So how exactly does our Buy&Hold Turn Key rental program work?
We Find the property:
We are able to search every property available in our hometown of Milwaukee, Wisconsin that’s for sale on the market, and coming to the market via various vehicles. Unlike most Realtors, we don’t bombard you with 100’s of emails consisting of every property for sale on market. What’s different about our approach is that we receive a targeted, monthly list to view. If the property meets your investment criteria we will present the property to you. Besides, if you are inexperienced and looking at property listings sent by emails provided by your Realtor, you could find yourself making an emotional decision which could lead to your demise as a real estate investor.
We are Real Estate Investors, Contractors, and Property Managers which virtually eliminates typical errors that most Realtors make when presenting investment properties to potential investors.
We Analyze the property:
We know exactly how to evaluate Buy and Hold, Turn Key Investment properties. We look at the individual property, the block and the extended township, we calculate the scope of work costs, evaluate the current renters, the rental market, and their renter’s IQ. We provide key financial ratios and calculations necessary when making an educated Buy and Hold decision.
We Submit the offers
Our thorough knowledge of the City of Milwaukee Real Estate Department’s policies and procedures allows us to present offers that gets results.
You Buy the property
As Investors we represent you, the buyer for a nominal cost. It is our responsibility to facilitate the deal and act as a liaison between you, your lawyer, your insurance agent and/or in some cases your lender. We make sure that the transition is smooth and will walk with you in every phase.
In most cases the asking price is the price you plan to pay. 75% – 85% of that price is capital investment while 15% – 25% are the fees associated with securing / closing the deal.
In all cases you present a recent bank statement – proof of funds (POF) – showing 85% – 100% of the scope of work (SOW) costs + purchase price. Note SOW funds are only necessary to complete the tasks necessary to ensure the property meets health, safety and city code requirements and will not be used during the closing.
We Rehab the property
We specialize in rehabbing rental and re-sale properties, providing a detailed scope of work. We make sure all the proper permits are pulled perform the work in a manner to minimize rework in your 2 holding years.
Once we know your investment philosophy we rehab the properties accordingly. Regardless of your philosophy our craftsmanship and quality remains the same. The beauty of completing this deal with us is that it’s all in house. All three major phases of your investment working together for the same cause.
We find a tenant for the property (if unrented)
This perhaps may be the most gruesome part of the process for Investors but not for you. Your property typically comes with a renter who is motivated to stay in the property for another year, or in most cases; longer! If, a tenant does not resign a lease after their term has expired we screen and select the best tenant that will maximize your investment. We screen your tenants, checking for evictions, credit and criminal history along with making sure a complete application has been submitted. We search for both Section 8 voucher holders as well as Market rent tenants. We go above and beyond as we conduct on site interview in their current residence, talking with family, friends and neighbors to amass a complete picture.
Who are the tenants?
We are bounded by the Fair Housing Act. This means that we don’t discriminate or limit those who have the ability to rent your property. We rent to Section 8 (www.hacm.org) tenants as well as market rent tenants. Either way, all of our tenants go through our extensive tenant selection service.
We typically engage a tenant with a month to month lease where a breach by Tenant for anything including “Failure to Pay Rent” can initiate the 28 days eviction process. If the month-to-month tenant does not pay rent on time, then the landlord can give the tenant a pay-or-vacate notice. This notice provides at least a 5-day period in which the tenant can pay the rent or move out. Once the time stated in the notice has past, the lease is considered terminated and a proper eviction will be upheld. A month-to-month tenant’s lease can be terminated if the landlord gives the tenant a 14-day notice to vacate before the tenant pays the rent. See Section 704.17(1)(a) Wisconsin Statutes.
We Manage the property
Once we select your tenant, we get into management mode. The beauty of having us as your Property Management (PM) Company is that it’s all in house! We use a very unique business approach to managing property. Our philosophy is you must pay or get evicted! We don’t have any emotions tied in as (PM). We have to maintain and make sure your investment is maximized and protected. We follow the law as well as City ordinances to make sure we provide Fair Housing to all of our tenants. No property management company or tenant is perfect. We just want to minimize all the risk involved which increases your bottom line.
What’s included in your property management?
Our services include everything needed to find, qualify, contract and manage the tenant in your property. Our services also provide monthly reporting, standard bill paying (utilities, maintenance, taxes and insurance) and coordination of the eviction processes (if necessary).
What about repairs?
Since we only manage properties that we rehab your cost for repairs will be at a minimum. However, tenants will unintentionally break items or even sometimes become reckless during their tenancy and cost will be incurred. As per our property management agreement, we will perform the repairs out of a repair budget and account you set up.
We send a monthly statement & electronically deposit your money
Transparency is paramount in our working relationship and we have absolutely nothing to hide. as we want to earn your trust. We list the rents received, pay all your normal expenses for you and itemize the list of expenses. We provide this statement every month along with an annual statement itemized for your accountant. The best part about our program is that it’s purely hands-off! We directly deposit your net income into your account by the 10th day of every month.
Technology has provided you with peace of mind. We will photo and/or video record any and all repair or other incidents as you deem necessary.
Thanks in advance for choosing YawdCour (our home is your sanctuary) to handle your next real estate investment. Ph. 414 856 5599