All Forum Posts by: Nicholas Ludwiczak

Hi Steph.  Welcome to the community.  You are in the right place.  

I live in central Wisconsin and have found WI to be a great place to invest for cash flow.  The swings in appreciation and depreciation are smaller than other areas of the country but that can be a good thing depending on your risk tolerance.

Please reach out if you ever have any questions or just want to talk RE.   

Remember that all problems have a solution. Just jump and figure it out as you go!!

Hi Dan. I also invest in Central Wisconsin and would like to connect and chat about real estate.

You are really the only person who will know when the right time. When I started, I said if it became too much I would not hesitate to move them to PM. I moved 3 of my 10 doors to PM a few months ago after closing on a self storage business. So far its been a huge load off my plate, particularly because of a high maintenance tenant.

Feel free to reach out and I can give you more insight on my journey and my impressions on the PMs around the area.

Hi Jamie's and welcome to the community.

In my experience buying properties using conventional personal financing, my lender required two months of bank statements with an explanation of any large deposits not coming from a W2 job. In my case, they didn't think I would get the loan if it was borrowed and not already in my account before the last 2 statements.

When my LLC bought properties using commercial loans, there were no requires for bank statements or questions about where the down-payment came from. I bought a property with part of the down payment coming from a small loan from family. I just downloaded a private note template, changed the terms to what we agreed and moved forward. I would recommend having a lawyer do it but in my case, there is not a personI trust more in this world so we skipped it.

The best way to be sure is to go out and talk to morgage providers and ask a lot of questions.

Good luck!

Welcome to the community Matthew. I am a buy and hold investor from central Wisconsin. Let me know if I can help in anyway or want to connect.

I also enjoy woodworking but have not had much shop time lightly as I grow my businesses.

I have personally been using TenantCloud for 9 months and I like it. Been using the $9 version. I can't remember why I went from the free to the paid version but managing up to 50 rentals (I have 9 units

) for $9 is a great deal! I use it for the following: list my units on the TenantCloud provided website, it also syndicates the listing on a bunch of other listing services, digital applications (they offer screening services but I don't use paid screen services), digital lease signing, rent collection (half pay though this, half by Venmo), asset management (appliance model, serial, age, etc) and maintenance requests. I have been happy with their service and would recommend them.

Hi @Tu’ssant Rantanen and congratulations on making this a goal at your age.

I like to underwrite my vacancy at 5% although it's really been closer to 3%. This will be very market and management dependent. My market doesn't have much for affordable housing so I have no problem filling them and I get leases to start back to back to keep vacancy low. You will need to account for some vacancy as you do updates which is why I have averaged a little less than 3%.

For maintenance, it will be property, and even a little bit tenant dependent. I have properties that don't have much maintenance, and other that feel like a money pit. Some tenants can't do anything themselves and want everything fixed, others I have never contact me for anything. In general, I underwrite between 6-10% depending on the age and condition of the property.

Hope this helps and remember, your first one is about learning and making a little money. You don't need a home run on your first deal.

I bought 3 rental properties last year, two this year and under contract to buy a self storage business. Hustle like your life depends on it. Without getting to detailed, here how I did it. Live far below my means, zero based budgeting every month, save, sold stocks, remodeling side gig for family, sold precious metals, cashed out contributions of rolled over Roth IRA (tax & penalty free), 401 k loan, private note from family, seller financing, cash out refi on primary and stimulus money. Next steps are replacing reserves and get line of credit on one of the properties I bought far below accesses value.

If it were me, I would accept the $500 rent for May but tell her you will need to take some photos and will be showing the unit to prospective tenants in the meantime.

List the unit for market and work on getting someone in there by June 1st.

Congratulations on becoming a REI and good luck on your journey!

Wow. Congratulations on the success!