All Forum Posts by: Corina Eufinger

I think Janesville is a great market for MTR. I could also see there being a larger future market for STRs. An MTR market at Janesville would work well with the larger medical community here and in Madison, (Traveling nurses!) plus visiting executives, etc for the other employment there.  As far as i know Janesville doesnt any local restrictions on either type of rentals currently.

There's a really good CPA who is in Wisconsin but runs his business online. Daniel Hyman runs "myonlineaccoutant". I use Marty Hartwig out of Pewaukee. 

Brew City is very good for Milwaukee!! (Find them on FB)

Kenosha/Racine used to have a really good investor group but I haven't seen them post about meetups for close to a year now.  Those were really good (Southeastern Wisconsin Real Estate Investor Group on FB if so inclined).  

@Chelsea DiLuzio Welcome to our little Wisconsin Community on BP! Milwaukee County is a very diverse market! There's good areas and then there's..not so good.  You definitely want to familiarize yourself with the city and county regulations regarding Fair Housing and rental properties.  I'm not saying this to deter you, but there are some additional regulations I think everyone needs to know before they jump in. 

I'll shoot you a DM as I am agent and such that works in the Milwaukee area.  I'm also an investor but not in Milwaukee. 

@Zoe Brennan Welcome to the Wisconsin BP Community! To get exposure as a real estate agent see if any experienced agents in your firm would allow you to assist with open houses or handle buyer referrals for them. (Agents like to keep listings, but they might send you buyer leads since they take up more time.) You may be able to find some freelance work assisting a real estate investor in the area by getting your hands dirty.  This would give you the knowledge and also $$ for that downpayment as real estate agent work starts out slow. Please free to reach out and chat!

I don't think it can be overstated that you need to speak with rental owners in the specific Housing Authority the properties are in to see how the housing authority operates.  Even within a state, the experience can vary dramatically.  Here is an example from Wisconsin. Racine and Kenosha Co are side by side but their housing authorities couldn't be more different.  Racine is difficult to work with (No direct contacts just general email and voicemail inboxes) but Kenosha is very responsive and easy to work with. Some states have housing authorities that are more landlord-friendly (i.e. holding tenants responsible for damages or cleanliness v landlord).  

What do you mean by integrate?  (I don't use Simplifyem but maybe more detail may gain more traction for a response?)

I am the Chairman of the Wicosnin Real Estate Investors (formerly WAA) we do the lobbying on behalf of the Wisconsin landlords at the state level.  There is NO exception for a 3rd party service that costs more.  The law states:

"a landlord may require a prospective tenant to pay the landlord’s actual cost, up to $25"

https://docs.legis.wisconsin.gov/document/statutes/704.085(1... states that the most a tenant may pay in Wisconsin is $25.  There is no exception accounted for in the subsections or linked sections that changes the meaning of that statement. 

You are in violation ATCP.  If the Attorney General gets a complaint they will likely fine you.  If a tenant sues you, it's kind of up to the judge but I also see them siding with the tenant because it is rather black and white. 

Class action lawsuits are a big thing in Wisconsin against landlords right now.  They are going for bigger fish than you (I think) but this would be an instance of something that opens the door for that for you.  

Laundromats and carwashes have gained popularity exponentially almost in the 6 years.  With Laundromats the the machines are your money maker (I know duh, but hang with me).  When one machine goes down you start losing money in a small way.  Then it really grows with each additional one.  All this to say your repair partner is going to be crucial to your success.  You need a repair partner who can get out immediately and has quick access to replacement parts (if not already in stock).  A laundromat with 3 or more machines down is a bad reputation to have.  Laundromats that are next to (same building) or attachedwith an access door to a coffee shop, cafe, etc are the best ones to get. You will have a leg up on the competition where it's a stand-alone.  (Of course, you are less likely to own the building then.) 

Coin jams are going to be your second biggest headache unless you invest in those fancy ones with tap-to-pay but those cost a pretty penny. I knew someone who owned one and he went every other day to check for coin jams. Get familiar to taking apart those receptacles so you can handle coin james yourself.  If you are waiting on a repairman for those as well general repairs its going to hurt your profit and your appearance. 

Delevan is a market where you will have to look at surrounding markets like Janesville, Elkhorn, and Darien to get your comps and rent information.  I'd start with Darien and Elkhorn first.  I wouldn't use Lake Geneva because with its tourism its in a league of its own in that area.