All Forum Posts by: Joe Twing

oh yes the weatherization. In my experience it was inforced in walworth county. Cost i think 150$ for an inspector to come out. They made me board up a single pain window in the basement and put in a low flow shower head. The guy said i got off easy as the big one they go after is insolation in the attic. My house has no access so i got a pass. After purchase you have one year to complete inspection.

nice. I have two houses in delavan one down town and one outside city limits. Prices there are starting to rise but 1% deals can still be found on mls.

i live and invest in walworth county. So i cant speak for out of state investing here but i know the area and the market pretty well. Taxes in most of the areas in city limits are around 1400 to 2000 a year for a house tax appraised at about 80000. More in most villages. Why besides taxes are you looking up here? Cant you buy alot cheaper there....like fox lake area? And other towns along hwy 12? They may be rougher areas though. Im not sure there.

This house is in whitewater wi. And school would be uw whitewater. Like i said i dont think ill b able to make a move on it. It was just something i saw and thought it coul be interesting because it has a full walk up attic that could easily be finished out. Its listed for arounf 150 without adding bedrooms i think it would be hard to even hit the 1% rule.

P.s. how do u do the @mention?

thaks everyone for the replies. And yes id have to talk to the city. I currently dont hold any properties there but its a place i always keep an eye on. Idt this property will last long enough for me to act on it as im in the middle of a reo rehab for my own residence and this summer im hoping to basically brrr a rental that i already own that needs some updating.

in wisconsin it seems that there are lots of 100 year old houses in college towns and lots of them i wouldnt think twice about doing it because they are basically run down shells. This one however is very nice. Ok moving on the only way this property makes sense money wise would b a value add. And in a college town that means bedrooms. I beleive there is plenty of room to make this a 6 if not 7 bed house. With that many rooms including construction cost id beat the 1% rule but i feel with that many kids things r sure to get wrecked.

I was recently cruzing realtor.com for listings in my area and came across something interesting. I found a 3bed 1.5bath within walking distance to a college of about 12000 students. Leaving numbers out of it would you consider using a beautiful turn of the century house with original built ins as a college rental? 

what other experience should i look for or would be normal on a property this size? I believe onsite manager is provided an apartment but is not paid otherwise. Which leaves me to wonder if that apartment is counted as paying rent even though idt she does. I know there must be expenses for garbage they have dumpsters there. I could probably call that company and get atleast a ballpark idea. And i know lawn care is outsourced, i know the owner of lawn service so i could get that info easily.

i looked into the current taxes and they are 48300 a year. What i found when looking into it though is that each unit is taxed separately. Im pretty sure that they were originally built and sold as condos. Is there any benefit there other than you could sell some off? Im not looking to have anything to do with an hoa and at the price per unit idt i could make money on that. 

by learn from it i mean talk to the owner/broker learn how things work in the multifamily space. Not buy it and if it doesnt work say well atleast it was a learning experience. From what ive looked at a 9 cap seems about average in my area rents r about average and price per unit seems about average. I agree it is clearly not a screaming deal. No deal stays on the market for that long. It is in a town of 1600 people so staying on awhile i could see, but we are close enough to bigger markets that if it were a great deal someone would have come in from out of market by now. I would have to look into the laws about onsite management. I would perfer to keep her, not sure how it would work though. I do know she manages some other properties for the owner in the area. I also know or could get in touch with most of the sub contractors she uses....like i said its a small town.