All Forum Posts by: Ken Hipp

Is there a fire system in place? - annual inspection $$

Blacktop parking lot ? - resealing and fixing $$

heating systems ? - annual cleaning and inspections $$

also remember the comp numbers you are using do not show ARV. Who knows how much $$ were put into the properties you comp'ed after the purchase.

think of it as another income stream. Instead of the tenant paying the utility co. they will be paying you. Insulate and have the tenant pay through increased rents. You will find it will only take 2-3 years to pay for the insulation. Remember......easier to keep a good tenant, than to find a new one.

I bought one of these 3 years ago. It's considered non-comforming due to it being a 3 plex in a 2 plex zone area. Was told by city I would have no problem unless it burnt to the ground. They have issued building permits for upgrades, but said they would not allow a new 3 plex to be rebuilt on this lot. I showed letter from city to our Credit Union and that was all they needed. If it meets all the numbers, buy it!

@RIck Montanari you might have something there. That would be great for retireing baby boomers ie snowbirds. You just have to be creative and find your target market. Another would be vacation rental.

I also like @Bill G. responce. more straight up, no lies. Let the Insurance Co. deal with it.

Thank you to all, that is pretty much what I thought from reading earlier post.

I bought a foreclosure(3 plex) in Feb. $55,000.  Renovated ($30,000) til May 1st when I rented it out. Are all reno costs part of the initial cost basis? I also did another $20,000 in siding, windows and roofing during the summer.

is your LLC set up as a Series LLC? if not, that is how you should have it set up. Then each property in the LLC is protected against each other.https://docs.legis.wisconsin.gov/statutes/statutes/183/V/0504/_1

Welcome to BP.. jump in the waters great here. I'm just south of you, 25 miles. Still a lot of great deals out there.