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All Forum Posts by: Ralph S.

Ralph S. has started 12 posts and replied 536 times.

Post: Botched Closing

Ralph S.Posted
  • Real Estate Investor
  • Sacramento, CA
  • Posts 566
  • Votes 355

On Monday, make sure you read the deed, and you're not conveying the property to him!

Post: How to make sure your tenant will Change an Air Conditioner Filter?

Ralph S.Posted
  • Real Estate Investor
  • Sacramento, CA
  • Posts 566
  • Votes 355

Pride of Ownership is only found in, uh, owners.
You really can't delegate those kind of things to tenants and trust they'll get done.
And, having shelled out $$$ to replace induction motors in furnances on several occasions, I can attest to the need.
Landlording is not just turning over a unit to a tenant and hoping for the best cause it's in the lease, or trying to minimize visits to your units. These can be a recipe for disaster (been there, too). Any routine maintenance and inspection is best done by the landlord, whether it is furnace filters, smoke detector batteries, checking for leaks under the sinks or anything else. It's the only way to insure these things get done is with routine inspection. It will also keep the tenant on thier toes, knowing the LL will be poking under sinks and going through all the rooms.
It's your property, not theirs. If you don't wanna, how can you expect them to?

Post: MikeOH

Ralph S.Posted
  • Real Estate Investor
  • Sacramento, CA
  • Posts 566
  • Votes 355

Welcome back, Mike.

Freedom, (and justice) isn't free, is it? Sometimes you have to stand up and fight for it. Way to go, and welcome back.

Post: When you know the person won't qualify but...

Ralph S.Posted
  • Real Estate Investor
  • Sacramento, CA
  • Posts 566
  • Votes 355

I'll admit to never pulling credit reports on prospective tenants, relying more on wcca.wicourts.gov. But, that being said, if a tenant were ever to hand over a self pulled credit report, I wouldn't give it any more value than anything else that they put down on the application.

Trust, but verify. The whole point of doing a background check is to indepenantly verify information from sources other than the applicant. That you can't charge them the $20 wouldn't prevent me from pulling one if that's what my criteria calls for.

Post: When you know the person won't qualify but...

Ralph S.Posted
  • Real Estate Investor
  • Sacramento, CA
  • Posts 566
  • Votes 355

Thanks, Chris. I found it elsewhere and should modify my earlier question. There is no law in WI where a landlord must allow an applicant to provide their own credit report as the basis for granting credit. The short story is, if the landlord charges a fee, up to $20, the applicant can provide a copy of their credit report, less than 30 days old, [/b]in order to avoid the fee[b]. It is still the landlord's choice to use the applicant's credit report or pull one themselves. But, if the LL pulls one, they simply cannot charge the fee.

WI Statute 452 applies to Real Estate Practice as applied to licensed agents and brokers. It does not apply to investors/NOO who self manages their own properties.

I found the answer in WI Chapter ATCP 134 (Agriculture, Trade and Consumer Protection), ATCP 134.05 para 4, (a) and (b). ATCP134 covers Residential Rental Practices.

Post: When you know the person won't qualify but...

Ralph S.Posted
  • Real Estate Investor
  • Sacramento, CA
  • Posts 566
  • Votes 355

Alces


This is the second time I've seen someone post this about Wisconsin, yet this is not supported in the landlord tenant statute (Ch. 704). Any chance you could cite the statute that says this?
I can't imagine it's a general, or consumer law on granting credit. The idea of walking into a bank looking for a loan, and telling the loan officer that, no, I don't want you to run my credit, here's my credit report, is just not going to happen. Thanks.

Post: Rental scam on my property

Ralph S.Posted
  • Real Estate Investor
  • Sacramento, CA
  • Posts 566
  • Votes 355

The sad part of this story, and not just the RE scam part, but any "send me the money" scams is that there are no law enforcement agencies interested in pursuing these scammers. I sold a bed on CL, got an email response wanting to buy sight unseen (he was out of the area), which was followed by another email saying "my agent made a mistake and sent the check for the wrong amount, please cash and send the overage via Western Union."
I called the local PD, Sheriff, and State Police, not interested. I logged it on a couple internet fraud sites and nothing. Everyone just said "don't cash the check."
It's no wonder these things are so common. No downside for the scammer.

Post: Do I need to do inspection for HUD house?

Ralph S.Posted
  • Real Estate Investor
  • Sacramento, CA
  • Posts 566
  • Votes 355

I wouldn't ever buy any house without an inspection. The one an only that I didn't, was a HUD, and I learned my lesson.

Post: Inspection report said plumbing system would not hold 40 psi?

Ralph S.Posted
  • Real Estate Investor
  • Sacramento, CA
  • Posts 566
  • Votes 355

I think 40 psi is the minimum code for waste lines, not supply. Commonly referred to as schedule 40, you'll find Sch 40 stamped on the white PVC waste lines.
Never heard of that test as part of an inspection, however.

Post: Decreasing Incentive to Attend Universities

Ralph S.Posted
  • Real Estate Investor
  • Sacramento, CA
  • Posts 566
  • Votes 355

I agree with Bill, not just in the "Where there's a will," part, but also that college isn't for everybody. But Joey, you might be a little short sighted in your thinking. College isn't about the cost or measuring a return on tuition based on your feelings about after graduation financials.

If it's for you, you'd want it and do everything you could to get it, instead of testing an ROI argument in support of dropping out. It doesn't work for me, and I doubt it'll work on Mom or Dad.

There is no way, at your age, I could have pictured my last 30 years. I graduated two years before the personal computer, from another CA State Univ (Humboldt), in '81.

Don't know what I'd be doing if I hadn't done it, but I wouldn't be doing what I am, that's for damn sure. I've never regretted achieving it, or the doors that I didn't even know existed, that later opened because of it.