All Forum Posts by: Kevin Last

Welcome to BP Lance and to Wisconsin!

Welcome to BP!

Hi! I'm still rather new to real estate investing and I've been slowly building a chart of accounts since most the accounting softwares are not set up directly for real estate investors. I tend to feel like I'm missing something or I should code an entry differently. I'm wondering if anyone would mind sharing their chart of accounts so I can set them up in advance prior to moving forward. Right now I'm just looking mainly for a set up for buy and hold but may be looking for flipping in the future. I'm not sure if people code them differently in their software. Thanks, Kevin

Welcome to BP!

Hi Joshua, Welcome to BP! Utilize the forums as well as the forms. I've found them very useful.

Kevin

No the property is not managed by a PM. I will also ask for a rent roll. Thanks for the advice.

Kevin

Thanks for the comments everyone. I believe I will contact the housing authority as we get a little closer to the closing. As far as rents and renovations go I believe I lucked out on this one. The property was recently renovated so is in great shape. I have to do a little painting on the outside but otherwise it shouldn't need anything major for awhile. Since this was my first place my wallet couldn't handle any major reno's. The rents may be a little low at the moment so I do plan on raising them at the end of the current lease. All the utilities are separated and paid by the tenants so I believe that also is why the rents are a little lower than the others I saw.

I just got an accepted offer on my first investment property.  It's a duplex in Wisconsin and I'm going to be inheriting tenants in both units.  One of which is a section 8 tenant.  Wondering if anyone has any advise?  When inheriting tenants, do you just draw up an assignment of the lease?  Who do I deal with for the section 8 tenant?  Is the housing authority and the tenant or does the housing authority handle the tenant?  I haven't had the chance to review the current leases yet but I was told they where both year leases and are only a few months into them.

Thanks in advance! 

I too would be interested in this as well if anyone has any thoughts. I'm about an hour north of Milwaukee and was looking that way yesterday and was shocked by the prices. I do not know the neiborhoods there though so I have some research to do before I'm comfortable investing there. Happy investing!!!

Hello all! I'm new to the site and new to real estate investing. I'm hoping to learn from landlords and gain experience. I'm currently in the process of negotiating my first rental property deal. If anyone wants to share their beginner tips I would be love to here them! Thanks, Kevin