All Forum Posts by: Rick Michaels

@Matthew Meunier, it sounds like things are going great for you! West Allis seems like a good affordable & safe place to live & invest.   We are looking to do a live-in investment, somewhere most likely in Tosa or on the edge of this town.  Duplex's are being listed & put as pending the same day they list.. It's wild.  Super hot market.  Not sure how people are getting to these properties, most likely before they are on the public market.

@Shawn Ackerman Thanks for the feedback!   Much appreciated.  Are all of yours section 8 rentals?

Marcus,  Thank you so much for the breakdown/insight on Milwaukee!    I have noticed the older & slightly newer duplexes.  Hard to look past the beautiful lead glass windows & built-ins of the older homes.  Tosa neighborhood is great.   Shorewood & Bay view also seem nice.   My girlfriend & I will live in this multi-family property, so we are looking in a nicer neighborhood.   Running numbers on these, the cash flow doesn't really exist, at least right away.   One thing we've noticed in Tosa is that the day before a property is listed online, they have showings all day (cars after cars).  Then one day after it is listed, it shows as pending.   How does this work??

Thanks for the message Jacob.  Really good feedback.   Coming from the Detroit area, there area a lot of similarities to Milwaukee.  Driving West Allis, I see a good middle ground of safety & affordability.  My girlfriend & I would like to purchase a duplex, preferably in Tosa or just on the boarder of it.  The market is insanely hot.  The houses are going pending the day after they list!  I don't know how this is possible.    I'm in my early 40's with my first multi unit purchased a couple years back.  It cash flows nicely for me.  But it sounds like you are on a good track yourself!    Thanks again Jacob, stay in touch!  -Rick

I'm new to the Milwaukee area (Wauwatosa). What area of metro Milwaukee would you invest in and why? Specifically small multi-family homes.

I've got a small warehouse I've been unable to rent as a whole, so I want to rent for separate car/boat storage.  Does anyone have a basic month to month contract that I could use for this?  Any other advice on giving tenants access?  It's one big space, so cars would be all in the same room.  Thank you.

I have a 4 plex that has needed the main first floor drain professionally augered/cleaned out twice in the last 12 months.  It backs up on the first floor out of the drain and through the bottom of the 1st floor toilet. My plumber recommended to tell tenants to only put toilet paper down the toilet & nothing else.   Also, the sinks all have garbage disposals.  What is the best way to explain this to tenants and enforce?   

Originally posted by @Gary Carver:

@Rick Michaels welcome to BP. Investing in real estate was a great idea. You are in the right place to get knowledge

 Thanks Gary!  Nice to meet you on here.

Originally posted by @Jer Yeung:

I wouldn't think that it would cause an issue with the mortgage, as that didn't change from when they did their appraisal - it was always a storefront, correct?

The liability exposure is going to be different as a landlord and as an owner/occupant, so as @George Skidis said, you're going to need to get a commercial policy to write the coverage as a landlord, and then get a renter's policy to cover your own property and liability.  Part of the issue will be that not many carriers will write mixed (personal and commercial) use if it's 1-4 units (at least where I am based on the earthquake coverage requirements).  You might end up with a non-standard or a surplus lines policy.  

Where are you located?

I bought as a home, but it has always had a storefront.  It's just been empty since I purchased.  I was originally using the space for my own storage.  I am in Michigan.

Hello,  I purchased a duplex property with a storefront as a primary residence.  I am now interested in renting the downstairs storefront to a business.  This will cause me to need a commercial insurance policy.  Is this an issue with a primary residence mortgage?