experience in this area, what type of return could I expect both on rent and resale with these additions?(We would convert the bath ourselves and get the window done professionally) 

Thanks,

Mike

Thanks for all the reply's, a lot of great information so far! 

@Michele Fischer  Thanks for the response!  Those are certainly some helpful tips. 

I have also been hearing a decent amount about using video for advertisement.  Does anyone have any experiences with that they would like to share? Is cell phone quality good enough?