All Forum Posts by: Jack Thanadabouth

we went with blue frog for 2 month and they didn't communicate well with us, so we are now with independent. 

@Flavio Zanetti Thank you for the information, I appreciate it. To answer your questions, I am happy with my purchase because I did it. I purchased my first rental! I got a good price 55k, put 14k down and 4k in labor/repairs. However, I have lots of newbie mistakes and I went into this winging it. It's so much different reading about it vs. actually doing it. I did like the fact that I could do all the closing from California, that was an awesome experience. The property was not so much turnkey. I had an ok section 8 tenant in one unit and the other unit vacant. I hired a property manager and fired them in the next 2 months due to poor communication but learned that it was the most important aspect in hiring the next manager for me. My current PM is good, but they could be more efficient with a better software systems. So with out any experience and the delay in a good PM, I had a hard time collecting rent from ICS, paying a lot of labor fees from the PM for the repairs, and getting the vacant unit rented with both tenants on new leases. Out of the 6 mths owning the property, the section 8 tenant got free utilities but I did end up getting all the back rent from ICS. After 6 months of taking a loss and gaining good learning experiences, both units are fully rented and I'm finally going to start gaining $200 cash flow starting Feb 2017. Now I just need to get started in structuring my business properly and am still in the process of building a team. Any good referrals is appreciated! 

Hello,

I live in SoCal and purchased my first duplex rental in Green Bay, WI June 2016. I didn't put it in an entity and it's tax season. What do I need to do to prepare to file my taxes? I know I don't want to file it with my personal tax returns and want to keep it separate. I need recommendation for an experience real estate CPA/Bookkeeper.

Thanks

Hello,

I live out of state and purchased my first rental investment in Green Bay, WI because I use to live there and know the area. I'm trying to build my team there and would like to know good recommendations for a property management company, lawyer, contractors, ect... Your insight is much appreciated!

Thank you,

Jack

Hello,

If you know of a good property management company in Green Bay, WI please let me know.

I just close on my first investment property yesterday. I want to purchase another house how do I go about it. The appraisal came back on that property same as purchase price, so I have little or no equity even though I put 20% down on a $55,000 property. What should I do what is my next step I have only $5,000 cash left in my bank.

@Mike D'Arrigo Thank you for your response. I will continue to research and understand the real estate markets. Any good resources, apps, links you have pertaining to real estate market research let me know.  

@Scott Schultz, I was looking at the Green Bay - Milwaukee surrounding areas. I looked into a commercial loan for a 6 unit but was turned down due to no experience. I was advised to have at least 1yr of rental experience before looking into commercial lending. If you know of a commercial lender that will work with me now let me know. 

I need some advice from experience investors. I'm a new investor that lives in So Cal.  I have 20K cash and the most I can get from a bank is conventional loan at 60K. I can't invest in California with the amount of money I have so I'm looking into the Wisconsin area where I'm originally from because it's more affordable. I don't know wholesalers and I've been looking at Remax, Zillow, ect.. I'm ready to purchase my first investment property because I need to start. Help me decide if I should buy a property cash 20K or mortgage a property at 60K. I know it depends on the numbers but I want to know what you would do in my situation. 

Hello. I'm new to real estate investing. I just moved to San Jacinto and I'd like to know of real estate clubs or networks to join. I have time to give a hand and learn from an experience investor, too. 

thank you for the warm welcome. I'm excited that I found a great resource!