All Forum Posts by: Nick Stormoen

Mark 

I am in the same boat. If you get in contact with any wholesalers from Wisconsin send them my way as well.

Ideally I would prefer to stay in my area so I could manage myself, but logistically I understand that being rural that is not always an option. I am open to deals across the state if the ROI is there. I would also need referrals for a property manager.

I am very interested in this thread. I am not looking to wholesale, but am always looking for deals in Central Wisconsin. Samuel if you "get too many leads"  please send some my way.  Jacci if you have any current leads please reach out. 

I am looking for mainly multifamily properties from or discounted single family homes.

Thanks

Sounds like things are going well. If things are going well for my properties and by that I mean no maintenance issues or need to stop in, I schedule a Spring and Fall walk through. I do it as peace of mind for myself and to let the tenants know that I am keeping up on the house. 

At this time I turn on and off the outdoor water supply. I learned early that tenants can't be trusted to turn off the water and pipes will freeze.

Matt,

I am in exactly the same position.  I close on my first duplex next week Thursday and both units are rented.  I have scheduled a meeting with them both on Friday afternoon and plan to be there for the weekend going over all the issues that arose from the inspection. I got very lucky that my inspector was also interested in rental properties and while we were going through he was happy to share incites and knowledge.  I created a list of first weekend fixes off of his suggestions. 

So I guess the first thing I would do is go through the inspection form and come up with a list of first weekend updates. 

In my meeting with the tenants I am going to review the lease, do a run through of the property and have them sign off on a condition report (just like they were moving in on that day), I am also going  to have them sign a sign a smoke detector and Carbon monoxide form. 

@Kyle J. Thank you

 Are there any negatives to obtaining the loan this way?

I am closing on my first investment property in 2 weeks.  The last month I was under the impression that my loan would be a conventional loan on the duplex I am purchasing. The plan was to use my current house as collateral and have the lien be on the duplex.  Now two weeks out I come to realize that I am doing a cash out refinance on my current house and the lien will be on my house.  Now this isn't really and issue because I am not planning on defaulting on the loan.  My question is how will this impact my taxes and the write offs associated with rental income.

@Arthur E.I am looking north of WI Dells in the Mauston and Adams area. Not very many duplexes in Adams, but Mauston has a couple. If I can't find a duplex that I like I will purchase a single family home to rent out.  I like that website, would sure come in handy for a more urban market.

@David Moore I have read Rich Dad Poor Dad and liked it a lot. I will look into J Scott's book on flipping sounds like really good advice.   I have been listening to the podcasts pretty regularly and have gotten through upwards of about 30.   I will definitely listen to the one with Dawn from Milwaukee.  I am excited about the process and appreciate the advice

@Latreece HucklebyYes that is the 1% rule that they are talking about.  There is all kinds of differing opinions of 1% or 2%. In the podcast and most of the forum posts people will have differing opinions about 1% vs 2% but all of them agree that 1% back in rent is the minimum.

There are a lot of other factors that go into it, but the % rule should be something to take into consideration from the get go.