All Forum Posts by: Corina Eufinger

I never said they didn't make money. I never even mentioned money. I looked at more the challenges of those cities. If he doesn't a hire local property manager for Madison or Milwaukee it may be hard to keep up being across the country with the legislative changes, municipal codes, etc. If violation letters come in would be difficult to get a proper handle on things. It comes down to if you feel like you want to invest in those areas don't go at it along. Join a local REI or city apartment association, or hire a property manager.

 The rental licensing program. The inspections, registrations, violations, etc would be a lot to manage from far away.   I don't think it could be effectively managed long distance. 

Run....run as fast as you can away from Madison.  It is one of the 3 WORST cities to invest in Wisconsin.  In the landlord industry in Wisconsin we refer to Madison as the Republic of Madison because its overwhelming in regulations between municipal and county.  Last I checked it was to illegal to discriminate on the grounds of an eviction and most criminal activity.  

These are the cities to stay away from in Wisconsin: Madison, Milwaukee, and Beloit. LaCrosse, Stevens Point, and Appleton are good moderate sized to look at it.  

It is difficult starting out, I feel especially more in the avenue you have selected to go. It is easy to get discouraged when you get no response.  I know the advice out there says pick a strategy and stick with it, but every once in awhile you may want to evaluate your strategy and where you are.  

I've stuck with buy and hold; while using my administration company as the cash cow that finances my purchases. 

Good luck!

I like using corporations for buy and hold. It offers the same insulation as an LLC but it also changes how your profits are taxed and when. Its much more beneficial in C Corp. I would never purchase buy and hold as "Corina Eufinger" or DBA. Leaves way too many liabilities and other issues out there.

If she is helping to finance your property flip itself, the standard is usually 9 to 16 months since you typically pay a lender back when you sell the property.  If this is your first flip I would consider going 16 months, include in contract that early pay off is ok.  Be clear on the interest rate and when the interest is calculated.  You will want the interest rate to more than what she would make in a cd or on the stock market.  So above 3% for sure. 

If you use her to fund the business you are into a different area than what I am familiar with.  I think most people would want some sort of ownership in the company for loaning that amount of money (think Shark Tank on ABC).  If aren't assigning her a lein to a specific property, ownership will be the best way to go. You can structure any number of ways.  Like a tradition loan similar to what I said above.  Or more creative: x% of profits till principle loan is paid off, then you could buy her out of the company; x% of profits until entire loan is paid off, etc.  

I use Buildium to collect rents online.  Its not the only pm software that provides for it.  You can go that route.  You can pass the entire cost on to the tenant after the one time set-up fee of $99.

I've heard of paypal being used but don't know anyone personally that does it.

Brandon Turner uses "Paynearme". He talked about it in a webinar or podcast.  I can't remember which one. From what I remember the tenant absorbs the cost and they can pay they rent at places like a 7/11 or other convenience store. There are only 28,000 locations though so I'm not sure how prevalent it is. 

I have though a little differently.  I had it framed by a contractor, then finished in-house by my crew (siding, insulation, etc) and a door installer put in the door.  

To determine if the quote is good price or not: are you insulating the garage, are you running electrical, assuming standard one entry, are parts included in any?

I havent seen it yet.  My thought would be its an Adobe error (assuming that is your pdf reader).  I would uninstall and reinstall that first. If that doesn't work you can try BP technical support.

 For the decreased risk of a large scale fire, it was well worth the investment to me.  It greatly increases the chances that the fire will be contained one room or one unit.  That is pretty priceless for a long term hold in my opinion.