All Forum Posts by: Peter K.

Paul, I use the standard Wisconsin lease with states all tenants are responsible for the full amount of rent.  

The landlord giving the poor reference is one of the larger professional management firms in town, and they stated that they are preparing to evict this guy.  They aren't hiding anything!

Joshua, your logic is sound.  I believe the likely scenario if they break up is that the one with income and solid reference would the be one to stay.  If either of them leave I'm confident I've got at least one tenant who could be garnished.

Urial, you are essentially suggesting I collect the same amount of money at move in I was considering--first months rent, standard security deposit of one month, plus doubling the security deposit.  I encourage you to not collect last months rent and instead just double the security deposit.  The rationale is that they are giving you the same amount of money to move in either way, but if things do go bad, the last month of the tenancy you still have the ability to file for eviction if they don't pay rent, therefore giving you some leverage and allowing you to hold more of their funds for repairs, if necessary.

I'm working to fill a new SFR I just bought. Application I'm processing right now is a couple who currently live separately, represent themselves as being engaged, and have a baby together. One has excellent income with a good employer, excellent landlord reference, no criminal or court records, all good stuff. The other, self employed, no criminal or court records, but has not paid rent last month or this month. This person has been in their current apartment a year and a half, and other than the current delinquent rent, was given an ok rating by the current landlord.

With just the documented income from the first applicant they more than meet my income criteria.  If the LL reference for the second applicant was decent I was going to pull credit and as long as there weren't any significant judgments outstanding that didn't show in court records, offer them the house.

I'm inclined to offer them the house with double deposit, as my criteria allow increased deposit to compensate for outstanding judgments or poor/lack of rental history.  

So, I'm looking for how you handle a situation where you have one good one not so good applicant.  Feedback appreciated!

Gabe, I'm not savvy about buying notes, but if you were to complete the foreclosure I may be interested in making you a cash offer.

I invest in that area.  Value can vary widely block by block and based on what the condition and exterior of the home and neighboring homes are.  Could be $35k on the low end to $95k on the high end.  When and if you complete your foreclosure I'd be interested in talking about the house with you!

$1k is nominal on a $100k property.  I certainly wouldn't accept an offer on a property in that price range without EM of more than that.

Good stuff Brie.  Where in MKE are you buying?  Sounds like mostly multis, is that right?

I am working on buying a few more SFR's on the northwest side this year.

Clay, I'm interested in an update!  Quite frankly, with how difficult the 203k process was (still is?) I don't understand how you are a fan of it.  Based on my read of this thread you have yet to get the loan approved.

I'm hoping that everything has been coming together for you!

@Ed Riggenbach and others, I'd welcome contact info for the installers you referenced.  I've gotten two bids for a house I own in Shorewood that needs 15 windows, and the cost per window on both bids is quite a bit more than you guys are talking about.  Would love to get a couple more bids.

I really enjoyed the podcast--listened to it twice this week.  I'd say leave the swearing in and label it Rated R.  It's who he is!  

Grant Cardone is building massive wealth through real estate, though he is not a real estate guru. He's an action guy. For me, that was the take away. My goal was/is 20 SFR's. Well, that number may go up, or turn into multi's.

Funny timing too--my wife had one of the morning news shows on today as we were getting the kids ready and they played a clip of cell phone video of Grant Cardone talking about his experience being on a plane that had an engine go out due to a bird strike.  

And hey, could someone turn down the gain on Brandon's microphone?  His audio has been blown out on a few of the pod casts.