All Forum Posts by: Daniel Hanson

@Adam Fout        In my own business, I require a certain minimum positive cashflow on every property, even if I do believe there will be appreciation.  That way even if you are wrong about your bet on appreciation, you are not coming out of pocket every month to cover negative cashflow and that property is still self-supporting.  Warren Buffet's rule number one: "Never lose money".

The equity buildup from loan paydown is more of a sure thing, but to access it you will either need to sell the property or refinance it, both of which carry some risk of not happening when or in the manner you expect.

Thank you for the welcome, Michael!  I look forward to learning as much as possible and contributing where it makes sense.

@Nate Rychlik I would also make very sure based on the market you could get that extra $300 of rent that the owner thinks could be gotten ($2200 increased to $2500).  It concerns me sometimes when a seller talks about potential rent increases but hasn't already done them on their own watch, you just want to know the reasons on that.

@Stephen Schoon I'm from Wisconsin, we drink coffee all morning and beer all evening.  I've met with investors at times of day when either type of beverages are had.  That being said, any sort of numbers analysis or negotiating, I won't drink a beer.  But a friendly discussion, beer me in!

P.S. Schwillied ?  I'd like to learn that word.  Can you give an example of usage?

I saw the "Real Estate Apprentice" ads on Craigslist locally, and called because I was curious and thought it could be helpful.  I forget the name of the company, but there was a guru setup, and my potential "mentor" was not the same person as the guru, who was mostly unavailable.  When I started questioning my "mentor", it turned out the "mentor" was really just someone else who joined up a few months earlier, and they actually had no experience at all in real estate and had done not a single deal, so I would have known more than the "mentor".  (quotation marks intentional...).  I declined to join the club at that point.

Hi Jeremy,

Welcome to the site/ and to the game  Congratulations on moving forward on your first duplex!  Way to go getting started.

Hi Everybody,

I've actually been investing for a little over 6 years but decided this year to get active in the local Milwaukee REIA/ BiggerPockets and start investing directly in the city of Milwaukee instead of the suburbs where I had been focused. My first few investments in Milwaukee will be on the northwest side with rent-ready properties, then expand to the eastern side once I'm familiar and comfortable with the city and neighborhoods. I'm interested in becoming active in the forums and offering what help I can for other investors, and for sure learning a lot from other people's experiences.

Today and over the last week I've had the interesting experience of riding around the city and touring properties for sale or just currently owned by few other investors, who are very experienced and it was a great learning experience.  Got a chance to see inside several properties across a few different neighborhoods that were either currently rented or vacant with minor fixups needed.  I would highly recommend this experience for someone new to the city or new to investing in general.

I also own properties in the Milwaukee suburbs of West Allis and Waukesha, so if anyone wants any pointers regarding those cities, I'd be glad to help.  I'm an industrial engineer by trade, and we are always focused on figuring out a fast or efficient way to get things done, so I'll try and write here in the forums about any new and unique analysis or paperwork methodologies I come across in the near future.  I've got an idea for a future article about efficient Craigslist property search algorithms for off-market properties, so if that tweaks anybody's nerdy side, let me know and I'll get going on the article.

I'm always looking to connect and work with other investors, financers, or contractors, especially those with an interest or presence in Milwaukee, so feel free to make a connection request and I'll be happy to connect.  Best wishes in your investment journeys.

Dan

Thanks, @Nathan Waters.

I was looking to take out a personal loan at Sofi.com for a local property purchase.  It looked without digging too hard that the maximum loan was $40,000.  Have they changed their loan values or do I just need to look deeper into it?

thanks for any response on this older thread.

Hi Freddy,

Just saw your note about getting the 3-unit- congratulations! Depending on your investment interests there's a couple ways to get lower down payments.  One is to go for lower priced properties, which will mathematically give you a lower down payment, assuming you can use conventional financing.  A second way is to look for seller-financed options, occasionally you will come across sellers from Craigslist who are willing to do lower down payments and then finance it themselves.

I'd like to connect as I'm also a Milwaukee-focused investor (see my colleague request).