All Forum Posts by: Daniel Hanson

@Matthew Andrews - Welcome to BP and Milwaukee investing.

@Andrew Marsh

Congratulations on your purchase.  How will you raise rents and over what time-period?

Are you being literal about pulling your $500/mo out for cashflow immediately but not having capex and vacancy in your original cashflow calc?  If so how will you invest in improvements while the rents are still low, with only $32/mo? 

@Fred Gonzalo - I regularly search Craigslist for real estate deals.  You certainly need to be careful on Craigslist, due to the low barriers to entry- for sure people aren't always who they say they are.  But I enjoy talking directly with the sellers rather than working through the filters of a seller's agent, and Craigslist is one way to get that direct access.

Definitely recommend following all the regular advice about personal protection when meeting people off Craigslist, plus all the advice about identity protection, plus all the protections you put in place before buying a property.

Welcome @Matt Paluchniak !  My wife is from West Bend with family in the Cedarburg area.  Best wishes in your house hunt.

Hi @Randy Jones,

I think for your first deal, keep it to one property to make it easy on yourself and limit your risk of making mistakes and getting overwhelmed.  Especially since the 6-property deal for $100k averages to 16.6k per property anyway.  Also 4 of the 6 are not rented, so you would scrambling to find renters on 4 properties and doing lite rehab. 

Would these be cash deals for you? My assumption, and I could be wrong, is that the bank won't finance on these.

Definitely get a walkthrough on all 8 houses.  Then you can judge for yourself from an education perspective what "lite rehab" means.  It's quite possible that the houses that are rented need just as much rehab.

@Aleksandrs Vilumsons

Welcome to the forums, and welcome to the Milwaukee investment community!

Glad to be of help, @Allen Maris

@Marcel Pean

One thing to be careful of is that the comps are actually comparable.  I recently was working with a wholesaler who tried to comp recently sold 4-bedroom homes with the 2-bedroom home that I was actually looking at, and it resulted in inflated comps.  As a buyer I ended up pulling my own comps.

You should have quotes around "Toluca Lake" in your search, otherwise the search is looking for ads that have either Montrose or Toluca but also have the word Lake as a separate search term. My guess would be that not that many ads have Montrose and Lake in them thus why you are not seeing many Montrose results.

You can set up an IFTTT  monitor on your address for your property(ies) using IFTTT.  I haven't tested this particular recipe, but it could alert you if you are ever in this situation:

https://ifttt.com/recipes/506-call-me-if-my-address-is-posted-on-craigslist