All Forum Posts by: Corina Eufinger

As for legality, consult your state laws. It would generally be labeled as misleading to include non-living spaces in the sq ft of a property. A finished basement is a living area of the home. Attics, garages, and decks/porches/patios shouldn't be included in sq ft.

always do your research prior to making an offer. Researching before contacting is a personal preference. Be sure you know your end game before contacting the owner. Are you strictly wholesaling? If so do you have possible purchasers lined up? Are you prepared to assume ownership if you are unable to wholesale? Any idea on the ARV of the property? Have answers to those 4 questions for your own preparation before jumping in head first.

The lack of gutters and downspouts can be a concern for soil erosion and possible unit flooding. A gutter serves to divert the rain to one direction and keep water from traveling down the roof through cracks in the door frame, weatherstripping or siding. The downspout diverts all that water away from the building so it doesn't cause foundation related issues. Diverting the rain water at least a few feet away from the building is in the best interest of the property.

Congratulations on your deal! Hopefully West Allies turns out to be a fulfilling opportunity.

you can only keep the security deposit in accordance to the amount of tenant damage to property and back rent or late fees.  You cannot charge for normal wear and tear or carpet cleaning. Nor are you entitled to keep any additional security deposit because they broke the provisions in your lease. Be sure you do some research on your deductions before you complete it and make sure you are in compliance with 704 and 134 in Wisconsin law.

It seems you may be inexperienced in being a landlord, I recommend you join a local landlord association and start taking advantage of any classes or training they offer. You don't want to make a costly legal mistake.

In Wisconsin the rule of thumb is 2 people per bedroom unless municipality has something different. In the even of studio, it would be still fine to have 2 people. If you were go raise her rent because of the visitor it would have to been outlined in the original lease ddocuments. You maybe able to  have her sign an addendum stating that she agrees to the amount and the duration of it. I cannot say it would hold it would hold up in court though if it ended up there. The particulars of this are too numerous to me ton here.

Welcome to BP! I invest in SE Wisconsin where I also manage other people's investments. You will find many networking opportunities here. Good luck in your business!

Hi Michael,

Welcome! Glad to have you here. Be sure to take advantage of the tools and education available here if you haven't.  I've recently started acquiring the books and found them a very good overview of the subject. Never be afraid to ask questions on the forum, there are some very experienced people here. 

It all depends on your style. I have my leasing agents ask only 3-4 questions prior to the showing:

Do you have pets?

When are you looking to move?

Can you pass a standard background check?

And if applicable to the property, are you rental assistance?

You may be scaring people off that may otherwise be good tenants not because of appearing like a scam but because the person may feel intimated. They have items in their past that don't look good on paper and are better explained in person.

Just like buying a car, people don't like divulging pay information until they've seem the product and decided its something they want. Its just a very personal thing to divulge off the bat.

Lastly, my one big recommendation is to remove the bed bugs question. I know it serves a reasonable purpose but it screams to prospective that you are concerned about bed bugs because you have or had them. Its sending bad mojo.

Congratulations Cody!  The organizations i participate in are the Wisconsin Apartment Assoc and Lake County Property Investors Association (an IL group but informative and very active). There is also an investor group out of Waukesha County also.