All Forum Posts by: Clare Pitcher

Quote from @Marcus Auerbach:

This brings back memories! 

My first live-in flip was a distressed 3,600 sqft home, shockingly not old just built in the 90s, but totally shot. I thought my 140k rehab funds were plenty, but I found out the hard way that it would really take $50-$60 per square foot for the interior. 

You do the math.

Plus all the the exterior projects: new siding, new roof, building out eave returns and soffit overhangs to fix the poor curb appeal, un-converting the attached garage, driveway, retaining walls, the detached garage, 144 truckloads of fill to create a front yard, landscaping... 

So outside of licensed electrician, plumber etc I ended up doing as much as possible myself, 5 hours every workday night and sun up to sun down on weekends.

Looking back this was a huge adventure for me personally, it took me 2 years, I learned a lot and it made me a better investor. I did it, because I had no choice, but I would not recommend it.

The pictures below are all (young me) me, including the guy inside the septic system.

 Wow!!! This looks amazing, what a journey!

I currently work for a property management company that specializes in 1-4 units, but I previously worked for a company that specializes in apartment buildings. The main difference is that in larger buildings, you have to manage the tenant relationships a lot more. Additionally, buildings typically have a younger demographic whose parents reach out on behalf of their children, so most of my time was spent managing the parents of the tenants versus the actual tenants. If I were you, if you have a larger sum of money to invest with, I would stay in the 1-4 unit range and look more in A or B class areas that won't need much maintenance or management. 

I recommend GC Realty and Development!! The people that work there are awesome. 

I like long term rentals because there is much less turnover and you can time the market a little better. You are able to have a guarenteed tenant for at least 12 months. With short term or mid term rentals you risk vacancy, especially in the winter since it gets so cold in the winter. It all comes down to your goals for the property, but I think the most important thing is to buy in a good area that will attract good tenants no matter which type of rental you pursue!

Hi Brooks, I think that an MBA would be your best option if you would want to eventually run your own business. Otherwise, some in Finance/accounting would be very useful. Love all the goals you have!!

Hi Paul, 

I completely agree with this strategy, slow and steady wins the race. Real estate is not a get-rich-quick type of deal if you want to have quality properties with quality tenants. Good things come with time and it sounds like you have some good things coming! 

Quote from @Matthew Becker:

I am curious are you doing this mostly in Milwaukee.  My brother is in Milwaukee and invest with me in Idaho but does not own any rentals there.  I grew up in Platteville and my sister is there an has a 20 doors.  That little town is a good place to invest.   It is just to far away for me but if the numbers are good in Milwaukee I would have my brother do that.  He is about to retire and is going to need something to do so he does not go crazy.  

Hi Matthew, I work for a property managment company in Milwaukee that assists many out of state investors. It Milwuakee is an area that you are interested in, but location is the problem, we would love to help you out . Reach out if you have any questions or would like more information!

Quote from @Tim Ryan:

I'm going to start one soon in Racine. I own property there (16 buildings). Looking to connect with locals as I live in Los Angeles.

 Perfect, let me know!

Quote from @Rebecca Knox:

Brew City REI Club/Brew City REI Training Cafe & Wisconsin Contractor & Handyman Club meetups :) ....just a group of people investing in real estate in SE WI and we love it and want to help each other. These aren't businesses operating for profit or another revenue stream or pitch fests--we like to call it a hobbyist club---people who love real estate.

See you tonight!

Love it!!!

Hi David, 

Great question! This can be tricky. I use several different factors when running a rental analysis. We use two sites that help us navigate the market rent, Rentometer and RentFinder. I then look at similar properties in the area that my company currently manages and how much we were able to rent them out for. Finally, I look at similar properties on Zillow and how long they have been sitting on the market at that rate. I take into consideration amenities, appliances, bed and bath, square footage, location, and any renovations. Finally, I think of the time of year as it is much harder to lease a property in the winter, so you may want to post for slightly under the market rent to avoid vacancy. We always have a proactive plan for leasing once we post the property. If the unit is not leased after 10-14 days we consider dropping the rent or adding a promotion. Let me know if this helps and if you have any specific questions!