All Forum Posts by: Luke Aubut

@Andrew Postell Would switching title after closing be an issue with the bank, i.e. are they going to say the loan is then due when transferred? Or does that depend on the bank and the loan type?

Also for an LLC to apply for a financing, does the lender take into account both (or all) partners credit worthiness or is there/could there be a primary?

Sorry to interject, but it's a great question.

Thanks @Jake Benzow, I look forward to following your progress since our situations are similar! Keep me updated!

Awesome @Keith Schulz, thanks for the encouragement. Do you find that by having a license helps in finding deals and gaining access to more complete property information? This would be my primary motivation to obtain a license. (I do understand that there will be competition no matter what, however.)

While you're working for that down payment, educate yourself so much that you are over-educated. Connect with others in your area and study the listings and the markets in the area you want to buy.  If you would happen to find an absolutely amazing deal on your dream househack or rental before you think you have enough down payment, come back here to BP and ask the community to help you out. There could be seller financing, there could be other creative ways to get that property that the experts on this forum can help you with.  There's probably a finance forum around here somewhere

Just my 2cents but I'm a newbie too, thats what I would do.  

Thanks @Paul Haviland, it's nice to hear from a local agent. I held my license about 13 years ago and am thinking about getting it again to be able to access properties and info more efficiently. 

Hello BP!

My name is Luke and I live in Madison WI, previously from Stevens Point, WI. I have been dreaming of owning a rental property for many, many years. I’ve always thought about rentals as an ongoing paycheck and I knew I had to get in the game somehow.

My wife and I bought our first house 2 years ago (our residence, not rental). While looking for homes we could not find a home with enough space for our family of 5. We eventually found our 3BR ranch home with an unfinished basement. With no experience, I designed and finished the basement in my current home. I framed an office (BR), family room, 2 closets, a 3/4 bath and an area we call a dry bar. We nearly doubled the living space of our home. I hired out the rough plumbing, drywall, and carpet install and got family help with the electrical. I installed duct-work, insulation, doors, bathroom vanity, shower, toilet, also sanded drywall and painted. I learned a ton by watching and helping the tradesmen which has given me the confidence to do additional repairs or upgrades in the rest of the house such as installing a new bathtub and surround in the main bathroom, adding fixtures, drywall fixes, and even moving some electrical. All this happened within a 3 month time-frame before the in-laws came to visit.

Currently I work from home doing some form of drop shipping over the internet to bring in part time income and also take care of my kids during the day. My wife brings home the real bacon for our family doing a job she really loves and is really good at. This leaves me afternoons, evenings and weekends to work on my real estate ventures.

I have read many books about business and self improvement over the past 10 years including most or all of Kiyosaki’s books as well as some other Rich Dad books by the other authors. I would love some more suggested reading for a newbie. Currently I just started reading “Investing in Real Estate” by McLean and Eldred.

By joining BP I want to connect with those of you who have similar goals and I want to learn from you. I’m primarily interested in multi family units for my long term goals but I am interested in learning any other facet of real estate such as finance, creative financing, landlording, setting up systems and flipping. I also would like to find people to work on some deals together. I would be interested to partner up on some flips to build capital and experience.

A couple of my biggest fears as a beginner are 1) Being taken advantage of, 2) Not knowing how to landlord, 3) The tenant/landlord rights in Madison WI – I’ve heard the law favors the tenant heavily (I may have wrong information, I welcome your comments).

I am here to learn and to get started. So far I find the forums and podcasts to be pure gold. So hello to everyone and I look forward to connecting!

Great job and great information! Thanks for sharing. First timers and noobs are definitely encouraged by people like you who weren't afraid to get started!