All Forum Posts by: Darren Budahn

I would say the area east of Miller Parkway on Greenfield is going to be more similar to Milwaukee proper. Its not the greatest area, there will definitely be some crime. West of Miller Parkway will be a little better and be more similar to living in West Allis 

The goal with the BRRR strategy isn't to be making an immediate profit per se, the goal is to recycle the same money over and over again. So if you were into it for $150k after the rehab, and were able to cash out for $152k in 6 months, then you would be able to use the same funds on the next deal, and the next, etc. You are planning on renting out this house correct?

Keep in mind it may be difficult to cash out at 80% LTV on the refinance. Also keep in mind that since you are not purchasing with cash initially, you will be paying closing costs twice. Most importantly, make sure your numbers are correct and that you can refinance in 6 months.

Generally with a single family home the renter is responsible for lawn care although I don't know your market. Make sure everything is spelled out in the lease

Go to Wisconsin Legal Blank to get the proper forms. You will find everything you need

They are going to have to be good in that neighborhood 

There are no seasoning lenders out there. But as stated earlier, unless you do delayed financing whereby you are able to go the conventional route, then a no seasoning lender is going to have terms that will most likely be commercial like (ballon payment, higher interest rate, etc)

I concur about not buying cheap paint. The savings is not worth it especially if you have to apply 4 coats of it.

In addition, there are portfolio lenders who will allow you to refinance for the new appraised value right after rehab is completed

The easiest exit strategy is to refinance into conventional financing when you want to move. This is why you need to buy at a discount. Otherwise you won't have enough equity to refinance.

Be careful on some of the city owned homes. Much of the inventory is going to be in terrible areas. These are homes that have often sat vacant for years.  Many will need more money in repairs than the house will be worth when you are done. Owner occupant homebuyers will be virtually non existent in these areas.