Joe what do you think about the City of Milwaukee's Rental Residential Certificate Program?
Great Question! I have been asked alot about this. Here's my initial take on it: City Of Milwaukee's Residential Rental Inspection Program
I currently own a condo in the Brown Deer WI and tried unsuccessfully to sell it last year. I am not sure if I'll be in the Milwaukee area within the next year and I am writing to find out what you would advise? Rent it out or sell it?
Unfortunately you are considering selling your condo in a very tough real estate market. I would advise you to sell the condo if possible, as owning real estate long distance can be a difficult and costly proposition. I would recommend you work with an experienced real estate professional to help you price, sell and market your condo. Typical realtor fees run around 6%, but you can get a lower priced broker for 3-4%. That being said if you are unable to sell due to your current equity position or for other factors definitely contract with a reputable property management company such as Milwaukee Metro Management. Good Luck!
I want to buy investment real estate. What advice would you give me?
I am often asked this question. Take a look at a previous article I've written on this subject. Good Luck!
What is a Security Deposit?
A security deposit is money you pay your landlord when you move in. Some people also pay an extra pet deposit. Normally, your landlord must give your security deposit back to you after you move out.
When Can My Landlord Keep All or Part of My Security Deposit?
Did you owe your landlord rent when you moved out? Did you damage the home you rented more than normal wear and tear? Then your landlord can keep part or all of your security deposit.
What Counts as Damage?
Damage means damage to the home that is beyond "normal wear and tear." What is damage beyond wear and tear? Things like large dents or holes in the walls, stains, tears or burns in carpeting, or broken windows are beyond wear and tear. If you did this kind of damage, your landlord can keep all or part of your security deposit depending on how bad the damage is. Sometimes your landlord can also take money out of your deposit if you fix up the home you rented.
Your landlord cannot keep your security deposit for "normal wear and tear." Normal wear and tear is damage that normally happens when someone lives in a home. Normal wear and tear means that your landlord has to repaint or do other regular maintenance. Your landlord also cannot use your deposit to upgrade the home. And your landlord cannot use your deposit to repair damage that was already there when you moved in.
Did you owe your landlord rent when you moved out? Then your landlord can keep all or part of your deposit to pay what you owe.
Is My Landlord Required to Return My Security Deposit or Explain Why Not?
Yes. But you must alert your landlord that you have moved out if you want to get your deposit back quickly. The law says that your landlord must return your whole security deposit or send you a letter saying why he or she is not returning it 14 days from the date your landlord received notice that you moved out, or 14 days from when he or she discovers that you have left the home. To be sure your landlord knows you have left and to start the clock ticking on the fourteen day period, you
must write your landlord a letter telling them that you have vacated the home and that you want your security deposit sent to your new address. If you do not hand deliver or mail your landlord the letter saying that you have moved out of the home he or she may claim that they did not know you had left the apartment. It is very important to give the landlord something in writing saying you have moved out. If you can, keep a copy of the letter you send for your records.
Once you give notice, your landlord must do one of these things within 14 days after you move out. Your landlord must hand deliver, or mail, your full deposit or a letter to the last address he has for you. If your landlord sends you a letter instead of your deposit, the letter must list the amount he is taking and each reason or item he is taking money for. Your landlord must give you back whatever money is left over. Your landlord must return your whole deposit or send you a letter within
14 days from when he knew you left the home you rented.
Did your landlord keep part or all of your deposit? Did your landlord send you a letter that explains how much he is keeping and why? If your landlord kept your deposit but didn't send you a letter within 14 days, he is required to return your whole security deposit to you.
What Can I Do if My Landlord Won't Return My Security Deposit?
Did your landlor? not send you your security deposit or a list of deductions within 14 days? Do you believe your landlord wrongfully kept all or part of your deposit? Do you want to get all or part of your deposit back?
One. Write a letter to your landord and ask him to return your security deposit.
Two. You can sue your landlord in Small Claims Court to get part or all of your security deposit back.
Will Property Will Always Go up in Value?
Don t believe this dangerous myth! Property prices in Japan have fallen by 75% over the last decade - about the same amount that Nasdaq stocks have fallen since 2000. Hoping for - or worse, expecting - a price rise is speculation. Make sure the investment makes great sense from a positive-cash-flow perspective first. Then if the property falls in value, you re still right side up on your cash flows. Consider any appreciation to be simply icing on the cake when it comes to speculative
real estate investing.
What is a better investment? Condos or single-family homes?
Using appreciation as a measure, condominiums in some areas have been as profitable an investment as single-family homes in the past five years. And in some markets, condos appreciated even more, according to some experts.
While single-family homes have been the preferred investment by home buyers, changing demographics are helping make condos more popular, especially among single home buyers, empty nesters and first-time buyers in high-priced markets.
Also, the condominium community has worked hard in the last few years to overcome image problems brought on by homeowners association and developer disputes as well as all too frequent construction-defect litigation
How do you get financing for a foreclosure?
One reason there are few bidders at foreclosure sales is that it is next to impossible to get financing for such a property. You generally need to show up with cash and lots of it, or a line of credit with your bank upon which you can draw cashier's checks.
What are problems with buying foreclosures?
Buying directly at a legal foreclosure sale is risky and dangerous. It is strictly caveat emptor ("Let the buyer beware").
The process has many disadvantages. There is no financing; you need cash and lots of it. The title needs to be checked before the purchase or the buyer could buy a seriously deficient title. The property's condition is not well known and an interior inspection of the property may not be possible before the sale.
In addition, only estate (probate) and foreclosure sales are exempt from some states disclosure laws. In both cases, the law protects the seller (usually an heir or financial institution) who has recently acquired the property through adverse circumstances and may have little or no direct information about it
Where can you find foreclosures?
In most states, a foreclosure notice must be published in the legal notices section of a local newspaper where the property is located or in the nearest city. Also, foreclosure notices are usually posted on the property itself and somewhere in the city where the sale is to take place.
When a homeowner is late on three payments, the bank will record a notice of default against the property. When the owner fails to pay up, a trustee sale is held, and the property is sold to the highest bidder. The financial institution that has initiated foreclosure proceedings usually will set the bid price at the loan amount.
Despite these seemingly straightforward rules, buying foreclosures is not easy as it may sound. Sophisticated investors use the technique so novices may find themselves among stiff competition.