All Forum Posts by: Corina Eufinger

Yes there are quite a few wholesaler-friendly title companies in Wisconsin.  What market are you eyeing? 

You can also try getting a DSCR loan. Its not uncommon for entrepreneurs to use this type of funding because its focused on the cash flow of the property you are buying rather than your financial income. You don't have to submit proof of income or tax returns for yourself. If you don't need an injection of cash for rehab up front this might be a good choice for you.

While many people have pointed out that obtaining that cash flow level will take a large number of deals with SFHs or duplexes...it should also be pointed out that the supply of large multifamily units is much smaller. I.e. a medium-sized city has 145 SFH/duplexes for every 10+ unit apartment complex. You will have more competition on fewer assets. I believe large multifamily are overrated as cash flowing cows. Apply the adage of "more units in a property=more cash flow" is a little short-sighted here. Yes, you have more units BUT you also have more expenses including ones that you wouldn't have with a SFH or duplex. Then there is abstract financial expenses such as more turnovers. Typically people will stay in a SFH or duplex much longer than a large apartment building. When I managed a 68 unit there were at least two turnovers per month. You could have a portfolio of SFHs that is units and likely halve the vacancy rate

Most midwest states are considered opportunity states with a few exceptions.  While I may be partial to Wisconsin, I would also recommend checking out Oklahoma, Indiana, and Iowa. Build a good solid system locally by getting recommendations from veterans here.  A solid system is crucial with OOS investing. 

You were likely given a credit on your closing statement.  That constitutes you receiving the tenant security deposits. I do suggest you match up the leases to the closing statement to be sure you were given the right amount. 

@Jamie Mccluskey You must have a few target areas you are considering.  Where are you looking? 

Joel is correct. You only get to pull out on equity you have. Since you don't have as much as you think, Joel is also correct that the best thing to do is do another owner-occupied loan to get your next house. I would recommend getting another SFH that you could turn into a rental when you move on in 2-3 years. You can still get one bigger than your current home but choose one that can still be made into a rental. Some people are going to say that any SFH can be made into a rental but I don't believe that to be true.

Come join us for our inaugural meet up in Watertown! Mingle with investors, make new connections, and be in on the ground floor as we work to rebuild this group to better serve investors in and around Watertown.

Be sure you study up on the regulations in Dane County and the City of Madison. Both entities are known for the amount of rules and regulations on rental investing. These regulations cover everything from notices, rules, screening, etc.  So definitely do your homework!

If the lease is MTM you need to give a 28-day notice (named for obviously the shortest month in the year).  It's a common courtesy to give notice BEFORE the 1st of the month regardless of when the month ends.  I.e. If giving for December it wouldn't be advised to give it December 3 just because you can given the name of the notice.