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All Forum Posts by: Charles Walters

Charles Walters has started 2 posts and replied 4 times.

Post: Its Go time for Me!!

Charles WaltersPosted
  • Posts 4
  • Votes 0

So about 4 weeks ago I really started to listen to real estate books and found bigger pockets!! About 2 weeks after that I had an accepted offer on my first property!! It was well under market value and I won by paying a little more than the others did to get the deal done! I then went to work figuring out the financing on the house. Between my business partner and I we have a decent chunk of money saved but I figured I would use the banks money instead of my own if it would free up the option of buying more properties. Found a local bank that would finance the deal on a 15 year loan. Needless to say I have caught the bug!! I want to repeat the process again of putting a small amount of our money in to do the down payment and holding the property for rentals in the long run! It will need considerable work but has a great location and a ton of up side!! 

I have a few questions for some of the more experienced real estate professionals on here thought: 

- What would be the best way to finance the rehab on the property. Look at HELOC on my house? Use our own funds? Take our a personal loan short term? I really would like to continue building the portfolio so we can get to our goal of 20 properties as quickly as possible. Is there such a thing as growing to fast?

Generally looking for some advice on what my next steps should be! I'm a jump first and figure out type person. However I have learned that advice from those that have done it is invaluable before you take that jump! 

Originally posted by @Josh Lang:

@Charles Walters

I haven't thought of doing a meetup, I was actually just looking for some virtual ones around central Wisconsin that I could call into since I live in Milwaukee for the time being. I started investing last year right before I graduated college from the Milwaukee School of Engineering. My first property was a duplex and since then I've also acquired a fourplex. Definitely looking at doing BRRRR deals moving forward to more efficiently deploy capital so I don't have to always save up for the down payments as I have realized how quickly it drains your liquid capital. My goal is to completely replace my engineering with rental income and hit the million dollar net worth milestone by the time I turn 30.

That is an awesome goal!! I'm definitely thinking BRRR is the strategy if you can find the right lender.

Originally posted by @Josh Lang:

@Charles Walters

Hey Charles, I don’t drink coffee because I’m too cheap to pay for it but I would be more than willing to network with you! I have a few properties located in Marshfield WI and I’m always looking to add to my portfolio. Let me know if you’d like to talk sometime!

-Josh Lang

 Hey Josh, 

Thanks for the response. I just recently got into investing and have an accepted offer on my first property with my business partner. Looking to network with those local to this area where we can talk ideas and area trends. Have you thought about doing a meet up (virtually of course). How long have you been investing? 

Looking to connect with someone in my area that has some experience with real estate investing that would be willing to have a cup of coffee and network a little.