All Forum Posts by: Kevin Mosier

@Daniel Peavey because it starts with a little beard banter.

I myself love the conversational style and humor they incorporate. While I'll agree they do often make it seem easier than I'm finding it to be as a new investor, it's inspiring. I didn't even know I wanted to invest in real estate until I discovered this podcast, and now I've got my first 8-unit under contract and I'm looking to grow rapidly. I wouldn't have been able to do any of this without BP and the other sources we have available today. 

@Drew Bonner Sorry I never replied to this one... I somehow missed the notification.

Finding the deal was interesting - basically just telling everyone we know we're looking for something to buy, and we found a guy willing to do it on a Land Contract/Contract for Deed. We're still going back and forth on the contracting, but hoping to have the deal done by 3/1. 

Any luck on finding a house hack for you and your wife?

Hello!

I'm going to be taking ownership of my first apartment building within the next month or so. I have never been a landlord before, so I'm wondering if anyone from Wisconsin would be willing to share leases and other paperwork I might need as I transition tenants to our company.

I'm acquiring an 8-unit, fully occupied building. The previous landlord was all month-to-month, no leases, and no deposits. I'd like to transition all tenants to leases and get closer to market rents. Any help is appreciated. 

Thanks!

I'm looking for a CPA in the Superior Wisconsin market or possibly someone from Duluth Minnesota who may have experience with Wisconsin tax rules. Any suggestions?

Specifically we will be working with a 3 partner LLC holding a single 8 unit property.

@Drew Bonner - congrats on this deal. 8 months in now, are you getting close to your refi and cash out?

I'm in a similar situation with my first purchase that we're about to close. It's an 8-unit that cash flows around $1200/mth, and I'm getting it on contract about $50k below appraised value. I'm only putting about $20k in, and we're hoping to normalize rents (bring them up about 10-15%) in the first year and refi our cash out. I've been told it's reasonable to assume closer to 1-2 years to cash out on the first property, but I want that to happen ASAP so I can take that cash and get my next property. Any luck on your part yet? 

So based on responses, it seems like it's between cozy and venmo... Venmo is a PayPal app on the phone, and I'm not too familiar with Cozi. Anyone able to compare these two?

Hello All!

I'm about to close on my first deal. I found an owner-financed 8 unit, and we're writing up the contract this week. 

As the property is about to change hands, I've started thinking about how I'm going to collect rents. BP has a great article on this:

https://www.biggerpockets.com/rei/pay-rent-online-...

But the problem is, everyone I reach out to (I've only tried two so far) has said they have a minimum of 100-500ish units. I'm going to have 8. What do you recommend? 

So I'm meeting with the guy who could be selling me my first property this evening for dinner. We're going to talk about the financials he's had for the last couple years, and I have a few questions that I've come up with regarding the building walk-through. It's a commercial building, 8-unit that I'm looking to partner with a couple friends to buy and manage. 

Any last-minute tips for questions I should ask tonight? If all goes well, we'll be making the offer and negotiating terms, contingent on inspection. 

That's a good idea, I'll think about that for the next one. I've already committed to having this done with a lawyer. I'll feel good about knowing it's done right. 

Thanks for the input, all. I met with a lawyer last week and we're going to be at about $850 out the door for a three-member LLC, and I'll have the peace of mind that it was done right. Hopefully.