All Forum Posts by: Andrew Fosticz

@Caroline Gerardo

I like that you are direct with your response here. I am interested in earning a salary with someone or some company that is currently closing profitable real estate transactions and has adapted to the market downturn.

You have a ton of experience judging by your profile and I would like to connect if you can offer recommendations.

@Louise Wigg

If you decide to join, will you post on here and communicate your thoughts? Please let us know if there is additional kickback for you if you get others to sign up.

Thank you,

Andrew Fosticz

Several years ago, I successfully leveraged an FHA loan to purchase my first property in Shorewood, WI. I house-hacked a duplex and now own a single-family home in Grafton, WI while my duplex is a cash-flowing asset. Although I have not taken any further action in investing in real estate since my first purchase, I regret not taking action sooner. I am now ready to make the transition from my W-2 job to full-time real estate investing. I understand that real estate investing requires hard work and long hours, but I am fully committed to putting in the effort to ensure my success and that of anyone I collaborate with.

I am seeking guidance from experienced professionals who specialize in BRRR, wholesale, fix-n-flip, and short-term rental strategies. My immediate goal is to focus on building cash and generating cash flow through these methods. As I gain experience and establish a solid capital base, I plan to shift my focus towards more long-term strategies such as buy and hold in order to create wealth for future generations.

I am eager to connect with experienced investors and wholesalers who can offer guidance and advice on their successful strategies. I am willing to invest my time and effort to support others in order to gain valuable knowledge and insights into the day-to-day activities of successful investing. I am particularly interested in connecting with those who have adapted to the market downturn over the last year and have been able to continue their success. I greatly appreciate any responses or comments in advance.

Thank you for the recommendations to use Milwaukee Hard Money.

I agree the numbers are a little tight. I am excited to get my first deal (outside my househack), and I expect  I will leave some money in the deal.

The seller is remaining flexible with timing while I figure out how to navigate many new-investor steps. Heading into this deal, I have a mindset to gain knowledge and push myself out of my comfort zone.

I appreciate any and all advice you have for a new investor looking to learn.

Thanks for responding with actionable guidance.
I will reach out to hard money lenders today.

I am all ears if you can share the lender you are referencing that meets my needs.

Thanks again!

Hi Adam,

I am currently househacking in Shorewood. I utilized a 3.5% down payment on an FHA loan a few years ago. I partnered with Mike Monaghan from The Equitable Bank in Wauwatosa. He was great to work with as a first-time homebuyer. He was very informative and always available to answer questions. Helped get me the best rate available at the time too, beating out several other banks.

Feel free to reach out if you have any additional questions.

New investor looking to purchase a property in the Graceland area in Milwaukee - seeking advice on BRRRR strategy and hard money loan.

I have negotiated a selling price of $94k on a 3 bed, 1 bath home that needs a new roof, bathroom and kitchen updates and interior paint throughout. Water heater, furnace, and A/C unit all currently work, but are between 15 and 20 years old.

I have approximately $50k available in cash to fund this deal, however, I am interested in a hard money loan. Given the roof, bathroom, and kitchen updates, I'm assuming I will need between $20 and $30k for updates immediately. ARV should be around $150k.

I am seeking advice on how to proceed, if I should proceed with this deal, and possible partnerships to learn along the way.

Investment Info:

Small multi-family (2-4 units) buy & hold investment in Shorewood.

Purchase price: $259,500
Cash invested: $12,000

I am currently househacking to build equity and save cash for future deals!

What made you interested in investing in this type of deal?

I am new to REI and househacking was the most cost-effective way to get my first deal done.

How did you find this deal and how did you negotiate it?

I was working with a realtor and she reached out to me before the house officially hit the market.

How did you finance this deal?

I had a little cash saved up and utilized an FHA loan.

How did you add value to the deal?

There wasn't much value added to the deal (it was very close to turnkey). I have done some basic cosmetic work to the house, but no major changes.

What was the outcome?

I am currently living in the house, renting out the one bedroom upstairs and enjoying the lower monthly mortgage.

Lessons learned? Challenges?

I learned that analysis paralysis is real and there will always be another deal out there that could have been better. Without taking action,I would not have started my REI career and wouldn't be enjoying my lower monthly mortgage (I was renting before).

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

I worked with Amanda Schroder, who was incredible to work with as a first-time home buyer. She walked me through every step of the process and she introduced me to the lender I used, Mike Monaghan. He was also incredible to work with and explained everything in detail to ensure I understood everything with the loan process.