All Forum Posts by: David Butler

Wow, this question is wide open.  Do you have a general contractor?  If not, I might start there as they will already have the answers to your questions.  You will pay them for their expertise, but with such a high price tag, I don't know that I would take the role of GC myself and hire my own subs.  Should you decide to undertake the role of GC, before your break ground, you need to select all of your subs which will be required to get the building permit.  One sub may be able to refer another as they all need to work well together.  You also need to at least talk to the electric and gas company to find out their processes.  You don't need them today, but will shortly so it is best to have them lined up. In general, the order should look something like this:  excavation, inspection, footers, inspection, foundation walls, damp proofing, drain tile/sump pump, inspection, backfill, plumbing (if you are putting anything in the floor of the basement like a stub for bathroom, drain, etc.) Are you connecting to city sewer and water?  Well/septic? This has to be hooked up.  Pour basement floor (assuming there is one.) While this is all taking place, you need to get your wood package including floor trusses or iJoists there so you can start setting once you have the concrete floor poured.  iJoist/floor truss set, subfloor, exterior walls with sheeting and wrap.  1 story?  2 stories or more?  Keep going up.  In WI, house has to be under roof before the electric service main can be added.  Interior walls have to be added but each of your subs will know their process and what needs to be done before the next step.  I have probably missed tons of small decisions that needed to be made to be on schedule hence the recommendation for a GC.

I don't think this is an ethics question.  Unless you are cheating the system (lying), you are following the rules set up.  Every single person wants to pay as little in tax as they can and if the folks who write the tax code give you the ability to use it, it is perfectly legal (and therefore no ethics questions) to do. Hearing the president and congress whine about the rich not paying their fair share is ironic as they are the ones who decided how much the rich should pay.

I found a 32 unit apartment complex (16-1/1--$500/month and 16-2/1-$550/month) that is enrolled in the USDA Rural Development Low Income Housing Program until 2035.  The complex is listed for $675,000 and this price comes from each apartment being valued at $90,000X32=$2.8 million discounted 76% for the number of years in the program.  Buyers will assume a 100K loan and must bring the remaining $575K to closing in cash as no additional loans can encumber the property.  Here is the kicker:  The complex needs to be managed by a USDA approved property management company who collects all rents, performs maintenance and upgrades and in general runs the property.  Owners will collect $3,925 each year--thats it.  This return is .68%--you can more than that in a money market account.  I am assuming the carrot is that you will get the property in 2035 that will be worth is market value then and in essence paid $675K for that but made nothing in the meantime.  Does anyone know about this program and could explain it?  What would have this deal looked like day 1?

Good luck Adam.

You might consider Powers Lake (which has multiple lakes) or look to Linn Township or Lyons Township--anywhere outside of LG proper.  You do not have to get far outside of town to get outside of the city limits.  The Grand Geneva on 50 is in Lyons Township.  If you want a lake, look to the Powers Lake area which may be either Burlington or Bloomfield Township (Genoa City mailing address) or if you want to stick to Lake Geneva, look towards Lyons or Linn Township but parking when going to town in the summer is the issue.  My two cents and probably worth what you paid for it...

Hi @Chauna River Gibbs.  I live just outside of Lake Geneva and can tell you that the city does not like AirBnB.  It use to be the wild west a couple of years ago but not they have tightened up rules, fees, inspections and the actual area that it is allowed.  You are reading this correct, Lake Geneva is not super friendly to short term rentals in my experience.

Will do.  Good luck.

Hey Annie.  What can I help you with?  Are you looking for places to rent for clients, looking for houses for clients, looking for fix ups for investors, etc?  Not sure if there is anything that I can help you with but will never know if I don't ask.

Hey @Kelsey Jorissen this feed popped up and I see it was from years ago.  I am curious, what have you been up to in the past 7 years?  I live in Lake Geneva and love the area and would love to hear if you have done anything around here.

It sounds like you are looking at more of a buy and hold mentality and those can be a little tougher. My wife and I own our own rentals as does my partner separate from one another but we do own a 4 plex in Lake Geneva together that had tons of deferred maintenance and super low rents. We have been dumping all of the rents right back into the property and neither of us has taken any money and have had to put a tiny bit in. It all comes down to what you have agreed to with your partner. Dave Ramsey calls them the D's: death, divorce, disinterest, drugs--what happens to you and your partner if one of these comes about. These all have to be ironed out before entering the partnership. All goes back to communication again.