All Forum Posts by: Adam Kozuch

This looks great! I'm in the middle of rehabbing one of my units in a four plex so hopefully I can post a success story like this soon. Do you manage all the contractors yourself or hire a gc? 

@Steven Hamilton II

@Svetlana Foley Thanks for the tip I'll reach out to them!

@Dave Carpenter I've already had several inquiries and two bookings so I'm excited to see how this goes.

@Joshua Martin I read/knew about the 1099 form for the 10 nights. I was reading that Milwaukee requires that anyone who will be doing more than 10 nights is technically operating a "Bed and Breakfast" and would therefore be required to get a license from the city. 

That's awesome that you go summerfest vendors. I have a few people coming up for fourth of July. I should try and market my place as a good alternative lodging for Fest because I'm pretty darn close (just south instead of north).

Thanks for the feedback everyone.

Will these be kicking off again for the 2016 year? Anyone know if a new organizer is needed?

Hey MKE BP,

Does anyone have experience doing AirBnB or VRBO in Milwaukee? It's (something shiny!) an area I have never really investigated and it sounds like you would need to have a Bed and Breakfast permit.

DHS 197.03 (Section 3)

 "Bed and breakfast establishment" means any place of lodging that provides 8 or fewer rooms for rent to no more than a total of 20 tourists or other transients for more than 10 nights in a 12-month period, is the owner's personal residence, is occupied by the owner at the time of rental, and in which the only meal served to guests is breakfast.

Thanks,

Welcome Michael! 

It sounds like you already have a leg up on most newcomers to the site. Analyzing deals is the best isn't it? 

Hey guys,

I am turning over an apartment that previously had smokers in it so I want to get it deep cleaned. I called around to a few places and they don't see to wash walls/ceilings because it's an insurance risk?

Can anyone recommend a cleaning service, especially one that would wash the walls/ceilings? Walls are lathe and plaster and will be painted eventually but I really want to get this place clean. Failing all else I'm prepared to put apply a little elbow grease if necessary.

Thanks MKE BP.

Welcome @Brian Nangle, good luck in Madison! From what I hear it's not very landlord friendly there but someone has to invest there right?

@Joshua Martin FHA will not allow you to purchase more than 4 units as then it's considered a commercial deal. I'm not sure how the logistics would work if the duplex is parceled separately and done as a 'package deal' but my guess is it would still be a no go.

My first deal was an FHA deal and they have somewhat strict guidelines in terms of the condition the property must be in. No chipped paint, exposed wiring, safety hazards, everything done up to code. It's tough finding a property that is in good enough shape to pass FHA, that also provides decent cash flow at (or around) the asking price.

Keep seeing properties, keep running the numbers, and one day something will be listed that you will know the numbers work and you can jump on it. Since my first purchase I've analyzed/seen 25+ properties.

My RE situation is probably a lot less complicated than yours but I used @Steven Hamilton II this year and have been very pleased so far.