All Forum Posts by: Corina Eufinger

Come to an informal meetup of real estate investors in the Watertown area.  Whether you are from Oconomowoc, Johnson Creek, Beaver Dam, etc please come join us.  Network with other people and swap stories.  

We will meet in the backroom of Literatus bookstore on the corner of 4th & Church in Watertown. 

I love that you are doing Uber and Lyft to pay the bills because I just discussed in a small MM group last night how doing those types of jobs are like being paid to "drive for dollars".  You get to see neighborhoods, buildings, etc. Awesome!!! A great way to supplement your career!

Here's my two cents....first I hardly ever waive an inspection on a property.  The only instances I do is when I feel comfortable with my 25 some years of knowledge that the place is very well maintained.  If I haven't seen all the units, I never waive the inspection.  

It is in your best interest to get them on your leases ASAP. However, in Wisconsin, you are bound to the current lease terms until expiration and you can issue a new one.  You need to check their existing leases to see if it includes a provision for notice of renewal or notice of changes after expiration. (These usually apply to leases still going through their original term.) If they are MTM you need to give 60-day notice of changes. (This gives them time to issue notice to you if they are choosing not to stay. I.e. you can give them a rent increase on February 1 effective March 1 because they don't have time to give you proper notice to leave.) Every contract I write has a contingency for having the leases (or estoppels) provided in 7 days.  Review those leases because as soon as you take over you are held responsible for those clauses even if you didn't draft them.  I.e. If you find a lease clause that states no children on the 2nd story apartments, issue a unilateral notice of the amendment to remove that clause from the lease.  Even if someone is MTM I still advise issuing a unilateral amendment to alter an illegal clause ASAP.  

I like scheduling occupied inspections within 30 days of purchase.  First it gives you a baseline of how tenants might normally keep their units (when owner isn't actively trying to sell).  Second, it establishes your authority.  The first 90 days are critical to establishing your authority over these tenants. The bad eggs will try to take advantage of you early on in small ways and see how you will react and how far they can push you.  Don't like it happen.  I highly recommend being very tough in the first 90 days, and then if you choose slowly loosening up after that.  Be strict on rent deadlines, late fees, rules, etc.  

I've found the Lake Country as a whole doesn't seem to regulate them too much. I saw that the Town of Summit and City of Delafield have some regulations. Another choice may be Sun Prairie or Hartford. 

Congratulations Jason! That is a very unique deal. Glad you were able to take advantage of the opportunity!

Brew City REI is a great group to join. Southeastern Wisconsin Real Estate Investors Group on FB maybe another one (if you are looking at Racine Co or Kenosha Co). Mitch Ferraro of the SWREI has recently gotten into STRs (though purchasing in TN). There are a couple of groups as well dedicated to circulating available deals which you may want to consider joining on FB.

@Stephanie Gledhill I'm not familiar with Zillow Screening to be honest so I cant offer an objective comparison.  I find SmartMove to be quick in retrieving reports 95% of the time.  It gives me a criminal, eviction, credit, and I believe sex offender check.  (Sex offender only comes into play for properties I manage very close to schools.) I believe it's $25 and the applicant can be required to pay it online before submitting the app. 

Sheboygan is a good market for long-term rentals.  It's a growing market in the state that's gaining traction.  I'd definitely check it out.    Let me know if you have questions!

Sheboygan is a good market but it has regulations on minimum days per booking and maximum rentable days per year. Markets in the Lake Country area are strong as well (Hartland, Delafield, etc).  Eagle River, Door County are good places.  The Dells as well but that has regulations, at least a permit system in place.