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Updated over 11 years ago on . Most recent reply

User Stats

107
Posts
18
Votes
Steve Foth
  • Sheboygan, WI
18
Votes |
107
Posts

Newbie in Wisconsin looking to buy and hold

Steve Foth
  • Sheboygan, WI
Posted

Hi everyone at BP! I'm Steve, currently self-employed, but looking to expand into real estate for some stability. In my current line of work(DirecTv), I am constantly fighting off the state trying to classify subcontractors as employees, the subsequent fines and taxes, and subs refusal to do proper work and follow the contract guidelines. It is exhausting, and the profit margin is not high enough to warrant the stress and costs. If I did a profit analysis on my current investment, I know it would be depressing. It is a lot more like a 9-5, with no light at the end of the tunnel.

Before finding this wealth of resources, my thoughts were based around SFH buy and hold. The prices, particularly in my area, are extremely low. I thought that I might as well try to buy and hold since the cost of a SFH is lower than the cost of my truck! However, after spending a lot of time reading everything I could in here, I've decided to focus on MFH and try to spatter in a few SFH, if the market allows, after a couple years of positive cash flow.

My goal is to pick up a duplex to begin. They're constantly popping up in the sub-30k range. I am hoping to jump into the first one before the end of the year and use my current income to accelerate purchases in 2014 and beyond.

My credit is where it needs to be, but the financing is definitely the area that concerns me the most. Working on my credit score has been a hobby for a couple years, and I hate the idea of shopping it around--though I understand it is necessary.

Most Popular Reply

User Stats

107
Posts
18
Votes
Steve Foth
  • Sheboygan, WI
18
Votes |
107
Posts
Steve Foth
  • Sheboygan, WI
Replied

@Mehran Kamari Glad to hear Wisconsin is a good place to start! My DTI is low, with almost 0 debt(byproduct of being obsesive over credit score)

@Brandon Turner I read that and probably 50 other blogs you wrote. Definitely got a lot of useful information.

@James Vermillion One of the first things I read actually! Ive listened to a couple podcasts, but its a lot easier for me to read in between work obligations

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