All Forum Posts by: Mitch Kennedy

Feel like we need to start a meetup... Being in Waupaca, the drives to meetups in Appleton, Green Bay, and Wausau are all a bit of a stretch. 

Not everyday you see these WI cities mentioned in the forums. Any more specifica you can add? For residential, would SFH work? Are you looking to flip, BRRR, etc? For commercial, specifically apartments or would retail commercial units suffice?

I'm in Waupaca.

Hey Vince - If you're looking to invest in the Central WI (WI Rapids) area feel free to reach out. I'm an agent & own two duplexes in Waupaca. 

Hey @Michael Olson - I'm an investor/agent that's nearby to your market (I'm in Waupaca). Unfortunately I don't know of any investor agents in the Wausau area, I'm more than happy to help answer some questions since I'm familiar with the general central WI market. I also have 2 duplexes so I'm very familiar with what it's like to be a rookie and starting from 0. 

You likely won't find live-able properties in Wausau, Eau Claire, Stevens Point (generally larger cities) around central WI, but there are definitely smaller towns surrounding those markets where $100k properties exist. You could start with a small duplex and rent out the other side or get a small home and try and rent by the bedroom. I'm sure the Wausau area is similar to where we are and available & decent rentals are very hard to come by so demand is very high (so rent by the room could work).

One way to find off market properties is simply by driving the neighborhoods you'd live/invest in and look for multifamily properties (2+ front doors, multiple unit #s on the doors, etc), write down the address, look up the owner, and write them a letter. 

In Waupaca, property data websites like ListSource don't have "multifamily" filters so we can't easily pull a list of all multifamily properties in the area. If you connect with a buyers agent, they could pull a list of all expired multifamily listings and all multifamily sales in the history of their database and you could look up owners for those & write them letters.

Reach out if you have any questions! 

@Chris Noles We've got small multifamilies in the $120k price range up in small towns throughout central WI! 

Hi! I'm a little farther south that the stevens point area but I'm happy to answer any questions! I currently own 2 duplexes and am an agent in Waupaca area

I second what everyone else has said. BP has more than enough information to help you get your 1st, 2nd, 3rd properties. There is A LOT of content if you truly sit down and listen to all the podcasts, watch some webinars, etc. Personally I'd recommend reading majority of the BP books and as you listen to the podcast, start an amazon.com book list and at the end of each episode add EVERY book that the guests mention to your list and start reading through those as well. At some point you'll probably spend $500 on books but probably have way more knowledge than the rich dad course.

Hey Alex,

Some answers to your questions:

1. Yes, if we enter a recession, housing prices will likely drop. However, if you listen to a lot of the content that BP and other real estate sources put out (not the general media), the ingredients for a housing crash just aren't all there. A lot of this is fueled by the fact that demand is so high, which is likely going to continue for the coming years. 

2. Worse case scenario: there's a housing crash after you close and the value of the home drops significantly. You're only "on the hook" if you sell, and the best part is, you don't need to sell because you need a place to live and you'll be living in one side and renting out the other. Even if after two years the price hasn't fully recovered, you can still live there... for Free. You mention that the total PITI would be ~$1,500. I'm not sure what area of East Indianapolis you're in, but looking at the zipcode 46201, the average rent for a 1 bed 1 bath is $1,600. So even if you need to live there for another year, after 3 years that's $52,380 you've saved by not paying your apartment rent, and $3,600 extra you've brought in by renting out the other side (assuming it's a 1 bed 1 bath renting for $1,600 and your mortgage is $1,500 and rent never goes up over those 3 years).

3. If you're able to get the property for 0% down and rent from the other side covers your mortgage, 100% go for that. That's less $$ in the deal, a better ROI and ROE. You can hold $$ for reserves, use what you have to make improvements, or save for another property as well.

I second what many others have said, have patience. I was listening to podcasts, reading, learning, etc. for 2 years until I got my first deal, I was also saving money during that time to put into a deal. Two years might have been along time but I felt ready & confident to jump in. Closed on my second property one year later.

Probably very appealing to the buyer. However, your lender might not find it as appealing. However, I'm no expert on the process of assuming loans.