All Forum Posts by: Mike B.

Keith not only are we neighbors, we're thinking along the exact same lines. I'm looking to purchase an STR within driving distance of Madison and what I've discovered through my research is townships that, while they cannot outright ban TRH (tourist rooming houses), they subject them to a conditional use permit through the zoning office. This conditional use permit would then need to be renewed every year. In other areas, such as the Village of Lake Delton, they implement the 7 day minimum and have a sunset clause for those TRH permittees who are allowed to rent for fewer than 7 days. I'm still hunting for an area where there is sufficient demand and TRH are allowed. However, one strategy I think may work is to purchase a large piece of land, say minimum 5 acres and build a unique tiny house (or similar) to mitigate neighbor issues and obtain a CU permit. This is similar to what Robuilt is doing in some areas

Unfortunately I had this scam happen to me as well from a posting on Craigslist. Oddly, I hadn’t posted an address for the house but only cross streets a block or so away. I was cleaning the basement when a couple showed up expecting a showing. Neither of us was happy when we realized what was going on. Be careful out there 

Wow…great work Shiloh. I really appreciate the concept of ROF. I mean: We all need some basic amount of money to take care of things, but after a certain point more money doesn’t necessarily equal more happiness. A house in Costa Rica however…..😉

@Jimmy Alexander

If you re-listen he actually mentioned the name of one such company: Equity Assurance. I believe they’re based in Arlington Texas

@Bog Morgan

It's your job to provide specific criteria, ask her to adjust the filter on listings she sends, and run numbers/analyze the properties. When you find one that you think may work ask her to setup a showing and walk it with her. Then get her opinion as to ARV and what's needed to reach it. Good luck 👍

In my market (Madison), Cap rates are extremely compressed and there's very little spread between the different classes.  For example I looked at 64 unit today in a C area with an advertised Cap rate of 5.1%

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

@Kimberly Roth

Easiest thing to do is to call or visit the authority having jurisdiction. Last time I took out a walk here in town I just showed them my to scale sketch and they helped me size the header etc. walked out with an approved permit 👍

@Elizabeth Southall

I’ve opened several HELOCs with our local credit union over the years a d they’ve never once asked

@Andrew Carlson

Reminds me of a saying I love:

“The slogan: ‘press on’ has solved, and will always solve, the problems of the human race”