All Forum Posts by: Mike B.

 Great post, and I completely agree with that last sentence

 But you already blew your 500k at 20% down to purchase the 2.5M property. Now you have no reserves, and no funds to rehab 😂 

@Chad McMahan

At the risk of thread hijacking: can you elaborate?

Sorry for the double post (above).  Jennifer you want to speak with Jeremy Peach at the Village of Lake Delton.  He's very helpful and can answer your questions

I've been recently researching STRs in the Dells/Lake Delton area and I may be able to add some value to this thread as I've spoken to the Village Zoning office multiple times recently. Within the Village of Lake Delton as a non resident the only way to functionally have a self managed AirBNB is to acquire what they define as a class B license. This license allows a person or corporation to rent a STR for a period of 7-29 days. You, your corporation, or an appointed "resident agent" needs to reside or have an office within 30 minutes of the Village. The usage of such a property is also subject to conditional use approval by the Village, however I was assured by Zoning that it's reasonable to assume one could obtain this approval, unless one has a history of criminality, tax delinquencies w/the village, etc. Here's the link to the regs if anyone wants more information:

https://lakedelton.org/wp-cont...

The trick as I see it is that I have no interest in purchasing a home w/o the ability to use it as an STR but I'm not sure they'll grant you the approvals without owning the home. A little bit of chicken/egg I think

Nice neighborhood, and house😊

Douglas you seem to be equating the fact that it's easy to sell a newly built high end home in a hot market with how easy/hard it is to build such a home.  Needless to say they are not the same thing, which is why everyone is urging such caution!

Agree with Steve K and others.  Sell the lots, take the profits.  This is only "once in a lifetime" if you choose to view it that way.  If new construction is what you'd like to learn, partner with someone who has extensive experience doing it.  It's possible that you're the 1 fellow out of 100 that succeeds on a project like this, but it's 99% more likely that you're not (no offense intended).  

Buy @averycarl book! I got it for Christmas, and I’m on the second re-read now. Great reference for those of us starting out. Clear, concise, and no BS

Holly, I’ve had the best luck by calling the zoning folks (it may take a bit to get to the right person) and ask them what you can legally do, or how there would be a way to accomplish what you’d like to do, such as trying to find a piece of land with different zoning.  Often, after the person realizes you’re polite, honest, and inquisitive they open up a bit and can become quite helpful. For example, after a gruff  intro with a gentlemen in the township I want to invest he gave me some valuable insight into the area regarding conditional use permits being revoked by someone violating the terms of the permit. That’s the exact kind of info I need to know to avoid investing in that area!