All Forum Posts by: Corina Eufinger

I am a property manager and investor looking for a real estate agent that is willing to assist in the sale of bank owned real estate and other properties in Kenosha County. These properties are not turnkey and require work. To avoid conflicts of interest, I prefer to partner with someone who does partake in property management. 

My experience is that if you find the meters on the outside they are individually metered. If you find nothing outside, chances are utilities aren't separated. The water departments are usually willing to let you know if they are separate or not but don't discuss more than that. WE Energies has been very helpful to me with investor questions. Be sure you are calling the business/lanlord line though. Calling the general customer service you get less answers. They've even given me ballpark quotes on bill amounts for properties I'm interested in. Don't be discouraged by what the tell you for figures though nenecessarily. I had a 5 unit building that was running up $900 per unit for gas and electric. When I got into the building I found out 3 vacant had thermostats turned to 90, and there were unused appliances plugged into the basement and running. 

As for legality, consult your state laws. It would generally be labeled as misleading to include non-living spaces in the sq ft of a property. A finished basement is a living area of the home. Attics, garages, and decks/porches/patios shouldn't be included in sq ft.

always do your research prior to making an offer. Researching before contacting is a personal preference. Be sure you know your end game before contacting the owner. Are you strictly wholesaling? If so do you have possible purchasers lined up? Are you prepared to assume ownership if you are unable to wholesale? Any idea on the ARV of the property? Have answers to those 4 questions for your own preparation before jumping in head first.

The lack of gutters and downspouts can be a concern for soil erosion and possible unit flooding. A gutter serves to divert the rain to one direction and keep water from traveling down the roof through cracks in the door frame, weatherstripping or siding. The downspout diverts all that water away from the building so it doesn't cause foundation related issues. Diverting the rain water at least a few feet away from the building is in the best interest of the property.

Congratulations on your deal! Hopefully West Allies turns out to be a fulfilling opportunity.

you can only keep the security deposit in accordance to the amount of tenant damage to property and back rent or late fees.  You cannot charge for normal wear and tear or carpet cleaning. Nor are you entitled to keep any additional security deposit because they broke the provisions in your lease. Be sure you do some research on your deductions before you complete it and make sure you are in compliance with 704 and 134 in Wisconsin law.

It seems you may be inexperienced in being a landlord, I recommend you join a local landlord association and start taking advantage of any classes or training they offer. You don't want to make a costly legal mistake.

In Wisconsin the rule of thumb is 2 people per bedroom unless municipality has something different. In the even of studio, it would be still fine to have 2 people. If you were go raise her rent because of the visitor it would have to been outlined in the original lease ddocuments. You maybe able to  have her sign an addendum stating that she agrees to the amount and the duration of it. I cannot say it would hold it would hold up in court though if it ended up there. The particulars of this are too numerous to me ton here.

Welcome to BP! I invest in SE Wisconsin where I also manage other people's investments. You will find many networking opportunities here. Good luck in your business!

Hi Michael,

Welcome! Glad to have you here. Be sure to take advantage of the tools and education available here if you haven't.  I've recently started acquiring the books and found them a very good overview of the subject. Never be afraid to ask questions on the forum, there are some very experienced people here.