All Forum Posts by: Brandon Rixstine

Yes I was informed by a different bigger pockets member about the neighborhoods they are in. 

Hey everyone I have been interested in some tax forclosure homes in the milwaukee area. There are two properties that im looking into both as owner-occupant for my first deal. 

http://city.milwaukee.gov/Property-Listings/2638-N...

http://city.milwaukee.gov/Property-Listings/2845-4...

Knowing that i will need financing for either, Id prefer the 203k/fha route as I dont have huge cash reserves at the mohment. I also plan to take advantage of a forgivable loan program the city of milwaukee has that helps pay for rehab/ aquisition costs up to 50% of 40k.  My goal with my first property is to have the tentants pay my mortgage and utilities for not only there side but to cash flow enough to pay for most of mine too. That will allow me to save money to start buying other properties or flips that come up. any Thanks for your time reading this as I hope to hear from you. 

@Bruce Lynn Yes none of them are move in ready but the city also provides a "scope of work" analysis with each property which give a pretty comprehensive list of repairs and code violations that would needed to be fixed before living in the property. Of course I would have to get bids from contractors to get my ducks in a row and to verify the scope of work. 

It would be tough to get a bad deal if i get invest 40k in a property and only pay 20k. 

I've been looking into some tax forclosures in milwaukee, Wi, as a first home/investmen. I was wondering if anyone here had any experience the homebuyer assistance program. To anyone unfamiliar they are offering a forgivable loan of 50% up to 40k for owner occupants for single family and duplex style houses contingent on staying in the home for 5 years. I would have to attend a class about the home buying process in order to qualify which is two-four hour classes. I think that this is a great option for me as I was already looking to buy a home using a 203k. Any insight would be helpfull. Thanks everyone

@Joshua Martin one home is located in concordia, another home im interested in is located in st. josephs it looks like. Both will need some work and are duplexs. Id appreacaite talking to you over the phone or in person if you would be willing to meet. I would just have to take some time off work and make the trip up there. I could send you the two links that ive found on realtor.com if that would help you see what im looking into.  I do apprecaite the heads up about the historic factor how would I be able to research that?

@Jay Helms thank you for the connection.

Hello everyone, pretty recent member here at BP with lots of questions about the 203k loan from the FHA. I was wondering how long the process it is to get started with the loan approval and everything. Im looking into a property in Wisconsin but still located in Illionios. How would I find contractors that are 203k certified? Will the lender walk through and approve all the work that is done or will the general contractor be the one to do that? Anything that I should be looking out for or should be expecting during this process? This will be the first time buying a home so even the thought of it makes me a little antsy. The unit im looking at is 4/4 duplex that is 1600 sq. the exterior was renovated by the city which from pictures seems to be in good condition. There are no pictures on the inside so im assuming that is were all or most of the work is going to be needed. Last question would be if there was any way i can protect myself from fraudulent work from contractors, if so what would be the best way

@Grant Rothenburger I have worked full time throughout school already so i know i can do it. I do have very good credit and my dad may cosign but i dont want to rely on that. I think saving up money for maybe another year then when my lease is up to seriously start looking at properties. Doing a deal asap is nessacarily my goal. I want to do a deal when it makes sense fincially. 

@Grant Rothenburger Thank you for your response, it has given me much to think about. I figure the most challenging part of aquiring a property would be the finacing. With that being said the only person who could co-sign with me would be my father but he was reseerved about co-signing a loan with me for my car and rightfully so. i deffentally agree with you about having enough cash to make any repairs or updates to the property. 

The main demalima I would be facing is not having a job other then uber/lyft when I move to for college. I know with that the banks will not even blink at my application. Im wondering if it would be better to rent an apartment for a year get a w-2 job and then look at some properties

@David Connal Thank you for the invite, id love to talk to you about investing in colleges towns and how to deal with certain situations.

@andrew 

@Andrew Syrios Thank you for the warm welcome

Hello everyone, I'm Brandon Rixstine from blo/no in Il. Still in college, tired of paying rent, wanting to retire by the age of 40 (currently 20). having no clue where to start, I decided to listen to "set for life" by scott trench and  currently listening to "the book on rental property investing" by brandon turner. Although im living in normal il (home to isu) im looking to move to carbondale il (home to siu) to finish school. With the new found knowledge I started to ponder various websites looking for great deals in relestate. Although Im moving to carbondale in the fall of 2018 im currently not in school so that I could work full time and save money. My main concern is having enough cash to cover closing costs and the down payment. Im hoping to have around 10k in savings by the time I move, currently have around 5k. I work as a server at a local restraunt so I make good money as a college kid. Currently living at home has allowed me to save a ton more money then if rented the entire time. (moved out for a little over a year) I was orginally looking to rent a one bedroom apartment for 500 a month while at school then investing after.Now Im gauging wheather the risk is worth the journey while im at school and holding a job down to find a duplex to four-plex home. My main concerns with owning a small multifamily unit while in college are as follows, tentants not taking me seriously because of my age, not being able to rent out the other units, securing financing, lack of capital/cash to fix any poteinal poblems in the beginging or when building my reserves.  I look forward to hearing from many and meeting a few of you.