All Forum Posts by: Casandra M.

@Andrew Neal - Hi Andrew - We live in Wisconsin and actually had tenants move in this past year from California. They moved here with the intention of renting for the first 1-2 years while trying to start up their own real estate portfolio in a more affordable market. They felt too under the water in California and could barely pay for their school loans while living with their mother and pretty much didn't have a real chance to get into real estate while living there. Sounds like they are moving along pretty well in their research (they've been here less than 6 months, so haven't closed on anything yet). 

You are close enough to Madison (a nearly over-saturated self-storage market) that it could go either way. I suggest doing some market research and calling around to check out rental rates and vacancy rates for different sized units. Utilizing the space as boat & ATV storage could be lucrative in that area.

Are you looking to invest in the US? Definitely get your finances ready and in order before you pull the trigger on an offer. This would include understanding how much a bank will lend out, and researching local rental rates and neighborhoods.

We've had pretty good success with the 2 BRRRs we've done so far. We do the majority of the work ourselves though, so I think our experience is a bit different than others that contract all the work (gives us more wiggle room on price and equity when refinancing). 

Hi Terry - 

We have both Section 8 and non Section 8 as well. @Corina Eufinger makes a good point that the Section 8 program varies greatly between states. If tenants don't pay rent, at least you still get the Section 8 portion... I'd rather get 70% or 80% than 0% any day. 

On the other hand, our section 8 experience in south central WI is that the sec 8 tenants are used to being offered "cash for keys" from the landlord to avoid eviction, and as such, don't take the threat of eviction seriously, but that is due to the many "slumlords" and larger issue of bad management with the local landlords. Beyond rent not getting paid, we've seen the effects this has had on tenant upkeep of the properties as well.

 I completely agree here. For new tenants, we will send 1 reminder on what the late fee policy is, if rent is late for the first time. After that, we send out an invoice for the late rent fee and leave it at that. We also never pick up rent in person - it must be sent to a PO BOX - if tenants don't have a checking account, they should understand the concept of money orders. 

Setting strict standards up front sets the tone of what they can and cannot get away with.

 Just keep in mind what your end goal is with your properties. We personally manage our properties (includes Sec 8 units) because we couldn't find what we felt were responsible property management companies in our area, even though our area seems to be dense in property managers. I've personally found that the learning curve is much shorter as a new investor, if you are willing to put in the work to understand your local laws and tenant/landlord rights yourself and manage your first few properties yourself, before transitioning to a property management company. This would allow you to better understand what you find acceptable while running your RE business. 

Keeping in mind that this advice comes from someone who doesn't necessarily trust property management companies or the quality of their services. 

Many people are correct in that they are most likely yours to keep, however, you need to consider the implications of the gun's history. You can't be sure who had access to that gun (beyond just the previous owner that left them behind) or if they were  used in a known or unknown crime. 

Contact the police and turn them in. If you are interested in keeping them, ask the police if there is a clearance period at which point you can pick up and keep the guns after registering them under your own name. If you do keep them, I would also advise taking them to a gun shop to get checked out for safety to ensure they are actually in operable and safe condition for use. This would be especially important if you do get them back and decide to sell them. 

Wisconsin Legal Blank site has a great landlord handbook that is up to date with current laws you should be aware of, and gives specific examples of court decisions on what night seem like grey areas. Never assume something is the same on all 50 states. Wisconsin just passed updated laws on service pets and rentals...there are some great sites you can use via googling that outline exactly what the updates are.

What area of Wisconsin are you purchasing in?