All Forum Posts by: Josiah Kay

Hi @Brian Fay

I am going to assume the rent amount is accurate. 

A few things that pop out:

1) I see you have garbage at $50/month. Will the tenants being paying water and sewer?

2) Is the insurance you have in there based on quotes? It seems low, but then again, I don't have experience with FL prices.

3) Are the closing costs and interest rate estimates or actual figures? They both seem pretty low (but again, I'm not familiar with FL terms).

4) Personally, I look for at least $200/month in cashflow and a 12% ROI. A 6.18% ROI wouldn't have me too excited because I would think there are other places I could invest my money to get a better yield.

Personally, I stick to 3/1's for rentals because they attract a more stable tenant base. With a 1/1 rental, you would likely be attracting more transient tenant's which may increase your turnover rate. 

I think the ability to sell would be dependent on your local market, but you would definitely be limiting your potential buyer pool with a 1 bedroom. 

@Ty Bell Sorry for the delayed response on your post, but I did send you a PM yesterday.

@Trevor Kearns Hi Trevor, it'd be great to have you join. It will be an informal setting where we can just talk about real estate and share our ideas/experiences/knowledge. 

@Jake Robers Thanks for the tip.

Also, if anyone wants to be included on the email distribution list for upcoming events, please feel free to PM me your email address.

Thank you both! Marcus, I will PM you

@Damon Yates I would suggest looking for local REIA meetings or local meetups via BiggerPockets. Attending either of those and meeting other investors would help you find a "mentor."

Regarding private and hard money lenders - BiggerPockets has a hard money lender database that you can search. Otherwise, for private money, you would typically go to your circle of family/friends and start trying to structure deals that work. Once you prove yourself to that circle, you could begin to expand out to more people that your family/friends know that want to get in on the action.

One side note of advice - when looking for a mentor or private/hard money, I would refrain from positioning yourself as asking for their help. Instead, you want to make sure that you are highlighting the value that you bring to them. Specifically, for a mentor, this could be finding and funding the deals and then splitting the profit with them. 

Hello All - 

Does anyone know any Milwaukee property manager's on BP that could offer some market specific information? 

Thanks,

Josiah

Hi @Matthew Kenney

Welcome to BP! I would recommend monitoring the BiggerPockets events near Augusta to see if anyone is hosting an event in your area. I just checked now and unfortunately it doesn't look like any have been posted yet. Otherwise, you could look for local REIA meetings to attend.

One recommendation that I would make is to zero on the real estate investing strategy that is conducive to your goals. You indicate that you have some ideas, but would be open to anything that has a good ROI. In my opinion, taking that approach may overwhelm you as you try to start investing. By picking a single strategy (ex. small multi-family, single family, apartments, self-storage, mobile homes, etc.) you can concentrate your time and resources on mastering that strategy to maximize the ROI you can get.

@Mido Ali

The two that I have helpful are - 

For SFR - "HOLD" by Gary Keller

For MFR - "The ABC's of Real Estate Investing" by Ken McElroy

Since I couldn't find many meetup options in the Wauwatosa, WI area, I thought I would try and put one together myself. Come join an informal meetup where we can talk about real estate investing over a couple of Big Head Brewing beers.

Thanks, @Account Closed I currently have alerts setup through my realtor. I couldn't agree more on the Milwaukee market. It's getting tougher and tougher to find good cashflowing properties. I assume you are buying in the Milwaukee area as well?