All Forum Posts by: Mike Taddy

Howdy everyone.  If an owner were to take one of the units of a multifamily residential and dedicate as the owner's Property Management office/show unit, are you aware of any implications? (i.e. zoning change, permits, taxes, etc.)  Will be sure to check local offices/ordinance, but looking for any insight from the BP community.  Thanks and Merry Christmas!  

Mike

A friend found these links for me (chime in if you found something else):

1 or 2 family units:  https://dsps.wi.gov/Documents/Programs/UDC/SmokeAlarmsCarbonMonoxideAlarms.pdf

3 or more units:  http://docs.legis.wisconsin.gov/code/admin_code/sps/safety_and_buildings_and_environment/361_366/366/I/0503

Thanks Pat!  Good point on CO detector as well.  

Hey everyone.  I'm nearing Closing on my first two properties.  Both are multiplexes (4 unit and 5 unit).  For those of you with multiplexes, do you use smoke detectors that are "linked" to each other?  In other words, if the detectors sounds off in Unit 1, the detectors also alarm Units 2, 3, etc.?  I can see pros and cons of the "linked" and "standalone" detectors.  

Second, what are your thoughts on placement of extinguishers?  For reference of my current perspective, (in my two-story home) my 5 detectors are "linked" and I have 4 extinguishers (1 specific for kitchen use and 1 general purpose in each of these areas:  main floor, second floor and garage.  

Are there any state/county/etc. laws that mandate these safety items in rentals?  Lastly, these properties are in rural communities and I will check with local offices.  

Thanks in advance...

Mike

Welcome Tyler!  Thanks for being a teacher and coach—not easy in today’s society.  Good luck. 

Mike 

@Todd Dexheimer Just got a keyword alert since you mentioned "Green Bay"...the very same day I listened to #248.  Great interview and I will be sure to check out your podcast.  However, important question for you--Are you a Vikings fan?  That could greatly discourage my impression!  :)  As a Packers fan, I couldn't handle them in the Super Bowl in their home stadium this year.  On one of the Podcasts I was relieved to hear @Brandon Turner was a Seattle fan...not much better as they have broken my heart several times, but better than Vikings (which I expected him to be)!  

In all seriousness, again I found your interview extremely informative and motivating.  I'm currently on a one year deployment to the Middle East, which makes some of this more difficult.  However, since Thanksgiving, I was able to get my first two properties under contract--a 4 unit and 5 unit.  

P.S - best part of your interview.  "I like to bowhunt."  Can't wait to get back and hit the woods again.  It's been a few years since I last bowhunted, while stationed in ND.  

Regards,

Mike

Howdy all.  Newbie here.  I'm looking to get some feedback on my potential first purchase, but before that, I wanted to ask the following:  How much personal information should one share to best represent the situation within context?  I know this is about comfort and a personal choice, but just presenting the deal/numbers is not entirely representative without adding more information.  

For example, if you're presenting a deal for peer review in a public forum, what personal info are your comfortable sharing?

A few things that I would believe help context but may be sensitive...

- Current income

- Debt/income ratio

- Estimated credit score

- Net worth

- Available Cash/Savings

- Current homeowner's equity

Thanks...

Mike

Thanks for the warm welcome folks.  I look forward to the education and building a network.  

Mike

Good day.  My name is Mike Taddy, currently deployed as a member of the U.S. Air Force.  I will be returning to NE Wisconsin in May, 2018 when I retire after 20 years of Active Duty.  Based on my pension and benefits, I'm looking to supplement my income without taking a "9-5."  I have a long-term vision and plan to use rentals as one aspect of my family's financial portfolio.  I've had an interest in real estate for a long time, but based on the military lifestyle and a young family (wife and 4 kids) I couldn't dedicate the physical or mental time.  I've focused on building capital and credit for this point in my life.  

I'm mostly interested in rental units.  A flip may be in my future, but not my primary interest.  My strongest assets are my work ethic, dependability, and trustworthiness.  Our family is in a very stable financial situation and my wife and I both carry credit scores around 800.  We have very minimal debt.  Being that I'll only by 38 when I "retire," I'm in search of opportunities to capitalize on my energy, work ethic, and honesty to bridge the gap to the next chapter.  I have the time and availability to manage my properties as well.  

I will be home on leave in the near future and looking at a few properties.  I'm centrally located to Manitowoc, Green Bay, and the Fox Cities.   Through Bigger Pockets I hope to gain a lot of information, to include the following: 

- Education/lessons learned on purchasing rentals

- Financing Options

- A trustworthy network--especially within my home area where we can physically meet up and chat  

Thanks for taking the time to read up on me.  

Regards,

Mike