All Forum Posts by: Michael Braatz

Correct Darren, although I am very new I was also quite surprised.  I also forgot to mention, they also allow you to roll expected repairs into the loan with less oversight than the 203k.

Hey all,

Pre first deal guy here. My partners and I have begun setting our plan in motion over the past couple days. We talked to a lender in the Greater Milwaukee Area, Waukesha State Bank and they were offering the following for LLC based real estate investing:

10% down, no PMI, 5.125%, 90k min loan amount, 5 year note, fee for refinancing with another Bank, early repayment fee(when using lent money).

Our group will most likely be pre-approved for about 80-90k purchase price with a more traditional 25% down 30 year fixed around 4.5.

Would this be something worth considering if we find a deal in the 100k+ range we want to move on?  Any advice or experience would be appreciated!

Thanks,

Mike

Thanks for the advice Joe! Perfect timing too, my partner just mentioned that he was starting to scour the Milwaukee area forum.

Thank you very much for your offers Brian and William.  I will be sure to take you up on them!

-Michael

Hello all!  My name is Michael Braatz.  I live in Oconomowoc WI about 20 miles west of Milwaukee.  myself and two friends have decided to get into real estate after a few years of trying to find something to start together.  I am currently in a leadership role in an environmental services department at a hospital (housekeeping).  I have always wanted to start a business of some kind, but I have settled on Real estate because of the relatively low start up costs involved.  Plus, I really love the numbers side of things, and a lot of what I researching has come down to numbers and logic.

My initial goal in Real estate is to acquire my first property (rental) within the next 7 months.  We plan to look at West Allis, Wales, or Oconomowoc (in order to be close to our property).  Long term I would like to conservatively add another property every two years. My business partner found BiggerPockets a few weeks ago and I have been reading and listening every since.  

Thanks!