All Forum Posts by: Ray Thorsen

I am looking for a good flooring contractor to install vinyl throughout the first floor and carpet in the bedrooms of one of my units. Preferably someone who has experience with rentals so they can recommend good products that hold up well to tenants but does not look necessarily "rental grade". I would like to standardize on products for all units if possible. This unit is in Union Grove however If they prove to be good I would use them for my other units as needed in Waterford and Burlington. 

I was visiting my in-laws over the weekend. My father in-law was asking me some questions and I did not know the answers to so I thought I would turn to BP to see if anyone here could help. 

A little background first, My in-laws live on the farm owned by Grandma. She leases the land to an unrelated farmer. The farm is in a trust with my only my mother in-law as the beneficiary. My in-laws have lived there for 30+ years. They have not paid rent to grandma but have paid for all the remodeling and maintenance through the years. 

My FIL knows I am "in Real Estate" so he was asking me what he could do to save on taxes for repairs and remodeling to the farm. He is looking at adding an attached garage, new kitchen, and a new bath. It would be a sizable amount of money and he is wondering if there is anyway to write off the expenses. To my knowledge he could not do anything because he does not own the propoerty. But if grandma were to pay for the expenses she could maybe right them off, however since she has never charged them rent nor claimed it as a rental I am not sure she could do anything either. 

I am fully aware that any ideas/suggestions I may receive will need to be reviewed by an accountant and an attorney to make sure they are legit and lawful. 

Thanks in advance to anyone that may take the time to help me out.

Justin I have a good inspector. Pm me for details. I also am looking for good contractors in western racine county. I would appreciate you letting me know if you find one.

I am in that same market. I own a few duplexes and am looking to get into larger units. Feel free to reach out anytime.

are we not meeting?? I am here and don't see a BP sign

I am looking forward to it. Thanks Corina. 

I would also be interested if there are any wholesalers in the area. I have used a few agents in the the area and most were knowledgeable realtors but not necessarily keen to work with investors. I have been debating if I should get my license again since I have not been able to connect with an agent that meets my needs. 

This is great strategy. I am hoping to find a bank or private money or hard money lender that would entertain this type of financing. I have one of my properties free and clear and this would be a great way to harness some of that equity.  I am wondering how does the bank recognize that the purchased property has enough equity to release the lien from the "host" property. Would you have to refinance out or would they take an appraisal report and release it based on that report showing adequate equity. 

I would start with talking to the town and see if they would allow it. You would be competing against them for revenue during off peak but if on peak times result in full lots they may be open to it. If they would allow you I would then ask them who did there lots and who else bid on it. I would also ask who the civil engineering firms they use as they will be familiar with your style of proposed project and more importantly the town people and politics.  These contractors will most likely be the highest price but they will also be arguably some of the most qualified. From there you should get quite an education and then can shop more competently for bids.

I received all the applications during an open house style showing. I processed them all arguably at the same time although the tenant I want to choose did process her smartmove screening first. So she was the first one that was accepted. As for Fair housing they are all caucasian no disabilities, they all have kids, so I do not think I am violating any Fair Housing Laws. I will tell the others that there screening came back at a later time and I chose the first one that came back acceptable. Why can I not choose someone based on whether or not I think they will stay the longest?? How do you set a screening criteria for that??