All Forum Posts by: Corina Eufinger

Looking for recommendations of best electronic locks (coded entry) that also have key access. LTR, code only for my access as owner. Not for tenants.

Welcome BP Jalen! This a great community. Very helpful and engaging. 

You do need to close before the auction happens is my understanding.  If it is not that date, then for sure it would be before the Court confirms the auction sale (that is usually very quick after like a day or two.)  

Don't get too focused on the cost of WIFI in an STR, focus more on quality. Service outages, speed, etc. You don't want guests who complain about internet service on your reviews. Good solid internet for streaming is essential these days for STRs. Getting a router from Best Buy is a good idea as this will be with streaming signals. Its good to get one that you can be reset remotely in case it needs to be reset for guest.

Looks like Lake Delton has quite a few steps to becoming STR business. I would certainly look into this as they seem to be some of the more complex I've seen. They also require annual licensing so be sure to include that in your operating costs.

@Pat Griffith Welcome! We're glad you joined our community.  In Wisconsin the Rock Co area is a good market right now.   Outside of WI I've heard some good things about Okalahoma. Specefically Tulsa area as well as a few other markets. 

It would make sense while you are doing all of this work to also maybe look at installing an individual heat source for the upper unit giving them control over their own unit temperature.  Often times a thermostat that is out of the tenant's control can be a big deterrent.  

Beyond that, a lot of what has already been is true.  It depends on how long you plan on keeping the property, what your average utilities costs are in comparison to rent, etc. 

I have had tenants that consistently paid later in the month.  I've just approached it as being very cognizant of when they usually pay and monitoring it. If they always pay between the 15-19th, on the 19th I'm harping on them to pay or issuing the legally binding delinquency notice.  I never let it go into the next month without issuing that legally binding notice.  

It's hard to incentivize on person to pay rent quicker.  Usually, the late fee is meant to do that.  This likely means your late fee is too low in proportion to rent.  I.e., if rent is $1150, $50 isn't really a deterent. But $50 on $600 is a deterrent.  Depending on your statutes you could switch to a "per day" late fee. It's a flat amount charged per day that rent is late.  It's usually $5 or $10.  You should change it for all tenants if you do, Fair Housing and all that jazz.  You could only do this at renewal time though.  You can't do it mid term.  

I wouldn't do cash for key in this situation.  I would just go the normal route of a legally binding notice and eviction. If I were at my breaking point I would issue that notice as soon as the grace period allows me to regardless of when she normally pays. If she is not ona term lease you can just issue a non-rnewal in complaince with your state statutes. 

@Marcus Perleberg

Zach Starnes is a great local Milwaukee lender with a lot of different products.  I can send you his contact info if you like. 

It sounds like you need a local coach more than anything right now.  You need to be sure you are doing this properly since it is your first one.