Hey folks! Long time listener and admirer of BP. I figured I'd do an introduction post and just put myself out there to start talking to like-minded folks. I work as a CAD Draftsperson (3D modeling of our fixtures to create blueprints, programs and cut lists) as well as a Carpenter when some extra help is needed on the floor.
I bought a little ranch 2BD/1BR house in Milwaukee (Bay View), Wisconsin six years ago and have done a lot of work to it over the years - new custom kitchen, appliances, refinishing of original oak flooring, A/C, bathroom and 6' fenced in yard. Originally bought for $131k and is now worth around $200k. Probably put around $25k in so far - and about to add to that number with a new roof (which I'm in the process of gathering quotes on). Wish I knew how to do it myself, maybe some day.
In January I refinanced from a 30yr mortgage at 4% to a 15 yr at 2.375%. I'm newly married, so now with a dual income household and split expenses, I'm starting to feel more comfortable about taking a step into investing in real estate.
My original goal was to always keep my current home and rent it out regardless of where I moved next, because I think we could make $200-300 per/mo. on it (not including maintenance/vacancy) - and when the mortgage wraps up, even better.
We're not looking to move any time soon, so I think our next step will be to look for a duplex in 2022 - hopefully near Bay View but open to other Neighborhoods in the Milwaukee area. I've talked to my lender and they'd want 25% down on any rental unit, which seems consistent with other places.
A long-term, ultimate goal would be to find some property with a primary home and good acreage that's still somewhat near Milwaukee. I've had a long time dream to build a few tiny homes to AirBNB out, so I figure if I had some land I could do that. But that's a whole other topic. :)
Thanks y'all for reading, and posting such great tips on this site! Cheers!
Andy S.
