All Forum Posts by: David Mo

Hi @Wangyu Her! 

I was in a similar position as you when I was in college. I knew I wanted to be involved in real estate somehow but didn't know to what degree, so I just saved up through school and bought my first house-hack shortly after graduating college. It's been a wild ride ever since! It's awesome you're interested in real estate in your current position. Keep growing that passion and get started soon. You can only learn so much theory before it needs to be applied. 

Right now I'm a full time lender and work primarily with investors. I used to be a realtor and had the same focus. I've built a great network of people over the years. I am not a wholesaler but would be happy to connect and help you on your journey how I can! 

Best of luck,

Mo

@Leehoo Sayag, I'm a real estate investor, agent, and loan officer in Milwaukee. I've worked with a lot of investors from Israel and have a network of people you can leverage. 

Oz Rubinstein is a realtor and investor from Israel who currently operates in Milwaukee. He has a property management company as well and works with a lot of investors from Israel. 

Marie Moezen with Keller Williams is an investor and realtor in Milwaukee and has a lot of patience with her clients. 

I'd be happy to get you guys connected if interested. Just let me know! 

Hi @Amaris Aguilar! 

I have a GC that does all my unit turns and flips. Shoot me your number in a DM and I'll connect you with him...his name is Scott. 

Hi @Reed Meyer, I can introduce you to my GC Scott...he does all the work on my properties and for some of my clients too. Shoot me a private message if you're interested with your phone number and I'll introduce you two through text (or email if you prefer). 

I love Carol Ford! 

Great description of your first investment and congratulations on the success! I hope you two continue to kill it :) 

Hi @Brendan Terranova, welcome to Milwaukee and BiggerPockets! 

I'm an investor and realtor in the Milwaukee area and would love to connect over a coffee and talk about real estate investing! 

Let's go @Lisa-Marie Franco-Garcia! I love West Allis for investment properties :) 

@Andy T.

I would have that discussion with your realtor or I'd be happy to have that discussion with you. The fact that the foundation and roof were recently redone is very reassuring. 

So it sounds like your main concern is that most of your cash is currently tied up in this property and you would like to pull it out and pay back your HELOC asap. Figure out your ARV, the work and costs to get there and use that info to guide your next steps. You're holding a CF positive asset even with a HELOC payment under it...that sounds like a great position to me. Even if your CF is lower now, once your HELOC is paid off and you refinance at a lower rate you're gonna be really happy with it. Just sitting on it the way it is and waiting to build up more cash from your W2/other source of income to do the repairs isn't a bad option either if the ARV isn't there.

First time investors always make some type of mistake...thanks for sharing yours for others to learn from and thank God it's not a very costly mistake! 

Hi @Andy T.! 

I'm also an investor and realtor in the Milwaukee area. At that price point in 53207 I'm assuming it's in Bay View? If that's the case at least you're in a great area that continues to see steady growth. 

Some immediate questions I have about this situation: 

1. What's the projected ARV of this property? Did you have this discussion with your realtor ahead of time? If not, it's very important you have a target ARV in mind before going into a deal...especially if you're planning to BRRRR.

2. What work needs to be done to bring the property to that target ARV and what does that work look like? From personal experience just replacing appliances isn't going to add much value to the property. Cosmetic remodels like paint, new flooring, new kitchen/bath will add more value and ideally the units are a bit outdated so it makes sense to do these updates. It seems like your 1500 unit is already in pretty good condition while your 1350 unit has some room for updates.

3. What's your monthly cashflow going to be with the additional HELOC payment?

If the property is in great condition and you have no major capex coming up soon and you're financially comfortable and able to support this mortgage and HELOC until you pay the HELOC off, I would hold onto it. At -200 cashflow per month, that's "only" $2400 per year. Your mortgage has still been paid down more than that and while I don't have a crystal ball and you should not bank on appreciation to make a deal make sense, Bay View is in high demand. Rates are on the decline too. Does your bank offer a free refinance after 6 months? Play around with how refinancing later in this year might affect your monthly payment.

Hi @Rolando DeLeon! 

For insurance I use Zach Culbertson with Country Financial. He insures all of my properties and takes great care of all of my investor clients too! Let me know if you'd like his information and I'll shoot it your way :) 

Cheers!