All Forum Posts by: Nicole Pettis

Amazing job @Todd Whiddon its a beautiful house and should sell quickly. Love all the finishes and personal touches you are adding to your houses. I feel that it is those details that count and make buyers fall in love and want to buy. 

Wish I was in Atlanta to see how you all are doing this, because this is something I would love to do!! 

Great job again!

@Brandon Turner

Hi there! Can't seem to find the replay for this one in the archive. Are you going to be able to add it as well?

Thank you!

@Account Closed we did 3.5% down because we did an FHA loan.

As for LTV, I did the flip formula(70% x ARV - Scope of work = MAO) to come up with the asking price. After everything was said and done, we accepted a little bit of a higher offer because we would be occupying the property.

Basically our house was listed at $144k, I offered $110k and they countered $115k. We accepted the $115k. Comp ARV's in the area are $190k - $210k. After everything is said and done we will have about $155k in the house. So a decent profit when we sell.

Let me know if you have any other questions:)

@Darren Budahn Thank you!

@Jeffrey Banaszak Welcome! Like Darren mentioned we host a monthly meet up on the last saturday of the month. I live in Tosa as well, so if you have any questions about anything please let me know and I will help where I can.

Thank you!

@Account Closed

About a year and half ago, my husband and I purchased a foreclosure with a 203k reno loan, which enabled us to roll majority of the major work into our mortgage and still get a house that was flippable at a solid deal. Plus the bank was more willing to work with us, because we were going to be owner/occupants. So I felt this was an easy way to purchase a foreclosure that would have some solid equity after everything was said and done. 

The one big PRO I see is: Living in the property you have a little less risk, because you are paying that mortgage and there is no timeline to get it done and sold. 

Cons: Living in constant construction zone. There comes a point and time when you just want it all done and not have to worry about working another weekend.

Looking back and how I did things, my biggest regret was not borrowing more on the 203k(we only borrowed $25k) and get majority of the work done by contractors. Because once you get into it, living there and living in a constant construction zone can be tiresome. Also time is another factor. How much time will you realistically have to work on the property? We only have weekends and those go quick, so jobs that would take someone 2 weeks to do, takes us 4 weeks to do. But again, we don't have quite the sense of urgency to move out of the house as someone just doing a straight flip.

Hope this helps!

Nicole

Welcome

@Kenneth Picha

I, myself grew up in St. Louis. Currently living in Milwaukee, but visit home about 4 times a year. So maybe we can meet up a get a cup of coffee next time I am in town.

Good luck with business and if you have any questions, please let me know.

Nicole

Hello Everyone! 

This month we will learn how to wholesale properties. Our speakers Nick Knox and Rebecca Holmes are ROCKING it here in Milwaukee. And they will go over their process

• Where they get lists to do direct mail
• What is their Direct Mail Strategy
• How they handle motivated buyers
• How they close deals 

After speakers are done everyone is welcome to network and talk REI

Looking forward to seeing everyone.

@Sean Hurwitz 

Hello! Looks like the all the peps from Milwaukee are joining this thread:) I'll be available to meet that day as well. So maybe  @Dawn Anastasi, @Mark Shaffar and who ever else can join the party we can set up a time and get together and talk real estate.

Looking forward to meeting you!

@Adam Kozuch

Below is the schedule:)

9:00am - 9:15am: Network
9:15am - 9:45am: Speaker presentation
9:45am - 10:00am: Q&A
10:00am - Networking

Overall the meeting lasts about 1.5 hours and we allow time for networking, but its open,
so you can come and go as needed.

Hope to see you there!

@Steven Scheer

Hello! Welcome to BP! I host the monthly meetup for the Milwaukee Community, see the thread below for information

http://www.biggerpockets.com/forums/521/topics/197...

If you really want to start learning about being a buy and hold investor we have a great group. 90% of the people that attend are building their buy and hold portfolio and you can network and gather much information from them. Also majority of our subjects are about building your portfolio. 

As for a HML as @Darren Budahn has mentioned they are short term and high interest. With a HML you will need 10% down, plus they will analyze the property to make sure it is a strong investment. Also you will want to make sure you qualify for a refi before purchasing a rental with a HML.

A few questions:
• Do you have an area you are focused on(farm area)
• What is your budget?
• Have you researched the market for comps and rentals?
• Do you have a good understanding of CAP rate and ROI?
• Do you know how to research potential tenants and do background checks?

I know you are just starting out, but the questions above are the things that you need to become knowledgable about in order to be a successful buy and hold investor.

Good luck and hope to see you at the meetups!