All Forum Posts by: Ryan Dworak

Thanks @Garth Kukla

I really enjoy Madison as well.  Badgers had a tough loss yesterday, but the Packers at least followed up with a win!

I will probably reach out to you in the future as I pursue some options.  Thanks for being open to help.

Hello BP Community!

I am a new investor in the Milwaukee, WI market.  BiggerPockets has been an amazing resource for research and outreach.   Quickly becoming a daily website stop for me.  

A little about me... I have a full-time position working for an electric utility company and will be graduating with a MBA from UW-Milwaukee in December, SUPER pumped.  I have always been intrigued and interested in real estate investing, so I took the last year learning the ins and outs.  With school ending, I am able to use more cash/resources for investing purposes.

RE Strategy Interests:

Duplex -Triplex- Fourplex Investments, Multifamily Investments, Househacking

At this point, I live in a condo in downtown Milwaukee and think my next move would be to rent out my current condo and move into a duplex while renting out the other unit.

I have plenty of questions on renting out my condo and building rental history.  I would be very open to networking with people in the Milwaukee area to gain insight and see where I could add value for others as well.

I think that is enough for now.... happy to be here!  Feel free to get in touch and hope to meet some Brew City folks. 

Thanks! - Ryan Dworak

Hi William,

I don't invest in condos, but I own one in downtown Milwaukee. The key for you is finding a low HOA fee that still has amenities that renters will want. It looks to me like you should be okay with what you are cash flowing. I would talk with the association about past capital expenditures and what they anticipate for future capital expenditures on the building. This usually is the main driver for sudden increases in HOA fees.

From personal experience, my association just increased my HOA monthly fee from $200/month to $250/month. A 25% increase which caught me by surprise. Their reason was the association was going out for bids on a new roof and it was discovered that our reserves were too low to cover it. They usually spin it as "this increase is to preserve your investment" or some line of B like that. Either way, something that can come up quite quickly but is the nature of owning condos. Good luck.

Rebecca,

Great post.  I live in downtown Milwaukee and have been following this closely.  I personally won't be affected, but I have been looking at multiple rental properties in the area that have been built before 1951.  I will likely wait to see how this plays out before pursuing any of those options further...

$6-$10k is significant and I just don't see how homeowners, especially in low-income areas will be able to comply.

Thanks!

Hello,

I am "newer" to BiggerPockets and this is now a website I frequent daily.  Loving it!  I was hoping to get some guidance from the BP community on how to establish rental history.

I have a condo in downtown Milwaukee, WI that I have lived in for three years.  Over the course of that time, I have had several renters, mainly friends, living with me and paying me monthly rent.  It has been a fairly loose situation with a rental terms and have had no issues.  Here is what I envision doing in the near future and need some advice on getting there.

My Goal: Move out of downtown and rent out my condo. I would like to purchase a duplex or 4-plex with a FHA loan and house hack as my primary residence.

So in order for me to get another loan on the duplex and rent out the condo, do I need to have 2 years worth rental history in order for that to happen?  Is there criteria about having 30% equity in the property you want to rent?

If someone is paying me rent right now, could I draft a lease agreement and track payments to start a rental history track record?  I am thinking this income would have to be reported and taxed as well.

Any advice or paths to take would be appreciated.  Thanks! -Ryan Dworak