All Forum Posts by: Eric Gebhardt

@Allison Morris We have not yet setup an LLC. So far we are keeping track of expenses and claiming the income on our personal income. If we purchase future short-term rentals I think we would go the LLC route.

One thing I never mentioned in this tread is if you are going to rent your second home make sure the bank knows it. Some banks do not allow renting and using the second mortgage vehicle. Its always best to be open about your intentions. My bank's stance was that it was helping us get ahead on the mortgage so they will look the other way.

Our listing says no cable, but we provide Roku with guest access and login. If someone really complains we can borrow them our account for Roku which has every subscription you could ever want. We are in an outdoorsy area where its all about nature, so far - no complaints. The TV is really only for rainy days I suppose!

We just took advantage of the 10% down on a second home for STR and it's much better than having to bring 25% on a similar income property.

We used the remainder of our down payment for minor renovations and for furnishings.

If you have any questions message me as my wife and I just setup our first STR and it's been our life for the last 4 months but it was super fun and rewarding.

From my research you cannot finance furniture into the loan. We just furnished our first STR and my best advice is goodwill, re-store or architectural salvage companies. We saved so much money on the small items! Most end tables are like $40 each. We got some for $4 and they where the style we wanted. Some antique stores work too for artwork, old art prints and maps. We had a lot of fun with it and saved a lot on our initial budget. You can always buy more furnishings next year after you start earning some cash flow.

Also be sure to check STR is allowed locally. There are a lot of rules and permits you might need to follow and apply for!

I agree with @Marcus Auerbach check out his YouTube videos. I live in Milwaukee and am an Architect! Let me know if you have any questions at all about neighborhoods or the city in general.

Yes thanks Marcus, I have subscribed to your channel as well!

I think its pretty clear. People just don't read these days - UGH

@Adam Gollatz thanks and yes that is very helpful interestingly using the 1% rule matches what my proforma is telling me, the breakdown make so much sense.
@Brett Kash I completely forgot about Zillow for renting thanks!

@Marcus Auerbach Very good advice thank you! I think the concept of asking for 2k+ in rent is just scaring me, in that I feel I have less than a 50% chance to find someone and thus will be stuck with a flip with small margins or worse - a loss.

This changes my thinking on the new property in that either my offer price goes down on the new place or I will have to rent our current house as it is way more finished out thus attracting the life style tenant. Great protip also! I have been struggling to find deals that meet the 1% rule in our market.

Hi all, I am a newbie with a house in Bayview. I have another property I am interested in moving into and renovating and or purchasing and renting as a single family rental. I would also like to keep my house and rent it out.

Both houses are three bedroom and 1.5 bath. Garage 1,800 sf. generally what is a good range to put in my proforma for rents?

Secondly is it harder to rent out single family homes?

Lastly any pro tips?

THANKS!