All Forum Posts by: David Mo

@Daniel Moya I really enjoy working with Land Title. Jackie Brown's team is super awesome, organized, and responsive. 

Here's their webpage if you'd like to check them out!

https://landtitleservices.net/

@Gregory Zakas I really like Smart Asset! 

https://smartassetrealty.com/o...

Hello @Aidan Birmingham and welcome to BP! I'm a local realtor and invest in Milwaukee myself. What's your current living situation look like? Are you renting or do you own a home? Lots of investors get started by doing a house hack. If done right, it's a great way to reduce your living expenses and to get your feet wet. 

I would love to grab a coffee with you some time and have a chat. Feel free to reach out with other questions and best of luck! 

Thanks @Hunter McBryde! 

@Jim Kalish Thanks for reading! My tools will sit in my shed forever until I need to impress someone with my newfound handyman skill :) Best of luck to you! 

Thank you @Michael Kinsella and @Tonya Kelly! 

@Brittany Stradling Working with others allows you to leverage resources and opens doors that you wouldn't be able to get into yourself. The components of getting a deal together include finding the deal, finding funding for it, and then managing the deal...contractors and realtors for flipping, property management for buy and hold, etc. Money is cheap and management isn't difficult...it's finding the deal that's the bottleneck. If your goal is to scale quickly, start looking for off market multifamily deals. Pull a list of multifamily units in your county (if that's a feature), or go driving around and writing addresses down. Find the numbers of the people who own said properties and start the conversation of potentially buying their place. Follow up with those who may be interested in the future. Once you actually are negotiating for something, so long as it's a good deal, you'll be able to find money and partners. 

Connect with realtors that work with larger properties and let them know you're buying. Lots of these bigger transactions happen off market through word of mouth and connections.

Just some ideas I'm throwing at you. The beautiful thing about real estate is that there's more than 1 way to do something. 

In general your ARV range should be within a 5k range. Once you have that you can figure out how much you can refinance out and how much left you'll need to pay off your hard money loan. I recommend building a relationship with a realtor, but figure out how to provide value in some way in return. Or, just practice more and have someone review your work. How are you getting your rent numbers?

As some have hinted, this smells like a city owned property. Everyone has their preference/strategy when it comes to investing, but I would strongly consider the area that the property is in and how that might affect your investment 5 years from now. 

Some more information could help us give you a better answer. What zip code is it in? What are some cross streets? What type of property is it? 

@Marcus Auerbach With lumber prices you might actually make something. And at the very least, the neighborhoods you're buying in would start to look a bit better after some time :) 

@Guillermo Vladimir Robles I've seen a lot of similar deals to the one you just described and they're usually in not so desirable areas. Some things to consider: 

What will the ARV of the property be after essential repairs? If the ARV is $70,000+, then it's potentially a good flip. If the ARV is going to be around what you put into it, you're better off just buying a property that's already in decent condition and saving the time/headache of renovating.

What area is this property in? A $60,000 duplex that rents for a total of $1300 looks good on paper until you realize that the tenant class you're renting to doesn't care about the property and the maintenance costs eat up your cash flow.

In general, those properties have gotten to that condition for a reason, and that reason is enough for me to stay away from those types of deals.