All Forum Posts by: Shawn Ackerman

@Michael Klick Congrats on getting things moving in your investing journey.  Remember this is a marathon......That said are you planning to flip, hold(short or long term?) The general rule of thumb when using debt is to ensure that whatever asset you buy with the debt should make more than the debt service.  

I'd say start the process of securing your HELOC if you havn't done so and spend time analyzing deals and determining what type of investor you are looking to be. Once I know that I could better assess whether the use of debt to get started would be the best choice.

All the best!

Hi @Konstantinos Lembesis When Settling on a market develop some metrics that you can not only measure the market you are interested in but others that you havn't considered yet.  This will help guide your decision opposed to investing somewhere for a novel reason.

for example for me it was cash flow, price to rent ratio, land lord tenant laws and availability of multi-families(Just to name a few).  Figure out what is most important to you and measure markets against your metrics.  All the best!

@Travis Gutting Open a prop stream account, fund it with some skiptracing credits and go to work! I'd say if you are looking for commercial real estate wherein the purchase bought the property in a corporation then PS is not the best place for lead generation and skip tracing.  But if you are looking for 1-4 units residential purchased by an individual then PS is a great place to find a list, skipt trace then cold call or text.  All the best!

@Adriana Medina The burden of proof is not on you and time is not on your side.  Sounds like the person knew what was going on with their credit report as they have filed reports in the past.  You should not accept this tenant citing "Wasting my time" on the application!

Hello @Chelsea DiLuzio Welcome to BP. Let me know how I can help!

@Paul Lucenti Not too bad dealing with multiple tenants in the same dwelling. For the most part my tenants get along.  My manager is largely responsible for that.  Also the screening process is very important.  Just because someone has a voucher doesn't guarantee we will accept them.  There is something called CCAP in Milwaukee where with the tenants name and DOB we can look up and civil/criminal court cases. If they pass that smell test and fit our other criteria then it's usually a good fit.  We can't make people clean up after themselves and keep things as we would but the day to day dealing with voucher tenants is not the worst.  I also have camera's on many of my multi-families so that helps(only on exterior)

Keep pushing man!

@Reid Laliberte Congrats on the deal!

All the best!

Hey @Jason Brown Nice to meet you.  Welcome to BP and getting our first post under your belt.  We are here to assist.  Good luck on your journey!!!!

@Paul Lucenti Sounds like an amazing deal man! and I also rent to voucher holders in the Milwaukee market.  However I like to run my numbers conservatively and account for cap ex, vacancy, maintenance reserves 10/5-7/5-7% respectively. Mgt, Landscape/Snow, tax, insurance, utility then debt service.  I doubt after factoring all of the expenses/reserves you'd be at $1100 per month in Net Cash Flow but still way ahead of the expenses nonetheless.

We have a duplex bringing in $2800 per month-expenses $1253-debt- $740(P/I) and netting us $807.  Well that is when the lower tenant feels like paying her 20% portion of the rent of $240 per month lol!

Keep up the great work and again sounds like an awesome deal. Congrats

@Kaleb Johnson Depending on where you are upstate you are not too far from the rust belt where prices would be comparable to the Mid-West.  Why not look in your backyard?  I would say however that if you are looking to buy rentals then the landlord tenant laws are not landlord friendly.  We are based out of Long Island and invest in Milwaukee because of the L/T laws, price to rent ratio and some other metrics.

Good luck on your journey.  All the best!