All Forum Posts by: Svetlana Foley

Adding a bathroom would also add to appreciation for pulling equity out and resale value, as long as the costs are reasonable

For rentals lack of basement is usually not a major factor, especially in West Allis.  For resale it will definitely lessen the value.  If you are looking to buy and hold and the numbers make sense, do it.

Great job!  This is the beginning of an empire - many people never take that first step and just dream instead.  Congrats!

@Ramon Jenkins all very true!  Midwest in general is one of the hotter markets this year, bidding wars abound

Well, it is a seasonal business.  I have transactions in escrow and need home inspectors like now, but guess what - they are all busy, as are contractors.  It is what it is, and you have to be creative and persistent to make it work.  Ideally, you would buy when the market is not so active so that your costs are lower and you have easier time getting contractors and the rest of the people involved.  As we all know, if a good deal comes along, you snap it and make it happen - not by magic but by having a few reliable people on your contact list, and if you ask for a favor make sure to return in in double - its all about long term, not one transaction.

In my experience, if contractor is willing to cut costs by 40%, you will get exactly what you pay for - lots of headaches down the road.  You are in business to make money and so are they.  Get multiple quotes from contractors that have good reputation/references and pay the going rate.  It is more important for the long term to form a partnership with a solid quality contractors.  Many times they would be willing to do a preinspection with you to give you a better cost estimate for an upcoming job if they know you will bring them steady business down the road, and that is priceless.

What is your budget?  If you are mainly looking for cash flow and not appreciation the city of Milwaukee and some portions of West Allis and Cudahy are your best bang for the buck.  If you are looking for appreciation as well, or at the very list not to be losing value, you will need to look mostly outside of the city (there are few pockets in Milwaukee that may work).  You will not get quite as much for the cash flow but will have less problems with tenants and maintenance overall.

@Brie Schmidt and others - I work with a small commercial lender based here in Milwaukee, and occasionally he is able to put together deals with seller financing the downpayment.  Excellent credit and skin in the game are required.  Pm if you would like info on the lender.

Percentages are great (Im a math major), but what really matters is a nice big check for your account plus the steak dinner!

Congrats - awesome job!  You have to think creatively in this business.

Also, thank for acknowledging your realtor - the right team of realtors, lenders and contractors makes a humongous difference in my humble opinion.

Don't enjoy your new little house on the lake too long - off to new RE adventures you go!  So happy for you

Welcome to BP!  People here a super helpful - dont be afraid to reach out with any questions.  You will get great advise and great education.  Best of luck to you!