All Forum Posts by: Corina Eufinger

Engaging in any sort of "property management" tasks without a broker's license is tricky.  What seems like a lifetime ago I learned from the WI DOJ itself where the line falls 10 years ago. You can show properties HOWEVER you cannot negotiate different lease terms with the prospect than what is listed in the ad (rent, security deposit, utility split, etc). I.e. a prospect has a background check that under the owner's screening criteria says it may require an additional deposit, the owner must communicate with that prospect regarding that you may not do so.   

You cannot sign leases on behalf of the owner.  You cannot enter into any contracts for service on a recurring basis for the property (pest control, trash, etc).  The owner must negotiate directly with the company and sign the contract.  You cannot file an eviction or appear for them in court.  They would need to hire an attorney for that while they are gone. 

Any money you collect for rent or security deposit must be deposited into a bank account in the owner's name or their LLC.

That's really the main jist of it.  Now all that being said I would take a "retainer" that is based on the rent collected in a standard month.(Don't make it based on the rent collected the months you are in charge! If they ask to attempt to collect on past due you aren't likely going to get far with the tenants and if they are still overseeing that they may lax on it depending on what they are doing with their 2 months.)  That would cover tenant relations, showings and rent collection (if you empty a box or anything like that). I would charge hourly for overseeing emergency calls and the maintenance you do.  

@Steph Kemp, Welcome to the BP Universe! Congratulations on committing to building your ow life and wealth, it's a big step that makes a huge difference in the course of your life.  I'm not in the Green Bay area but from what I hear from a colleague you've got some opportunity to build wealth in that market long term. 

@Leah Larson - Remer If you are still searching, try "My Online Accountant",  Daniel Haymen (sp?).  Here's here on BP.  

@Carlos Quiros

Sheboygan: Its one of the better markets in Wisco that is not "OOS trendy". It has a solid employment market pulling from a few local communities as well as its own. It's a very popular summer destination (Not sure if you are thinking STR or not).

Racine/Kenosha: Very overpopulated with investors.  This is a very trendy area so locking up properties can be hard right now in a limited market. (I'm assuming you aren't doing direct mailers because you mentioned a realtor.) Racine is a long haul game still for pay offs.  Its value rises slow in comparison to Kenosha and it has a high CPCR (crime per capita rate).  Kenosha is more expensive than Racine but overall a better market especially for rental clientelle. 

I'm a realtor that services Kenosha, Racine, and other counties as well. So please feel free DM. 

The most successful investors in the market are going to be the ones that understand or master a few things. They will have means other MLS for completing purchases (wholesalers, word of mouth, direct mailers, etc). They will likely expand their location and unit criteria, perhaps considering properties they would not have before. They will have good solid resources for discounted materials for the BRRRs, etc.

@Jordan Epping  Occasionally @Rebecca Knox has some.  She may also be able to lead you to someone as well??

WREI Autumn Convention will take place at Ho-Chunk Casino in the Dells.  Friday 10/13- Saturday 10/14

Classes on: issuing notices, evictions. DSCR and other loans, IRS audits, and more!

Friday night networking and trivia game!

Silent auction features Brewers, Bucks, Badgers tickets and more!

Public welcome and encouraged

!!!

For more information and to register:  https://bit.ly/3EzMpJs

@Adam Gusky I personally would steer clear of Madison and Dane County if you are looking at long-term rentals.  The city and county tend to favor tenants over landlords and have a fair amount of red tape.  LaCrosse landlords are currently suing the city to stop an inspection program for profit of the city being enforced.  Oshkosh currently has a rental inspection program that is mandatory. Green Bay is a growing market for employment as well as Appleton.  Janesville is a solid market as well. 

Section 8 programs will vary across state lines AND county lines.  They vary in big ways but also in small ways.  Here in Wisco in Racine County you will out physical paperwork yet for new tenants.  In Kenosha Co, it's all electronic (or vice versa, I forget which is which).  In Racine Co they outsource their inspections, in Manitowoc Co they still do the inspections in-house.  In Illinois, landlords can find themselves responsible for fixing things that are tenant damage or tenant neglect (i.e. holes in walls, filth, etc). In Wisco its much less common for a landlord to be compelled to do those things.

Since you aren't local I wouldn't consider anything other than some sort of Bluetooth or wifi locks.  There are somewhere the tenant would use their key and the contractors would use Bluetooth.  My biggest concern with the lockboxes is a contractor may forget to return them to the lockbox and by the time you figured it out when another contractor goes it may have been months.