All Forum Posts by: Adam Kozuch

Welcome @Nic Badertscher! I am originally from Eau Claire but now invest in the Milwaukee area. I still make trips back up regularly. What strategy are you thinking of pursuing?

IANAL

A lot of people are pointing out it is against building code to live in the garage. I think the distinction is that a garage cannot be RENTED out to someone with a lease as it doesn't fit the legal requirements of livable space. However if I purchased a SFH via FHA where I sleep is my own prerogative.

Maybe a better way to phrase this to a lender would be "Am I allowed to have roommates in my home/room and still qualify for FHA?". I see you are from Madison and said you are buying in a college area, so this also goes under the assumption that your house is zoned properly and can have 3-5 (unrelated?) people living in it.

Welcome welcome. We have quite an active group in Milwaukee so don't be afraid to ask tons of questions.

@Alex M. What makes you uncomfortable about managing?

I will say at first I was nervous to manage my own rental property (4plex). Once I did some reading, checked out blog posts, and read a few books on the matter it really wasn't so bad. Plus it has helped me learn a tremendous amount about my property, the kinds of tenants I want, and the fine details of owning/operating a RE business.

Welcome @Brett Kash, any strategy in particular you are pursuing? 

@Blayne Midthun I'm originally from the Eau Claire area and my parents are still active investors there. If it's not prohibitive for me to travel I'd be interested in meeting up with this group as well as it's an area I'm looking at getting into.

@Philip Velleux I believe there was at least one or two of the podcast's that focused on student rentals but I can't remember the #.

I'll echo what others have said about zoning, its important you confirm zoning before considering any student rental property. Otherwise turnover is very hectic with all students moving in/out in roughly a week time span. Generally students are hard on units as they don't care about cleanliness/niceties a family might.

On the plus side student rentals have the potential to be very lucrative if done right as they are often rented out per bedroom rather than the 'unit' as a whole.

What town are you considering investing in?

@Shawn Ackerman I see that property is a SFH, is that typically what you invest in? To this point I have really only looked at multifamily properties for buy and hold as that is my current strategy.

I'm at the point where I am building equity for my second deal and want to get my name out there to lenders but I'll send you a PM about potentially partnering up.

Congrats @Dawn Anastasi, maybe now you'll leave some for the rest of us!

@Account Closed do you use them for loans in Milwaukee or Illinois? I am hopefully looking for local institutions to work with.