All Forum Posts by: Jack Alves

You can do the math and see this is obviously a money-maker with tenant paying $1195/mo. Milwaukee is a great rental market. 

Tenant occupied since 6/1/18 with lease through 5/31/19.

4 bdrms, 2 bthrms (1 tub/shower, 1 shower), 2 car garage, 1708 sqft, built 1928.

2017 Property Tax $1,752.46

Updates this year included: 12 new windows (entire upper and kitchen), hardwood floors refinished, new vinyl kitchen floor, entire interior painted, added heating duct to main upper room, new shower in upper bathroom, replaced front steps, replace/repaired ceiling light fixtures throughout, repaired southeast corner foundation.

I have to sell for personal reasons otherwise this would be a long term hold for me. I own another property directly across the street which is also for sale.

This property is owned by an LLC I manage and I am a licensed Realtor in Wisconsin.

Contact Jack Alves, 414-335-1718

This is a money-maker. 

4 bedrooms, 1 bathroom, 2 car garage detached, 1498 sqft, built 1928.

2017 Property Tax $1,269.19

Tenant occupied since 7/1/17. Now Month-to-month lease.

Property managed by Citywide Rentals.

Significant updates in 2017 included: new roof, plumbing fixes, hardwood floor refinishing, new vinyl kitchen floor, constructed wall to create 4th bedroom, entire interior painted.

I have to sell for personal reasons otherwise this would be a long term hold for me. I own another property directly across the street which is also for sale.

This property is owned by an LLC I manage and I am a licensed Realtor in Wisconsin. Contact Jack Alves, 414-335-1718

I'm a realtor so I have done a lot of comps and there are still situations that are not straightforward. There are a lot of subtleties depending on neighborhood differences, house styles, specific location issues (busy street, across from something undesirable), unusual layouts, small yard, no garage, structural issues,.... Without access to MLS you can search on sites like Trulia or Redfin to see a list of recent sales with photos. Typically that will appear at the bottom of a page for a specific property.

A good realtor can help, but would not want to do comps for a bunch of places without an opportunity to make sales. So it is good to get some basic experience to find a reasonable range of values for a property. You can start with a google search like, "real estate comps". That yields some services (which may or may not be good), and articles, including one from BP.

Of course, the best way to learn is to pick an area, visit houses for sale, and check what they sell for. Doing that you will probably see different issues that can make a house more or less valuable. You can also ask realtors at open houses why a house is priced differently from another that seems similar. 

I could go on and on, so there must also be books on the topic too.

Thanks for sharing. That was really informative.

Very well-maintained property by owner-occupants. Attract the very best tenants with this spacious, gorgeous brick duplex. 3 bedrooms, 1 bath in each unit, hardwood floors throughout, formal dining room, natural woodwork, crown molding, stained glass, built-in cabinets, eat-in-kitchen, and pantry. Great outdoor spaces include front porch, balconies, and huge deck over 2 car garage. Full size attic with remodel potential to increase rents. Across the street from UWM campus. 

Full listing is in MLS.

Anyone have recommendations for cleaners they like to do a deep clean. Kitchen cabinets in particular are filthy. 

I didn't think of it as a flip initially, but there are 3 houses that sold for over $90k over the past year nearby.  In the area between Silver Spring and Florist, Teutonia and Sherman. They are all significantly smaller. The house is 2800 sqft, others are 2200, 1700, and 1400. 

I don't know they are well though. I am just starting and talked myself out of a lot of deals. So part of me thinks it is a reasonable risk, another part says I'm crazy to do this as a first flip. 

Sounds like there are 2 votes for,  "it would be crazy". What are the factors that make it a bad area for flipping?

I liked the real estate version of E-Myth book as a cheerleader overview for being an entrepreneur neur. 

I am in contract on a property I initially intended to buy as a rental. It is also a possible flip. The house is vacant. I don't know for sure how long but it seems like it has been a while. I called WE and learned that the average cost of utilities combined is $397/mo. Over a 2 year period, electric had a max of $240/mo and gas had $566/mo. That seems like it would kill any chance of cash flow as a rental. My prelim cost+repair estimate is just over $60k all-in (that includes about $3k for windows). Rent would be $1000+/mo.

The windows are old and there is a large living room with a very high ceiling. Another room has a wall of windows. A tag on the boiler says it was installed 2016. Any suggestions on who I should contact to evaluate the cost of doing enough to reduce the utility costs to a reasonable number? 

The property is just north of Silver Spring near 34th. I am wondering if there is any chance I could rehab for renting rather than flipping.

I had a horrible experience with Performance Asset Management (PAM) while selling a property for a client. The client said they were good initially. I can explain in greater detail if you contact me.