Just Starting

[Doug Saugstad]

Good morning, Milwaukee/West Allis! I have just started looking through MLS and find multi family properties to analyze. I believe I am the definition of newbie. The great thing is I am not alone! I have two partners who are starting out with me. We each have basic property management experience and financial info. The area in Milwaukee where we are looking is Brewers Hill, Brady Street, and West Allis. Each area we are familiar in. I could ramble on about how I want to live the dream with a huge portfolio but that's not my year goal. This year I would live to learn, analyze, and find deals. Would anyone be able to send me the link to the REIA Milwaukee? What was the first thing you did to start off in real estate and how did it go? Thank you all for listening. I can't wait to make a deal with you. Doug

[Michael Lee]

Hello and welcome to BP!  I have never been to Wisconsin so I do not know how much I can say about the geographic stuff,  Set up your company and use a location name like the city you work in.  Do not to do everything yourself so  you can focus on income productive things.  I have only done one investment deal so I can not offer you much but I wanted to say hello.  

Always do the math analysis and try to look at the subject property before you make an offer or at least have a clause in the sales contract that allows you some time (about 15 days) to inspect the property thoroughly without a penalty that exceeds your earnest money amount, if any.  On the sales contract have you or your company name as the buyer plus "and/or Assigns" so you can transfer or do wholesaling.

Find/Hire a local and experienced Team that will help you when you call.  The main Team members are Attornies, real estate Agents, CPA's (or accountants), Inspectors, General Contractors, and Handymen.  As soon as you close on an improvement get an insurance policy to protect you in case of a loss.  As soon as you can after closing get the exterior door locks changed to keep the wrong people out.

I am 59 years old and I found BP about 11 months ago and I am still trying to decide what to do.  I went to college, not that it is mandatory, and I got a business degree that emphasized real estate.  Since I was in Texas and planned on staying there I found out that I was qualified to take a real estate broker test and since I was I took the test and got a license without taking anything extra.  Regardless what I had I felt more comfortable with the construction business.  I have been in the construction business since I was 17 including those college years.  I kept that broker license for about 30 years but never did that full time.  I closed a few deals for other people.  If you think that I can help you please contact me through BP at any time.  Good luck to you!