new from milwaukee

[Thomas Fadden]

Hi all!  This is Tom from milwaukeeWI.  I am currently a landlord and have been for about 5 years.  I bought a 65k foreclosure in an up and coming area (brewers hill) in 2011 and have since experienced mainly ups but also a few downs.  I was about 25 when i  bought and basically left the place on auto pilot for the first 1-2 years.  I let the inherited tenets run out their leases ($500 each unit).  I did very basic updating and re-rented within a week at $650 for the lower and moved upstairs.  We recently did the largest update to date bringing the new rent to $800.  This building costs roughly $900 per month -Morg.Tax.Ins.   I still live upstairs.  

The area has exploded sense i bought so I am concidering a large reno to the upper in order to get a fairly high rate of rent when i move out.  

My goals are to start aquiring long term holds single family up to 6 unit or so.  I do property management for a few local landlords and we also do maintinance for owner occupied sigle families. '

We bought for $60 and the assment is currently about double that just from the combination of buying low and a great area.  I used a first time home buyer program to get this place and was able to get a standard loan on it (no owner occupent requierment).  

So thats my situation.  My goals include get 2 buildings or 4-6 units within 18 months and hopefully execute a brrrr strategy.  I have stzarted to analyz deals using the BP tools and it seems great deals are a little less frequent than they were in '11.  I hope to find some guidence locally along with some ideas and sugestions of financing.  Any suggestions on finding someone looking for a sweat equity partner. I have the time tools and crews- that might  be  my value add.  

Last question- I know the best deals never hit the net, but until I find those. How much can you trust the websites for forclosures and forsale property.  Signing up for a never ending email list is cool i guess if its worth it. So where to begin on that?

Hope this isnt too long.  Just wanted to say HI and give ya the run down.  If your in the Milwaukee area message me, lets talk- meet up - message me! 

 Thanks

TOM