All Forum Posts by: Corina Eufinger

Both markets are active. Figuring out which is best depends on what your goals are. Kenosha is more expensive than Racine because Racine has a lower a socioeconomic class overall. Familiarize yourself with the neighborhoods to be sure you are investing in the type of neighborhood you want.  Be aware that generally speaking Milwaukee Co and the city will have more red tape for rentals than the other markets you mentioned. 

feel free to DM me. 

Lake Geneva tends to be fairly strict with their STR rules. Mostly because they have a lot of resorts and hotels that work to "lobby" the municipality together and keep Airbnbs to a minimum. Lake Geneva has a license requirement for Airbnbs which will make it difficult to skate under the radar. Also keep in mind that at least the time I read the rules an owner had to reside within X number of miles of the city and if they didn't they had to hire a local PM. Not sure if this has changed in 3 years or not.

I would consider looking at Door County or the Lake Country area instead.  

For new appliances I prefer Grand Appliances.  For used, I go with AP Appliances out of Racine. They do deliver to Kenosha as well. 

I would follow the regulations.  The fines aren't worth the risk since in most cases they can be pretty hefty.  

There are a few markets in Wisconsin that don't regulate STRs as closely as some other ones do.  In fact there are still a few places without any laws on the books pertaining to them.  Most commonly you will find a limit on the number of days a unit can be rented out total through the year and there is usually a minimum/max stay length.  I.e. 3-21 days anything over 21 days in some municipalities defaults to a long-term tenant (totally different set of rules).  

It isn't unusual to sub out.  However it should never be something that increases your cost and the GC is still on the hook for the quality of work.  Meaning he better trust the people he is picking to replace him. 

You only need to give what is legally called a 28-day notice (which only applies for February).  If you want them to vacate on July 31, you need to give them 31-day notice.  The law stipulates "end of the rental period" which would be the last day of the month regardless of the number of days. 

Keep in mind judges want the tenant to have it in their hands at least 31 days prior to when you want them out.  Mailing it on June 30 won't cut it because they won't receive it until likely July 3.  

You do not have to give a reason. Never give a reason, giving a reason can open up a lawsuit as to why the tenant believes your allegations aren't true. 

Get yours in the mail tomorrow or Saturday.  No later than that I recommend. I am getting mine in the mail tomorrow. 

I recommend Daniel Hyman. You can find him on BP.

Cash out refi by far is the best option. You can go with a national service company or find a local lender in Wisco. Be aware that some local banks even for a refi won't lend to out of state owners. You can still find a local one but you'll likely get a few no's in the process. 

Hello Fellow PMs,

For years I have operated under the following parameters with owner draws from our RETA: 1) One only draw per month 2) Reserve amounts of $300 per property (dupes and SFH). I'm beginning to feel like these standards which I learned in the 90s maybe aren't as applicable anymore. It was explained to me way back when I was an intern at a PM company that it was based on needing money to pay expenses without having to wait for checks from tenants (or owner contribution) to come in and as well as the time it took to issue manual statements and checks. Now that rents are exclusively done ACH and owners are paid that way as well as statements being emailed (or available immediately for preview) it seems rather old school. Am I correct in that?

If you do bi-monthly owner draws, how do you handle how much $ to disperse independently of the reserve?  Do you issue only a % on the first draw, then the remainder at the 2nd one?  

When are you typically doing bi-monthly owner draws?  I was thinking the 10th and then obviously the last one would fall after the month was closed.

What reserve do you require? I know this varies by property size but speaking for duplexes and SFHs, what reserves are you maintaining?  Do you ever cap it?  Say if a client has 9 SFHs with you do you cut off the reserves at...$1100?

Thank you!

If the nearest city is declining in population it is considered a more risky investment. If the population is declining it will begin to affect employment opportunities. If its a mostly blue-collar community (meaning factory, janitorial, industrial jobs) then it will likely face bigger future population issues as people go where the jobs are (maybe not necessarily with white-collar jobs due to remote work increase but it would have to be stated that the newer generations aren't interested in suburb or rural life as a whole so unless work is bringing them there, they aren't coming there).  Here's my requirement for investing (if I'm looking for immediate returns): increasing or steady population, in an area where there are more than 2 medium to large size companies within a 30-minute drive, and has a median income that can support the type of property I want to operate.  

It sounds like possibly that area might be more useful for Airbnbs that over a "remote northern woods retreat" or something to that effect. If you can capitalize on the outdoor or cabin life theme you could turn it into a decent Airbnb depending on a few factors that aren't covered in your message.