All Forum Posts by: Mike Lowery

If you have $150K there is no reason why you cannot buy a great four plex in a suburb of Milwaukee. Unless you want to pay all cash, use leverage and a 20% down payment has you in the $250-300k ballpark. For that price, especially discounted, you will not be in an area where concealed carry is required. Despite popular belief there are great schools, businesses, etc. in and around Milwaukee. If you were looking for something like Manitowoc, I would suggest looking in Ozaukee County.

Hello Nolan! Welcome. Dive in headfirst, read the blogs, listen to the podcasts and you will forge your own future in REI.

Welcome aboard!

I don't know if you could do it in your state, but I heard a seasoned investor once mention that every poor mark the person had on their background check was another added security deposit needed up front. I.E. Having a prior eviction and poor credit would require them to pay a double security deposit. If rent was say $750/mo with a $750 security deposit then the tenant had to come up with $3000 to move in. First and last months rent plus the security deposit multiplied by two. This may curb the really bad apples from the good people in tough situations. Maybe.....

Hi Jeremy, great to hear you are already moving forward with your real estate goals. I wish I would have started sooner as 'life' has caught up to me. Not using it as an excuse but had I known ten years ago what I know now, I would have purchased an investment property in college. Keep everyone posted as to your experience with the duplex and house hacking and feel free to ask questions along the way!

Please inform me as to the next meet up!

I live in this zip code and I feel that there are a lot of elderly people living in this neighborhood which means there will be a high turnover over the next 5-10 years. With that said, you are on the border of many great suburbs and close to shopping, outdoor activities and freeway/transit access. I think there are potential for deals in this area. There are several properties within block of me that are on MLS for less than $80K. There are three properties across the street that are for sale for over $115K so those properties will drive the market rate and make it more realistic to estimate ARV. There is a Meijer and strip mall with good restaurants and businesses nearby including a Whole Foods that helps garner renters, owners to the area. On the flip side, it is close to some C neighborhoods and riff raff. My hope is that future owners in this area are investors that treat their investments like a business and young, working couples or small families. If this is what the neighborhood transitions to, it will be a very good area to invest in. I have lived in this area and owned in the Bay View neighborhood also and I think the right product in this location could produce similar rents as the 'hipster' Bay View location. Just my $0.02. If anyone would like, drop me a PM and/or colleague request. I would be more than happy to scout properties in the neighborhood as I'm out and about quite often. Or help out in any other ways. I know I will be looking for my first property in this area.

Thank you for the quick information. All of you make very good points. @Bing Bowers ideally that would be the strategy for my entry into the market. @David Faulkner that makes sense to move inland more and get my bearings there, work on some deals, and then move into the neighborhoods that are closer to the water. @Justin R. I do plan on buying and holding and it makes sense that portfolios take a while to build, but wealth could accumulate rapidly. 

How are the financing options out there? Would getting an owner occupied four family be qualified for 3.5% down, 10% down, 20% down. Obviously that would factor what I could do with the capital involved. 

What are some C/B neighborhoods that are more inland? Just so I can get an idea of where to start looking and analyzing. 

Thank you for your feedback!

I am interested in moving out to SoCal. The question I have for the members of BP is this; what is the average or typical capital requirement for a NEWBIE in the SoCal region? I mainly am looking at the metro San Diego market and would be willing to invest 50 miles outside of the city as well. 

Any of you who know and understand this market, feel free to chime in, send a PM or colleague request. I would be looking to move to CA in the next 3-6 months and have some capital saved specifically for investing in Real Estate. 

Any help would be greatly appreciated! 

Thank you!

Does anyone know if, when and where I can find or connect with someone who knows when there are BP Houston area meetups? I would really like to start networking with people, but the last one (a month or two ago) I was unable to attend due to work. If anyone can even guide me to the individuals who have put them on in the past, it would be greatly appreciated.