All Forum Posts by: Nicholas Ludwiczak

I am changing how I handle showings and screening of prospective tenants. This was the old way and how it turned out when I turned a unit earlier this year. Market on Facebook, Facebook marketplace, and craigslist. There ended up with 30 people interested so I setup showings for 30 people over the span of 5 different days with a lot of time spent showing, rescheduling, and waiting for people that would never show up.

I wanted to share my new system. I am hoping using this system will eliminate the window shoppers that are not very interested, people that do not meet the minimum requirement, and show people (though sharing a video walkthrough) the unit layout and features that are hard to show with just pictures.

Setup Trello board with application workflow board

Give out google voice number

Setup outgoing voice message with info about available properties and direct them to leave or text their

1. Name
2. Phone number
3. Email address

Use a block of time each day to go through these calls and texts

1. Add card for the new interested parties to the first step on the Trello board
2. Send each one the same email with detailed info about the property, my application requirement, and process.
3. Applicants that say they meet the minimum requirement are send a link to the free online application and a link to a video walk-though uploaded to YouTube via email
4. Once the application is summited and they have met my screening criteria, I will meet the parties at the unit for an in-person showing, offering them the unit if they are still interested after seeing it in person.

I took down a few properties last month and will take down another this month. I have been "celebrating" my success on Facebook so all my friends and family know I am into REI and looking to buy properties. My questions are, how else should I be getting the word out there?

I was talking to my insurance broker yesterday about adding properties and I told her "I am looking to buy more properties, so let me know if anyone you know is looking to sell.  I buy properties in any condition."  

How do you approach getting the word out that you are looking to buy more properties?  What is your "pitch"?

Thank you everyone for your feedback. I was a bit upset when I wrote my post so I may have made a bigger deal than it needed to be. I agree I want to hold up my end of the contract but it is frustrating because I was not informed about the extra money they were going to hold until closing.

@Patricia Steiner  I like the solution you provided. This is what I received from my agent  "If you want to extend the deadline and continue with the original agreement, I can put you in contact with a Title attorney to draft that agreement. If you what to take other actions, you will need to speak with an attorney as my License is limited to the sale of the property."

Does this sound correct?

(I am located in Wisconsin)

I recently sold a SFH where the buyer had an inspection contingency and the buy requested 3 issues be corrected. We had corrected two of the issues but it took my realtor a long time to get a quote for the third item, fixing damage bricks, cracked cap and cracked tile liner on a double chimney. The cost of this quote was $6,500 and we tired but were unable to get the contractor to make the repairs before closing. The buy was closing on their house the same day as closing on mine and didn't want to move the closing date back so we agreed they would make the repairs within 20 days of closing. I didn't know this at the time but the escrow company holds one and a half times the amount of the quote incase of cost overages. The closing was 10/20/2020. I got a call from my realtor today, 40 days after closing, saying that because of the weather, the contractor will not be able to make the needed repairs until spring and the buys want to extend the deadline that has already expired.

There is an opportunity cost to them holding my $3,250 for 6 months and the buyer didn’t work with us on some other issues that came up between going under contract and closing.

Should I talk to a real estate lawyer and try getting all my money back? Should I try working with the buyers to come to an agreement where maybe I can get ½ the money being held at the escrow company and they get other ½, or do I just call it a good learning experience and wait to get what’s left of my cash after the repairs are made this spring?

Thank you for sharing your experience and knowledge Matt. 

I looked at what other landlords were charging in my area until I found a system and amount I thought was fair for me and the renter. What I came up with was small dogs and cats in lower units (max 2) only cats in upper units. $25 for the first, $15 for the second. I figure that covers meteral cost for carpet in one room per year to account for the extra wear and tear. If there was more than "normal" wear and tear, I would take it from the security deposit.

I had a cat that peed in a room once. The carpet was old but I didn't plan on replacing it either. I replaced the carpet myself and I used clear odor stopping primer to seal in the smell under the carpet and walls. I only charged them meterals out of the security deposit since it did it myself. I got new carpet and they paid about half the costs to have a professional do it.

I am not a newbie but I am in Central Wisconsin, Marshfield and surrounding areas. I would like to connect to others in the state.

I own rental properties in Wisconsin and have had good luck using the one Nolo provided online for WI. If you message me your email address is would be happy to provide you the one I use and any other document templates you need.

I watch Facebook marketplace and Craigslist for what properties like mine in my area.  It takes a little time but helps me keep a pulse on the market.  I am in Central Wisconsin.  What part of Wisconsin are you looking to invest?

I just got a 5 year commercial balloon for $20 k at 4% amortized over 25 years from a small local bank. Keep searching.