Archive for May, 2012

Don’t Miss AASEW’s Next Meeting Featuring Steve Smullin on Real Estate Trading

May 15

Posted by Tristan R. Pettit, Esq. in AASEW, Investing In Rental Property | No Comments

Come join us at the next AASEW monthly membership meeting next week.

When:   Monday May 21st at 7 PM

Where:  The Best Western, 1005 S. Moorland Road, in Brookfield

Who: Steven J. Smullin – Real Estate Problem Solving Since 1988.

Topic:  Real Estate Trading – It’s All About the Benes . . .  That’s the Benefits, not the Benjamins.

Cost:  Free to current AASEW members, $25 to others.

 

Note: Starting at our May meeting we will be introducing a landlord/tenant law education component to each of our meetings that will last approximately 10-15 minutes. In anticipation of the next Landlord Boot Camp in October, Attorney Tristan Pettit will be taking a single issue from his Landlord Boot Camp materials and teaching it at each meeting.  This month Tristan will talk about LATE FEES.

 

About our Speaker:

Steve is a commercial investment real estate broker, counselor, exchangor, investor, educator, and long time practitioner using creative solutions to real estate related problems.  Steve has closed transactions involving the FDIC, RTC, US Marshall, US Bankruptcy Court, Banks and numerous others since the mid 1980′s … following hundreds of cases, attending dozens of sheriff and judicial sales and assisting clients in the acquisition and disposition of properties.
Steve is a member of the National, Illinois and Chicago Associations of Realtors and a Charter Member of the Northern Illinois Commercial Association of Realtors where he has served on the Board of Directors. He adheres strictly to the Code of Ethics of these organizations and applies their principles in everyday life. In addition he has served on the Board of Directors of the Chicago Area Real Estate Exchangors in numerous capacities including serving as President.

Steve routinely studies formulas, exchanging, financial analysis, and property management and has studied creative real estate techniques and strategies with
some of the most brilliant minds throughout the country. He is a long time member of the Chicago Creative Investors Association and active participant at the National Council of Exchangors, The Society of Exchange Counselors and numerous other marketing and educational organizations.

Steve has presented programs and workshops for Chicago Creative Investors Association, Lake County Property Investors Association, West Suburban Landlords Association, Milwaukee Real Estate Investors Association, and for the ValueHoundAcademy.

Steve’s presentations and workshops have included:

Formulas, Brainstorming & Problem Solving - The days of throwing money at real estate are over.  It’s no longer possible to solve today’s problems with yesterday’s solutions.  Identify the real problem, use effective ideation and brainstorming to identify possible solutions and then, take appropriate action.

Assessing the Situation - The facts and information needed for a successful and profitable deal.  Income and Expense analysis;  The Documents and Information YOU NEED to evaluate the offering;  The Documents YOU NEED to Close the Deal; Sources and Resources.

Real Estate, It’s About The Benes … That’s The Benefits!  Not The Benjamins - The Pros and Cons of Cash and Alternative Currencies; How Benefits oriented real estate transactions create a WIN for all involved.

How To Get What You Want … When You Can’t Sell What You’ve Got – Create benefits oriented real estate transactions that provide WINNING solutions for all involved.  “Selling the Sizzle” and “Buying the Benefits”;  Takers vs. Buyers; The Benefits of Barter; “Packaging” a Property for Disposition.

 

It should be a great meeting.  Hope to see all of you there.

T

What Can A Landlord To Do With A Tenant’s Abandoned Personal Property Under Wisconsin’s New Law?

May 10

Posted by Tristan R. Pettit, Esq. in Abandoned Property, Act 143 (Landlord's Omnibus Law) | 10 Comments

With the signing into law of 2011 Wisconsin Act 143, a landlord’s obligations with regard to a tenant’s abandoned property has just gotten much easier.

Prior to Act 143 a landlord had three options with respect to a tenant’s abandoned property.  The landlord could:

1.  Store the tenant’s abandoned property on or off the premises and take a lien on the property for the actual and reasonable cost of removal and storage of the property, or

2.  Dispose of the property if the tenant didn’t reclaim it within 30 days of the landlord sending the tenant written notice of the abandoned property, or

3.  Store the abandoned property without a lien and return it to the tenant.

Some landlords got themselves into trouble under the old law.  Some would forget to send out the abandoned property notice to the tenant.  Some would dispose of the abandoned property prior to 30 days after mailing the notice.  Others would refuse to return the tenant’s property unless the tenant paid up all past due rent (this is called distrain and was outlawed years ago).  If the tenant’s abandoned property had value sometimes these landlord would get sued.  In an effort to educate landlords about this law I even drafted an Abandoned Property Notice form that was sold at Wisconsin Legal Blank noting the 3 options the landlord had.

Wisconsin’s new law regarding tenant’s abandoned property is more simple.

As long as a landlord provides written notice to the tenant — at the time that the tenant enters into the rental agreement or renews the rental agreement – that the landlord is NOT going to store any of the tenant’s abandoned personal property, a landlord is allowed to immediately dispose of the abandoned property in any manner that the landlord, in his sole discretion, feels is appropriate.

There are two exceptions to the new law allowing a landlord to immediately dispose of a tenant’s abandoned property.

First, in the case of prescription medication or prescription medical equipment, a landlord must hold such items for 7 days from the date of discovery to allow the tenant time to retrieve those items.  If the tenant contacts the landlord within the 7 day period and requests the return of the medical items the landlord shall promptly return them to the tenant.  After the 7 days have passed, the landlord is allowed to dispose of the medical items in any way that he determines to be appropriate.

Second, if the tenant has abandoned a titled vehicle or a mobile or manufactured home, the landlord must give the tenant — and any secured party that the landlord has actual notice of — written notice of the landlord’s intent to dispose of the titled vehicle or mobile/manufactured home, personally or by regular or certified mail addressed to the tenant’s last known address.

So for those of you that want to avail yourself of this streamlined process of the key is to provide the required “notice” language to the tenant.  It makes the most since to simply include the required language in your rental agreement and any renewal agreement.

Below is the sample notice language that I added to the rental agreement that I draft for Wisconsin Legal Blank.

ABANDONED PROPERTY:  Landlord will not store any items of personal property that tenant leaves behind when tenant vacates, except for prescription medication or prescription medical equipment, which will be held for seven (7) days from the date of discovery.  If tenant abandons a manufactured or mobile home or a titled vehicle, landlord will give tenant and any other secured party that landlord is aware of, written notice of intent to dispose of the property by personal service, regular mail, or certified mail to tenant’s last known address.

Please be aware that if you fail to provide the required notice to your tenant then you will be required to abide by the old law and follow one of the three options explained earlier in this post.

It is important to note however, that this new law does NOT relieve a landlord of his duty to evict a tenant through the judicial eviction process if the tenant has not vacated.  A landlord should not just assume that the tenant’s property is abandoned and the tenant has vacated the unit.  A landlord still must make the very important (and sometimes costly) analysis on a case by case basis as to whether or not the tenant is still living in the unit or whether he has vacated and abandoned his property.  This new law does not prevent a tenant from suing a landlord for double damages and attorney’s fees for engaging in a self-help eviction.  All this law does is make it simpler and easier to dispose of a tenant’s abandoned property once the tenant has vacated the rental property.

 

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