All Forum Posts by: Gino Passante

Edward,  I have to echo @Marcus Auerbach and @Charles Clark. The reported statistics will only get you so far and in some cases into a regretful investment. Start building your team by contacting/interviewing your top pics for realtors and property managers. Based on your budget they can work in unison to find the best property that supports long term performance. If you ever want discuss area performance in depth feel free to DM me. 

Andy, Im glad Milwaukee is in your top picks!  While I may be biased like @Rebecca Knox , the opportunity for cash flowing real estate here is growing at a rapid rate.  A $200k budget for the first Sf or Dup would narrow down my suggestions to 4-5 areas with long term performance.  Feel free to DM me anytime to discuss these along with some trusted realtor referrals. 

Edgar. @Chari Nash-Cannaday touched on a great point with traveling nurses/ medical staff. We work with clients who self manage STR's who take the room by room route. They have built relationships with local hospitals, airports and misc industrial companies that have transient employees. Engaging and building relationships with their relocation and housing departments could produce a long term source of renters outside of your DIY online ads. Best of luck with this!

Hi Jermane.  

There are many property management options in the milwaukee area. Each will have different pricing structures, services provided and coverage.  A few tips for finding the best fit for you below.

-Google search " property managers milwaukee"

-Read the reviews 

-Visit their websites 

- Determine what is most important to you in a PM relationship. 

-Prepare a list of refined questions for each, include potential scenarios. There are some great threads in the BP forums with sample Q's

-Message/ call each one

-Make sure you obtain and understand ALL of the fees associated along with when and why they would be charged.

-Ask for a list client references to speak to 

-Ask for a sample management contract 

-Project your 5 year PM expenses. 

Feel free to contact me direct if we make it onto your contact list! 

Daren

You're doing great on the first step, asking for help and guidance!   ill echo many of the members responses above.  It all starts with your budget, this will dictate the available markets to begin your hunt. The PM company I work with covers large portion of SE WI and assists local and out of state investors navigate the data. Feel free to DM me anytime to talk about MKE real estate, market rents and your 5 year goals for investing. 

Hi Nathan

I work with a PM company based out of Bay View, Performance Asset Management. Our model is built and focussed on long term residents (3-8 years). 

I have friends and colleagues that go the STR route with great success but this comes with a heavy DIY time investment and strong/reliable local relationships with contractors and cleaners.

One company I can suggest that manages STR's would be StayMKE

Feel free to DM me anytime to discuss Long term rental and management if you ever want to explore options.  

Best of luck with your move!

Nate.  

Great buy with the 2 singles on 1 lot.  We manage quite a few of them on the Southside that annually perform much better than surrounding duplexes. Based on your numbers provided I can definitely say its time to explore other options.  I will DM you a local agent for some better avenues. 

Hi Allison. 

Congrats on the duplex!

I may be a little late here but some suggestions below.

1. The Brew City REI Club and Wisconsin Contractor & Handyman Club on Facebook is a fantastic referral source for local contractors per @Rebecca Knox

2. The company I work with Performance Asset Management has a network of over 60 Liscensed and insured contractors, feel free to DM me and I would be happy to connect you with the right ones.

• Hi Edgar.  
  
  Great to see another local member! We manage quite a few properties in Kenosha.  A few suggestions below. 
  
  
  heat- how can I set guidelines for the lower tenants to keep it set at appropriate temp range (suggested ranges?) while also being conscious of the heating bill since I pay. Consider installing locking cases on both thermostats after setting the temp to a standard 68 degrees

• For uppers- in the past I have received calls about uppers being cold, I'd like to minimize those calls if possible. Provide or direct the resident to utilize winter window plastic. If there is an attic, consider adding additional insulation. Electric baseboard heat would be my last resort as the residents electric bill would increase extensively .

parking- I am reinforcing the one vehicle per unit and also want to stress the importance of this because if not the snow removal company may not be able to clear area. Consider labeling the spaces by unit assigned. Start including this as an addendum in upcoming renewals. Have clear conversations with each resident to stress the importance. 

• Snow removal- they work on their own schedule due to their workload clearance times may vary throughout the season see below
  
• Garbage- each unit has a trash and recycle bin 8 total, have had issues in the past about overflow/ not taking out to curb on collection night/ and using other bins any other tips for addressing this?
• Label each can clearly by unit number. Send out auto monthly reminders with the collection schedule and or post in common areas. Add one additional can if possible to avoid overflows

• Under 2 inch of Snow and Salting- with the company only coming out with over 2 inches how can I manage this with the building to suggest it is their responsibility for light snow removal and saltings, I can provide some shovels and salt. Start including this as an addendum in upcoming renewals. Provide salt and shovels. Have clear conversations with each resident to gauge who will be willing/able to assist under 2 inches. 

Hi Carmel.  I am a property management professional in the SE WI market. For single family home rentals we always make sure that lawn and snow responsibilities are placed with the resident, firmly stated in the lease. Due to overall liability we make sure no lawn or snow tools are provided or included with the home. Developing a personal relationship with neighbors along with adding your contact to your local municipality's online violation notice system ( if applicable) are a few ways to know if the property's public/service walks are not being taken care of in a timely manner. Regarding your residents "joke",  Have an open convo with him to better understand his thought process, inspect the property every 2-3 months to verify condition and upkeep and verify rent is paid onetime monthly. See if he can pass these simple checks before you consider not renewing.