All Forum Posts by: Scott Rogers

I will PM you shortly.

I can probably hook you up with my realtor as well.  We have been looking at MF in the area.

Hey @Mitchell Behm

I have come across some vacant MF in Oshkosh recently.  What is your price point?  Are you looking for a house hack or full rental?  There is most likely a bunch near UWO that are vacant since the school year has already started.

Scott Rogers

Definitely need to get into a 30 yr mortgage and get the price/rent ratio at 1% or greater.  7% for management is too low unless you are self managing.  Best of luck.  

@Weng L.

It's not clear what the end goal is here? To have a HELOC on each of your rental properties? What would this be used for?

What you have is positive in some respects because a large amount of lenders will not allow a HELOC of any kind on a rental property. Do you have a primary residence that could be the source of a HELOC?

#1 asked question on BP

#1 answer is, if it's a viable option in your local market that is where you should start.  If I recall correctly there are markets in the NJ area that can work.  

Put the $2000 in your pocket and try to partner with an experienced wholesaler in the area.  Maybe you can make his cold calls/lick his envelopes/drive around for him/knock on some doors/etc.  Get some free/real life experience.  Maybe it's not even viable in your area or it's not something you really would be good at.  Find out before you spend any $$$

@Dyon Moore

My motives are mostly selfish, the more I post/chat with others in the REI arena the smarter and more motivated I get.

Plus one day I am sure I will need a favor from someone I met on BP.   It's a blast, join in.

Not sure I would throw all of my eggs in the STR business. Especially doing arbitrage.

At a minimum try and buy some of your properties like @Paul Sandhu mentioned. At least that would mitigate some of the "landlord terminated my lease" liabilities. There are other potential pitfalls like high maintenance, over supply, regulation, etc that have been brought up in other threads. Having said that I know lots of people that are making a killing in the STR market.

Hey All.  Good thread.

I am an IT Manager here in the Midwest. Mostly focusing on ERP integrations, ETL and EDI.  

Real estate newbie but very passionate.  I will be closing on my first MF rental on 10/30/2019

Scott Rogers