All Forum Posts by: Arnie Guida

Originally posted by @Dawn Anastasi:

If you have a nice property people will want it.

 Words to live by .

Thank you Dawn.

Today when collecting rent at my new 4plex, one of the tenants, who is the son of the deceased owners, said that to me. Maybe he was just schmoozing me, but it did feel good. He was there for all of the other showings and met all if the other potential buyers. I must admit I did connect with him a little bit when I saw his guitars and amps and said I played too. I know it's still the honeymoon stage, but so far the tenants have been positive and respectful. Feeling pretty good today...

I know, I know... no easy way out, nothing good can come of it, too awkward...

A friend of my Cousin came by to look at one of my units (stop snickering)... nice looking girl, about my age, nice job, seemed down to earth... I have to admit I was attracted to her... 

Relax, I'm not going to ask her out, but it did get me thinking, surely this happens to other landlords. 

This must be right up there on the list of things NEVER to do as a landlord.

"Oh, I can do that." "Oh, I can do that." "Oh, I can do that." "Oh, I can do that." Caca de toro. From now on, only the small stuff goes to a handyman. Where specific expertise is required, I'm going with people who only do that specific thing full time. As they say, there's a big difference between price and cost. AG, over and out...

All good thoughts, thanks to all of you.

I may be Mom and Pop, but I'm Donald Trump compared to the previous owner. In their defense, it was their only building, and they were older people. There is only one written lease agreement, the rest are verbal. The information on the tenants contained no SSN's, etc... Just names and phone numbers.

So after reading some of the thoughts here, I think I should start from scratch, giving them an application to fill out so I can get the SSN's, employers, DL#s etc, and give them written lease agreements. My grey area is whether I should go 1 year or month to month. They've all been there for years, and I think giving them 1 year leases might scare them off, maybe just go written month to month.

Thanks again everyone.

Arnie

I'm closing on a 4plex on Friday and would like to set a tone for the relationship with the new tenants. They are all month to month. This isn't my first time taking over an existing building, but I'd like to try and up my game a little bit, be a little more professional...I'm really just a Mom and Pop type deal now...maybe I should stay that way...

I would like to know how others handle the transition. Letters? Knock on doors to introduce yourself? I have met some of the tenants already...maybe just have contact information and instructions on how rent is collected. Like I say, this isn't my first time, I'll probably just see how it goes.

Just curious how others handle it.

Thank you,

Arnie

http://www.zillow.com/homedetails/2414-N-54th-St-M...

Just looking at the comps, you are a little high. Looking at the pictures, you might consider those front steps and the lawn need attention.

Plus Zillow's projections for future prices aren't a big help...

Respectfully submitted...

Lower the price.

Originally posted by @Matt Lindstrom:

...I did a little research and he paid 315k in 2005. 

The City of Milwaukee 4plex I'm closing on next Friday sold for...now sit down... $380k in 2008, the height of the insanity. 380 for a City of MKE 4? Couldn't imagine it.

This one is 3br's, individual central air and a 4+car garage.

As for what you're going to pay, I'm in the minority here, but a nice MKE 4 in a nice part of town is 225 on up all day. Nice part of town meaning south of Oklahoma. 225 meaning traditional, seen one, seen them all, center entrance 2 up, 2 down, all 2br's, no garage, no central air.

Actually from what I've read, this is the wrong forum/website for a nice buy and hold place in a nice part of town. Take some of the advice on price you get here carefully, a lot of it doesn't match my experiences.

Nice 4's in a nice part of MKE are about 60k/unit, give or take.