All Forum Posts by: Bradley Payne

Thank you everyone for contributing! Utilizing any/all of this information! 

Hello!

We are in the process of looking for our first STR. We are currently looking about 2.5-3 hrs away.

Is it feasible to self-manage and not be there? I have seen multiple forums about automation but wanted to figure out what apps/ processes people like best in this thread. What is the typical Property manager fees, 25% or so?  VRBO/ AIRb? which do people like best?

Best cleaning service apps? Handyman apps? CO-host apps?  Any free calculators that people found online to quickly run the numbers? Willing to soak in any information people have to make the process more automated. Any books that give a step-by-step guide how to automate? Thx all

Hello... after much debate my wife and I have finally decided to invest in Milwaukee. We live an hour south but have family that live in Milwaukee and are up there quite often. RIght now we are in the process of choosing which zip codes are the best. Right now we have it narrowed down to Bayview 53207, St Francis 53235, Upper East side 53202, Walker's Point 53204, Cudahy 53110, Glendale, River HIlls 53217, and possibly West Allis 53214. Does anyone have any recommedations on good podcasts that could help us learn more about the city. Does anyone know any website thats tell us average cost of single family homes and other stats such as crime etc.... I know Trulia has a crime map but was wondering if there was one website that could have all this information. Also we are in search of an investor friendly realtor.... ideally we would love to do MFH but the inventory seems quite low so we have opened it up to SFH that cash flow and have a chance to appreciate. If anyone has any helpful information on investing in Milwaukee that would be amazing. Looking forward to connect.

Hi everyone- I am a new real estate investor from the Chicagoland area looking to invest in NWI (due to property taxes being lower and IN being a landlord friendly state.)  I am looking to network with any investors and to partner with an experienced realtor who specializes in MFH in the area.  Also would be looking for any other connections in the NWI to help my wife and I build our team. Contractor referrals, Property managers etc.  

My wife and I both hold high paying w2 jobs but would like to increase our net worth and  continue our path to financial freedom through cash flow and equity. Looking forward to connect. 

My wife and I are looking into doing multiple MultiFamily long term rentals (1-4 units). We have a large chunk in our savings and was wondering if it was possible to start an LLC and get a CONVENTIONAL loan ? We were reading that if you start an LLC you need to do a COMMERICIAL loan. Can anyone clarify this for us? If we cannot secure a conventional loan (which is lower interest rate) what would be the best route for us?

@Jonathan Klemm  Thanks man! Appreciate the support!

I completely agree with the whole competitive advantage statement. Going to take a step back and see what those are and see how I can utilize them. Let's connect in the future!

Thanks for the recommendations I will check into them today!

@Aigo Pyles

@Aj Parikh

@John Warren I am going to start looking into limited partner syndications ASAP. do you know a good place to start? I found a couple books that I am going to read these next couple weeks. I do agree with you though.  Thanks for the valuable insight I will also look for some partners. I want to go the route of syndications or apartment buildings/ MFH with property managers. I put half my money in the stock market and I really believe that real estate is the way for me to go with the other half, just need to find my path I guess.

@Paul De Luca Thanks! Ill continue to further my knowledge in MFH in the Chicagoland area and start doing some research on which areas would best work for me. thx for the tips! Was thinking of starting to build a team in the next few weeks. Maybe we can connect in near future.

Hello my name is Brad from the Chicagoland area. In the past couple of months I have become extremely interested in investing in rental properties. My wife and I just had a beautiful baby girl and really wanted some guidance. Ideally we would like to be financially free ASAP (Don't we all lol). Currently my wife and I hold commissioned sales jobs in which we take home anywhere from 500- 1m per year. We have the cash but want to select the correct strategies in order to maximize cash flow/ value which is why we came to this forum. RIght now all we are really doing is constantly furthering our education (podcasts,surfing MLS, books, forums etc). I see time and time again that we just need to " take action ASAP." I somewhat agree with this but would feel more comfortable with 100 more hours of education and some guidance.

I believe the the best strategy for us would be starting to look for multi- family deals and starting with 1 to gain experience ( then maybe a couple or move to apartment buildings)... not sure Chicago is the best area so maybe Milwaukee, or some chicagoland suburbs, or maybe im wrong, maybe i need to think about different areas of the country since our area doesnt seem too promising. This brings me to my next question. Should we consider Turnkey?  I could invest in turnkey initially in order to learn the process, get the hang of everything (even though im sure cash flow would be less than ideal). Many people think that we should build our own team. Would love to build our own team once we decide on which cities/state to focus on. Once we secure a region to pursue should be start building the whole team before we even have any potential units to offer on? ( broker, contractor,lender, PM, etc-- or which ones are absolutely necessary when you want to offer).

Sorry I am kind of all over the place now.. but hoping someone on BP would be able to shed some light for us.

Basically, we have a good amount of cash and what people think is the best strategy for us knowing all of the above information. We would like to act as soon as we can but want to make sure we have all our ducks in a row.

Looking to connect to anyone and everyone in Chicago/ milwaukee, surrounding areas to learn as much as possible.