All Forum Posts by: Brian Tisler

Hi Amanda- I was thinking about switching one of my long-term rentals into an Air BNB and stumbled upon your post.  Hopefully you found your answer by now, but I was just curious how successful the strategy you were talking about is? I live in an area that has a lot of big events and one in particular brings thousands of people to the area for a week.  I've been trying to think how I could capitalize on that opportunity and this strategy might be a start.  Thanks!

Rent is $750+$50 with pet 

#1- married couple, she makes $17k per year, he is unemployed.  However, they tell me they get an additional $30k annually in August and $900 from a lawsuit, but no documentation to support it except screenshots of banl deposits.  No references listed on application and when ask about prorating Nov to start on the 15th, they said they could, but wouldn't have deposit until Dec 1st.  Current landlord said twice paid late.

#2- single person makes $25k annually, same job for r years and can provide first months rent and security deposit at time of signing lease.  However, they are trying to find a sublesselor to take over their current lease.  They live in a duplex and wants more privacy. Current landlord states has laid on time.

How long can I wait for #2 to find a sublease or should I just flat out deny #1 right away?

Any advice would be great

Joel - being nee to this area, can you explain what you mean by "how much to grade an acre and entitlement costs" mean?

John- thank you for the feedback.  I have zero experience developing, but I think it would be an interesting direction to go.  I feel anything I don't know (which is a lot..lol) can be learned.  I have read some of Scott's previous posts and you are right, he definitely does seem like a wealth of knowledge in self storage and I'm going to look into that class.  Thanks again!

I'm interested in potentially getting into the self storage realm.  My question in regards to that is what formula or numbers can I use to make sure it would be a sound investment.  I'm having a hard time finding commercial land at a reasonable price that would make building a storage facility a profitable venture.  I guess my main question is, if charging $60 per unit, how many units need to be built and how much per acre can I pay to make the number's workout after all the overhead?  Thank you in advanced all you self storage aficionados!

Anybody know of a good(real estate experience needed) CPA in Oshkosh or Appleton, Wisconsin that can advise me on how to best operate in 2017 to maximize my 2017 tax benefits/breaks.

Also, I forgot to add the current owner had to pay a street assessment recently of about $5k, so the street and sidewalk are relatively new.  

Roof was replaced in 2008.  The furnace is definitely old and might need to be replaced, that will be decided upon the home inspection.  I am not sure I will be able to brrr any time soon as the tenant plans to stay indefinitely.  So in your opinion is a Section 8 tenant worth the lower return for more of a guarantee?

So this is my first deal, I don't have a mentor(trying, but haven't found one) my family nor friends are real estate investors, so I don't know who better to run this by than BP nation.  So the home in question is an older house(built pre 1920) with a good looking foundation.  It's 2 bed, 1 bath only 700 sq ft.  It currently has a section 8 renter paying $610, which can be increased 3% annually.  City assessed value is around $50k(which I feel is kind of high, Zestimate $47k), original asking price $45k, after going back and forth, final offer is $41,500.  Taxes are about $1,200 and insurance around $500.  The negatives: the 2% rule is definitely broken and ratio that the banks use for funding would require about $10k down to get financing.  The positives: the house in a decent neighborhood with homes in the $60k-$80k range(but this house is much smaller at only 700 sq ft- maybe get it to $60k with putting in $5k-$10k) and the fact the rent is pretty much guaranteed since the it's a section 8 renter.  I feel like the fact the rent is kind of guaranteed is swaying me more than it should or is it really a great plus?  The tenant did say he never wants to leave too. lol... So with that said any advice would greatly be appreciated!! Thank you Thank you!!

Thank you Sue Kelly, that is great to know and something worth looking into. Thanks again for taking the time to reply!

I just filed my LLC name on the WI One stop business portal website which worked really slick and supposed to be really fast and was cheaper than a lawyer filing it for me. Anyway, someone said that I couldn't have Realty in the LLC name without have a real estate license, does anybody know if there is any truth to that? I hope not or count that as mistake #1 before even buying my first property..

Part 2- my realtor suggested if I still want to put in an offer before my LLC is established, I could easily do so and just do an amendment to switch it from my name to the LLC's name, is that true/a good idea?

Thanks BP nation!!