All Forum Posts by: Kole Kingslien

I also live in Wisconsin if that makes a difference!

Hello everyone,

I just purchased my first rental, made it through the screening process, have a move in date set for a qualified tenant, and am wondering about what kind of documentation I should be preparing, and in what order? My plan is to put together a PDF folder, with every PDF document that I will need for every time a tenant moves in, listed in order, including things like a minimum qualifications list, rental application, denial form, acceptance form, and so on, all the way through the lease, and handing over the keys. There will be two sections, the move in, and the move out section. I am not worried maintenance forms and such, they will be in a separate folder.

I have no idea as to what things will need to be on this list, or in what order, and was hoping that others had some sort of similar system, and can share a list of all the documents I should start putting together. Do they all need to be purchased from a state website that provides legal forms? Either way, I am sure I can find the docs online, if I know what I'm looking for. I want to make this as legal, and professional as possible, as I want to heavily scale next year, and want to build a strong foundation and system now, to make that easier down the road!

Any and all help is greatly appreciated!!!! 

Thank You,

Kole 

Hey everyone, 

So I filed for a DBA and got a new bank account set up with an EIN, do I need any kind of business licens or anything else now?

Thanks for all the help and guidance!

Kole 

Hey guys, just checking to see if anyone knows of hard money lenders in Wisconsin? Looking for around 9 month loans. I am pursuing off market deals through my direct mail campaign, that I plan too buy, fix, rent, and then refinance. I have a w2 job at $43,000 a year, and have 7,000 in savings. I'm looking to borrow acquisition price and rehab costs, the amount will probably range between $20,000-$70,000.

If anyone has any ideas, I would appreciate them! Thanks,

Kole

Thanks @Cara Lonsdale, this is some great information!

Thanks everyone! 

@Terry Miller, Thanks for the advice!

Hi BP members,

I am on here in search for some advice from those smarter, and more experienced than I. I will explain my situation a little bit, and after that I will state my question.

I am 22, and I just closed on my first rental property (November, 2017). I acquired this rental using basic conventional financing, %25 down, 30yrs fixed, at 4.5% interest. The market I am in is a low price point market, the purchase price of this SFH was $42,400, and it needs no work. All in all, I am all in at $13,000 out of pocket, and am getting $825 in rent. My PITI payment is $257/Mo, and I have no fixed expenses on top of that. My wife and I have 2 credit cards, we keep the balance below 30% of the limit, and pay them off every month, for credit building purpose (they are low credit limits). We still rent an apartment for now ($500/Mo), so other than our rental, we have absolutely no debt (no car payment, no student loans, nothing), and the only other expenses we have are our personal utilities, and car insurance. Our combine gross monthly income is $4,800-$5,200 (I know people ask questions a lot, and get many "it depends" answers; I am hoping that by being as descriptive as possible, I can enable the best answers possible). I have been at my current job for 4 years; my wife has been at hers for 3 years, and after our first rental purchase, we currently have $6,000 left in savings. We have not yet formed a "business", or a business entity, but we did fill out a DBA (Doing Business As) form, in order to use a separate name, and account.

Now that we are done with buying this first property, I want to buy many more in the coming year, but I need funds. I plan on using the BRRRR strategy going forward, so we can keep rolling over funds, and building equity. I am wondering if anyone has any financing ideas that I could use going forward? I am mainly curious about how to obtain an unsecured line of credit. I would really like to stick with the bank route if I can. Does anyone know any options I may have?

If I go the bank route, what kind of documentation and paperwork will I need when I go in? I want to be as prepared as possible when I first approach them, but I want to know exactly what I'm looking for first, and have any paperwork that I may need in order!

I appreciate all of you taking the time to read this, and would appreciate any ideas and advice. 

Thanks in advance!

Kole

Hi BP community!

I have been on BiggerPockets for a few months, and have posted lots of questions in the forums, and this site has helped me out a lot! Since joining in September, I have purchased my first rental property, and am very excited about continuing on the journey. I just wanted to take a moment to say hello to the other members and investors in my area. I am always interested in meeting and getting to know other local investors! If any of you want to meet up sometime and get some coffee or breakfast or anything, please feel free to reach out! I am tagging towns in my area in hopes some of you have some keyword alerts set up: Janesville Wisconsin , Beloit Wisconsin, Evansville Wisconsin. I hope you all are having success in your real estate journey, and I look forward to hearing from you! 

@Corina Eufinger,

In the scenario that I'm thinking about, I would be the buyer, after negotiating with a seller, and them agreeing to carry a note. So yes, a title change would take place, and closing credits for taxes would be handled as normal, I believe I understand this. What I am really concerned about, are the tax implications and a change of deed would trigger, I am trying to find out what this would mean, how it would effect both parties in the transaction, and anyways to combat it/deal with it. Also, if certain sales/capital gains taxes are triggered, when are they due, or is there a way to spread the burden of these taxes out, since the seller is carrying a note?