All Forum Posts by: Nicholas Vandervelde

Hi Russ,

The property is on Union a couple blocks off the lake. 

Hello All,

I'm closing on my first multi family property in Sheboygan, WI.  Fellow Wisconsin investors, can anyone recommend a property manager serving the Sheboygan area?  Much appreciated.

Hi Jeff,

I just saw you post.  I've worked with Jon Birschbach (Keller Williams) and he understands the investor mentality.  He is an active investor and owns several multi families in Madison.

[email protected]

Hi Lynn,

The properties are on Green Lake, WI.  I live in Madison so I'm a little familiar with Lake Wisconsin.  Its a nice lake and you may get some winter skiers bc your are relatively close to Devils Head and Cascade Mt, depending on which side of the lake you are on.  I wouldn't be too concerned about lack of grocery stores or restaurants.  If the property and lake are nice, that will be draw enough.  Most people stock up on supplies on their way to Green Lake bc of a lack of grocery stores.

I would say buy a property that you and your family will enjoy bc hopefully you will be using it as well.  I have a property that sleeps six and one that sleeps twelve.  Honestly the property that sleeps six rents out more because its more affordable for smaller groups and couples.  Offering a boat hoist is also a huge bonus for renters and a good way to differentiate yourself.  

Madison has a 2% vacancy rate but good cash flow properties are extremely difficult to find because real estate values in Madison are quite high.  I would look on the South West Side of Madison and Fitchburg.  

Hi Lynn,

I manage two vacation rentals on a gorgeous Lake is Wisconsin.  I know you mentioned there are things to do all four seasons but I would be cautious in assuming you are able to rent the property consistently year round. We are booked solid in June through August but quite slow the rest of the year even though there is snowmobiling and great cross country skiing in the area.  If the property is "up north" you might have more luck renting to snowmobilers but they can me rougher tenants and that market is entirely dependent on snow fall.  If it doesn't snow, Wisconsin tourism dries up in the winter very quickly.  Just some thoughts.  

Hello All. Looking to purchase my first Multi-Family. Would really appreciate some feedback on the numbers. Two three bedroom/ 1 bath units in Central Wisconsin.

Asking Price = $79,900

Smaller Unit is currently rented for $500. The larger unit is owner occupied but the owners only use the unit occasionally when they visit from out of town. Based on comparable rents in the area, I'm assuming $600 for larger unit.

Estimated Monthly Rents = $1,100

Taxes = $2,300

Utilities = Tenant pays all utilities

The property is in good shape with no major repairs anticipated . Roof and water heaters have been replaced in the last 5 years. One half of the unit has a metal roof which would require little maintenance down the road. I live close enough to manage the property myself. I also plan on financing the purchase using a conventional 30 year mortgage with 20% down.

Does this look like a doable deal? I really appreciate the help.

Darren,

I listened to your Podcast the other day and thought it was the most informative Podcast for new investors to date. Thank you for sharing your wealth of information. I look forward to reading more of your posts.

Hello Everyone,

Just wanted to introduce myself and sincerely thank the BP community for all the incredible resources you all provide. I currently live in Madison, WI. I am seeking to purchase my first owner-occupied property this year. I'm also very interested in investing in the greater Fox Valley Markets. I would love to meet fellow investors in Wisconsin. I'm always up for coffee. I currently work in small business finance, so if anyone has questions about SBA financing for small business or commercial real estate, I could be a great resource. Look forward to contributing to this great community.

Best,

Nick