All Forum Posts by: Rebecca Knox

Hi Venkata--this thread from the other day may be helpful 

3 month cash-out DSCR in WI (biggerpockets.com)

I actually saved it myself for future reference. 

Also, check with Dennis Kahn at Homestead Mortgage. 

I am in Milwaukee, WI and I use Eric Trost at SVA---he is fantastic. 

My husband Nick Knox is a licensed agent with Premier Point Realty and has been in real estate/investing for 10+ yrs. He'd be happy to help you. 

Also consider joining SWLA which is run by Jon Frickensmith--in my experience, it's a fantastic resource for Kenosha/Racine landlords and when you need contractors, you can ask the group of members who I found to be all active landlords in the area. Corina Eufinger is awesome too and very familiar with that area. 

Find a lender willing to be in 2nd position or find family or friends willing to invest in your project---if they have IRAs, they can roll over into a self-directed and invest in your project. 

Or use your credit card or get one if you're able to, preferably at 0% interest. Chase used to have good card offers for this. 

Or if you have other property and are able to, you can pull a line of credit. I did this earlier in the year with a local bank who were running a special fixed rate until next year May. 

Hi Jeff. I'm also from Wisconsin. I was curious, what are your plans for the land? 

One of the best lenders in Milwaukee and LOCAL. 

I actually invest with them and am very pleased. 

Hi Mae--check with Mike & Nicole Borowski at Homestead Realty---they offer licensing at a discount and low brokerage fees which are perfect for an investor. 

If you're able to, start networking at local Milwaukee real estate meetups---this is the very best education and inspiration that you will ever find--I started real estate by signing up for a guru program but by far, my best education came from speaking to other active local investors who are actually doing deals or have built financial freedom---the nationwide guru program only taught about flips and rentals but there are so many different strategies that locals have and are successfully doing. My mind is blown by all the creativity and we're lucky that we're in Milwaukee and from my experience, most people are very willing to share their brain with you. I agree with Marcus...I have found that house hacking is the #1 ways that people have started in real estate in Milwaukee and if you are able to use VA, even better. Also, for VA loans, check with Dennis Kahn at Homestead Mortgage.

In my humble opinion, I would start with a smaller project---60k sounds like a gut job and if it's an older house then expect it to be more once you start opening pandora's box. 

The other interesting challenge can be contractors so I'd definitely get multiple bids and run my numbers based off the highest bid. Also, be sure to do all the contractor checks to ensure that you are not hiring a CON-tractor.