All Forum Posts by: David Tyrawa

Not a wholesaling answer but I'm a contractor and those houses are a pain to deal with. Around me you need approval from the county to do anything. New roof they need to give you permission. I would never buy one. I'm just thinking it would be harder to sell but thats my opinion

The ones that where against me got burned. My strategy was to get 3 within first year. My average cost is 625 a month ( not factoring in repairs just mortgage, insurance, taxes) and we gross 10k monthly on the 10 we have. The math broke out to if 2 paid and third didn't I was still covered. Thankfully only eviction came in when we had 7. I was pissed but didn't have to come out of pocket. My approach from the start is it's a game of statics and I'm proving them all wrong now. 

That's what I'm getting. I know it's little riskier but I prefer it. 15 years and I own. If I find a good deal I have equity( more than the 20 percent I put down) within 5 years of payments. 

Thank you that is very helpful

I'm from the Rockford market and have been interested in Beloit but am hesitant. I would like to get some property out of Illinois but every time I'm working in Beloit it just seems stagnant. My question is for the people in that area are you seeing signs of improvement. I got a feeling that with the way Madison and Janesville are growing that it should eventually spill into Beloit. I understand no one can see the future just looking for opinions at this point

Funny with the electricity it used to scare me also. I helped wire 2 basements remodels with a electrician and read about it. Now I do my own wiring. Just have to refer to a book from time to time for odd things like 4 way switches. I think it was one of the easiest things I learned. Just need a cheap tester to see if power is there and you can easily diagnose issues by process of elimination. ( And no I didn't replace my electrician after he trained me it was another friend of mine).

The nails will do it. It's recommended they puncture the deck by quarter inch or so. Those vents need to be cut out of the roof or eaves. Just laying them there will cause moisture to get sucked back into roof through natural ventalation process. If your lucky enough to live somewhere that gets below 0 in the winter you can easily find out if it's venting correctly. Pick a night that gets -10 or better -20 at night. Pop the hatch to the attic in the morning and if the North slope looks like shaved ice coating it, you know you have a problem

You would need to have a insulation and roofing contractor come by to verify but roofs need proper insulation and airflow to deal with moisture. when two different air temps collide you will get condensation. In an ideal system there is enough insulation to buffer this effect. When they do meet, the roof vents get air moving around and out. Flats are tough but they are possible to fix. You could always have a roofer do a core test ( cut a hole in roof to find out how many layers and depth of insulation. Small 4 inch hole is plenty then patch). It would get you a better game plan before jumping into a40k project

My experience is after the first month of rehabbing and leasing maybe one or 2 trips a year. We have soon to be 15 and I can think of one or 2 that me and my partner haven't been in 2 years. ( Long term tenants that always pay on time and fix minor issues themselves. When they do they provide receipts with lowered rent for the month) as long as you have few contractors on speed dial to fix issues I believe it's more time leasing than anything else. When I get to 40 or50 units I will be looking for management but that's so I can step away and enjoy raising my kids

Wasn't trying to be rude about it just it isn't as easy as everybody thinks. Best bet is pick a project and learn it. Then go to the next. Learn to paint or trim etc