Are Short-Term Rentals Successful Investments In Wisconsin? – Nicholas Allen

On this episode of The Closing Table, we sat down with Nicholas Allen!

To watch the full episode, check it out on YouTube below. In the meantime, here’s a summary of the conversation…

Here’s what you missed from Nicholas Allen…

Nicholas Allen, known as Nick, is more than just a real estate professional; he’s a multifaceted individual with a diverse background. In the span of 60 seconds, he unveils a persona beyond the realm of real estate.

Nick’s journey in real estate spans an impressive 11 years, marked by his founding of Real Estate Nerds in June 2018. Based in Wisconsin, the business caters to Rock County, Dane County, and other areas in Southern Wisconsin. Real Estate Nerds sets itself apart by adopting a laidback and fun approach, reflective of Nick’s passion for following industry statistics and trends.

His market focus extends to Jamesville, where the average list price hovers around $283,000, the sales price at $286,000, and properties spending an average of 18 days on the market. However, a shortage of inventory is contributing to multiple offers on select properties, a trend Nick actively navigates with his clients.

Next, Nick delves into the economic aspects of his market, emphasizing the importance of pricing properties correctly and leveraging the slower winter months for advantageous deals. On average, properties sell for just over 1% above the list price in their area, showcasing the intricacies of the local real estate scene.

Beyond real estate, Nick co-owns Bonjour Baby Ultrasound, a diagnostic medical sonography business. This venture provides 3D and 4D ultrasounds for pregnant women, offering Nick a unique perspective that transcends his real estate endeavors.

Nick’s experiences range from guiding first-time homebuyers to mentoring real estate investors. He narrates an anecdote of a client who transitioned from an electrician to an investor under his guidance. This story highlights the distinctions between the average single-family homeowner and an active investor.

Nick then sheds light on the viability of short-term rentals in his market, emphasizing the potential for higher income. He also touches on the wear and tear associated with such rentals and pinpoints Lake Geneva, Wisconsin, as a hotspot for short-term rentals.

Dispelling rumors, Nick clarifies that large corporations own only about 2% of properties in his market, mainly concentrated in metropolitan areas. He attributes the negative portrayal of real estate in the media to basic economic principles of supply and demand. Drawing inspiration from Bruce Lee’s “Tao of Jeet Kune Do,” Nick recommends this philosophical read. The philosophy resonates with his lifelong dedication to martial arts.

Beyond his professional pursuits, Nick is a devoted father to an 11-year-old daughter and a 9-year-old son. Real Estate Nerds, his brainchild, aims to offer a refreshing and enjoyable alternative to traditional real estate services. Nick’s ability to seamlessly blend his diverse experiences underscores his commitment to providing a holistic and informed approach to real estate.

Check out Nicholas Allen:

Facebook: https://www.facebook.com/RealEstateNerdsTeam/

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