All Forum Posts by: Joshua Martin

I think it sounds like you have a strong starting position and hopefully a network you can leverage whichever direction you go. 

And I know Jersey is quite a bit pricier than the midwest, but in my market that amount of cash could buy anything from the D class to a larger multifamily (with leverage). I think you'll really just have to sit down, evaluate all the different routes through real estate - are you buy and hold or a big pay day guy? - and then go from there. 

So I guess the best answer is anything! I wish I had that to work with right now ;)

Holds up depending where you buy. be very careful in studying neighborhoods, the tenant base, and the prevalence of crime. If you're looking for B class property and the 2% rule, not happening. Certain neighborhoods you might seem stable enough and you can still hit that. We just bought one on the fringe (a line I'm comfortable with - unless experience changes my mind) that actually hits more like 3.5%. good luck!

When is this?

REIS Property Management would be about as hands off as you can get. Depending where you're looking though they might not manage it. Good luck!

@Tyler C.

Hey from a fellow Milwaukeean!

Let's get together sometime soon if you like. Depending on the debt loads you're talking about, there probably still are options for purchasing property. WHEDA (Wisconsin Housing and Economic Development Authority) has owner occupied loans you can use on a two family and actually put nothing down - at least they did last year. The city also has programs available for owner occupants. 

The previous posters are right about getting your financial house in order though - whatever that looks like in the particular case. That's the fundamental skill, otherwise owning property might just be a messier financial situation.

All that said, I was in the same situation several months back. I borrowed 10k from a family member for an undetermined 'investment' on a two year payback, and shortly after stumbled across a four family I bought on an FHA 203k.

Where there's a will there's a way - I need to remember that too. I've been discouraged looking for the next one. Trying to work no money down deals in the current market seems like a pipe dream.

Best of luck! Reach out if you like!

Best,

   JTM

@Alex Finken

I spent a year dabbling with various strategies trying to find that first one. In the end, it was simply a block away from where I was renting and I google searched the seller's LLC, called him, and he wanted to sell.

Keep it simple!

Best,

  JTM

@Brian Bandas

Good intentions, great start.

For the particulars, you'll have to try out your marketplace. We're working tax delinquent and code violations in our market, so far response rates have been lame on mail.

Based on everything my partner and I have been learning from experienced guys, you'll need a multi-pronged approach. Some will come from Facebook, some will come from google adwords, some will come from your mail, and some will come from word of mouth. 

We're trying to get that all built out right now. I would say this, however, your standard generic postcards, from our experience and from others in my marketplace, are at an all time low in terms of performance.

At the moment we're thinking about how we can stand out. Seems the 'tried and true' stuff isn't performing as well as we'd hoped using fairly conservative estimates.

Best of luck, sounds like you have an awesome start. Thanks for the read and keep doing the world some good.

Best,

  JTM

Winter: 7-8

Summer: 5-6

I think daylight hours have a lot to do with it...

@Cody Evans

I would say your next play depends on how involved you want to be and what your strategy is. Do you want to flip houses or keep rentals?

It will be easier to get into the current marketplace - almost anywhere - if you have at least 20 or 25% down for conventional financing. I guess the mythical no money down deals are out there but I'm yet to come by any...

I'd keep stashing cash, learn your marketplace, and buy a rental that makes good sense. That's just what I'd do...

Best,

  JTM

@Dominic Hagedorn Welcome! Let's meet up and talk real estate (always fun).