All Forum Posts by: Tyler Haanen

Thanks Marcus for the incredible value you provide with these market update videos. I hope you enjoy making them as much as your viewers (including myself) enjoy watching them!

@Mat O'Grady Yes I have seen that. I also got them on the phone to talk a little further about it. Now I am actually getting to see what applications look like from actual people searching for a place on furnished finder in my area. All without a financial commitment so definitely worth doing to see what types of travelers are in your area.

Historically in Milwaukee, you should be able to find better deals in fall/winter IN COMPARISON to spring/summer. There is less competition for that same reason you mentioned, no one LIKES to move in winter. But, people still do.

Depending on what you're looking for, your few months of owning the property could be used to fix up the property, if you end up getting it in the middle of winter. Then by the time your rehab is done, spring should be right around the corner. Of course, that depends on the length of rehab as well.

@Kevin Sobilo Thanks for your reply, I am trying to do some more research and remove the fixtures from the bid. My least favorite part of finding and getting quotes from contractors is having to meet them all. Is it bad form to send other contractors this description of the work and ask what they would charge for this, even though they haven't seen the property?

Its just so time consuming to meet every single one trying to learn what sounds reasonable or not and also it just delays getting the work done. 

Thanks again.

Good morning everyone,

I just wanted to get a quick opinion on the quote I received for some electrical work to be completed in my duplex:

Furnish and Install (2) new bath fan/light combos. Downstairs - add new switch and connect to existing venting. Upstairs - add new switch and install new venting and roof vent kit. Materials included in quote.
Remove old lights and install (7) customer supplied new ones.
Remove (1) old fan and install customer supplied new one.
Install (1) new switch and outlet for dishwasher.
Run new wire up and install (1) new box for range hood.

Drywall patching and painting to be done by other contractors. (My demo will be completed before I bring my electrical guys in).

Total for all the above is quoted at $3,750. Again, it includes the materials for the first line item completely. He told me it would be two guys working over the course of two days. How does this quote sound to the rest of you? 

I appreciate your thoughts and opinions! Thanks.

Hi all,

I was considering pivoting my property into a medium term rental for traveling professionals. I am curious how some of you may have tried to determine the demand for that kind of housing in your particular area? What sort of research did you do to “prove” the concept before pulling the trigger?

Anyone doing something similar in Milwaukee, WI? Or other similarly sized Midwest cities? Would love to hear your experience.

Hey Brian. Depreciation will still be based on your original cost basis (original purchase price). Refinancing doesn't restart the depreciation schedule. If you have made other capital improvements between when you bought it and now, then those would be on their own depreciation schedule, and you may have some left to depreciate still (like a roof replacement, those have a schedule of 27.5 years as well).

 Hey Marcus when you say roughly 30K for each unit, what type of quality are you talking about with regards to the improvements you make? Type of flooring, cabinet quality, appliances etc. You can be as general or specific as you like, I am just curious :) I understand it can be neighborhood dependent, but also personal preference. 

Reason I ask, is I am finding that rehab estimation is my weakest skill right now, and I am trying to figure out the best ways to cultivate it. I also will be doing some rehab on a property soon.

These are super valuable. I have been watching every month this year. Thanks for the time you put in on these!

@Rebecca E. I have my final walkthrough this weekend and close on Monday. I plan on self managing since I'll be owner occupying. I'll let you know if I see something interesting near that location. I am always looking at the MLS. Any reason why that area if you don't mind me asking?