All Forum Posts by: Michael Henry

Money investor only lend to businesses (LLC's). A lot more legal issues when is comes to borrowing money to an owner for their primary residence.

Find someone to show the units, it will cost you a few dollars. Tell you partner that you will start to keep the management fee for yourself and fire you friend. 

Vera property management advertise on the following website: 

Zillow.com 

Hotpads.com 

Local.com 

Oodle.com 

Trulia.com

Vast.com 

Lycos.com 

facebook.com

Twitter.com 

Some of the sites on the top export your ad to some of the other web sites listed. 

100% leverage. You have no skin in the game !!

This is a normal double closing. The same title company can be used, some title companies have more experience handling double closing than others. Sometime REO's have deed restrictions when the property is conveyed to the buyer. None issue for two private individuals preforming a real estate transaction.

You can advertise whatever rent amount you want you might not get any calls if the rent amount is too high. How many calls did you get when you had it advertised for $2,682.00? 

Section 8 pays a little more in rent than the normal market. In Wisconsin, there are Milwaukee County Section 8 and City of Milwaukee Section 8, the County pays more than the City Section 8.  

I good advertising trick is to place multiple ads at different price points and when prospects call ask what rent amount they seen online. You would have to honor the lower amount if they called for that amount. 

I pick up rents door to door because if I don't I would never get the rents. I have tenants that deposit rents into my bank account and text me the deposit receipt. I have tenants mail money orders or checks but mostly I'm there knocking on the door. 

I have a routine and I know who will have it and who will be late. The part that I dislike the most is when I schedule a rent pickup and they have to go to the ATM. Guess who is taken them to the ATM? Me; sometimes I do not mind; I use this time to get to know my tenants better. 

I have a client with over 100 condos on the North, West side of Milwaukee with great cash flow. He paid $15,000.00 or less for the condos and this is why they cash flow. 

Some condominiums associations have budgeting problems which leads to deferred maintenance issue. Many of the nicer condos the numbers do not work because of condo fees and many times the Owner is out of pocket.  

Have a S.M.A.R.T.  Goal of what you want to accomplish in real estate and the reason(s) WHY you want to accomplish it. Don't stray away from the goal and when it changes, they often do,  you will repeat the process. 

S. Specific

M. Measurable

A. Achievable 

R. Realistic

T. Timely 

I would love to talk to you about your real estate plans in Milwaukee.