All Forum Posts by: Tiffany Drahonovsky

Absolutely. My primary area is beautiful Milwaukee, WI and the surrounding burb's. While we do have very high crime areas (and sadly news stories about them) our great city is a melting pot of people and opportunity with pockets of very nice mixed into areas that are not so nice. We have variety and we have people of all walks of life who all need housing. Sale prices and demand is still incredibly hot all over our SE corner of Wisconsin. I had a property that sold same day this weekend! Not lowest crime area, not highest, either. 

I was just consulting a buyer yesterday about how to look up different crime areas. There are great prices to be had, and lots of cash flow. Rehab is significantly less, as higher crime areas do not drive the ROI on the high end rehab. To be honest, I have buyers who like the cheaper purchase price to get more doors. I have others who prefer better areas and think better tenants live in better areas.

I believe it comes down to knowing what your tolerance is for property damage (in and out) along with rehab costs, your experience and your goals. 
Since I have to site visit and show them all anyway, I do carry a taser and often bring my rescue pitt bull with me. I have considered a gun but I do not want the responsibility of locking it up, but I consider this often as just like with my dog, just the sight of my dog, or an investor with a gun at his hip keeps the riff raff away.  I do plan my visits to the rougher areas during daytime, and earlier in the days.  Be aware to drive defensively in higher crime areas, too. Be vigilant about your safety. But, If you have a friendly and purposeful attitude, I have had more folks wave hello than give me trouble and I stand out with my car and appearance in these areas. 

As with anything in sales- knowing what the buyer's needs, wants, criteria is the key to matching up the right asset. Working with knowledgeable local people if you are not in the market is very important as well. 

@Jonathan Owens where is your mini resort and can you talk about it more?

Hi John- Great Midwest Bank has a portfolio offering for investors. They helped me get into my personal property with this and put some things together fast when I needed it. Locally owned in Wisconsin. 

Hi there! Sent you a DM. Tiffany

Hello BP fam!

I have a SF rental and my tenant has 3 German Shepherd dogs that are full grown and contained in their 4' fenced yard. The neighboring property got a pittbull puppy. I also own a pittbull, so I am familiar with the breed, but I live in the burbs. 

Milwaukee Neighborhood services says that the 4' fence is enough to contain the pittbull, however, it is a puppy and will grow to easily be able to jump this soon. It likes to run and play at the fence, antagonizing my tenant's dogs, who are displaying aggressive behavior at the puppy through this chain link fence. I spoke with the neighbor and they said they can't afford a higher fence. I do not want any person or animal to get hurt, I think I'd be liable as insurer on the property if an incident happened on my lot.

Do you know:

1) What if neighbor pitty jumps fence onto my property- am I liable if this animal gets onto my property and over the fence?

2) What if a GS dog jumps over the fence into the neighbor's yard... am I liable?

3) Should I bite the bullet and put up a 6' fence to avoid any issue (don't have funds for this expense)

4) Should I call my insurance guy or would that be the worst thing to do?

Thanks in advance for your comments. 

**Please no judging on my choice to allow 3 dogs, tenant was in place turnkey and pays on time, cares for the property well. 

I'm 48 and finally bought my first investment property this year. Ex husband and parents were against the idea based on their limited experience without any education. New BF gave me the push I needed and got me connected to BP. 

I happened to lose my W2 job in March and found a role as Disposition Manager at a big local flipping company- so what I've found is that even with only 2 years of really studying and immersing myself into real estate investing strategies, conferences, books, Tony Robbins stuff.... there's a HUGE difference in my level of knowledge and PROFESSIONALISM compared to younger folks I meet. 

They have all the drive and energy, but not the experience, not necessarily the people skills or relationship skills. Now my W2 career has been in sales and sales leadership, so I have invested a ton in mastering people skills and communication, deals of all kinds. 

This business (real estate investing) is more about the people and how you work with them, communicate, and follow through than age or experience. If you can win over the people, you'll see it's more than numbers on a property. The vision with people is so powerful. That's how I always know who my buyer is, too. They talk about the property with vision and about what it can be. 

I am confident that I can grow my portfolio faster with the experience and knowledge that I have gained in life as I have more tolerance for risk with this vast knowledge base. And, it is absolutely possible to kill it later in life with focus, goals and massive, intentional action. (That's the Tony Robbins coming out there!) 

Good luck!

I started by educating myself with a lot of BP content. Webinars, podcasts, and some other investing education. I took Brandon's 90 day challenge and decided to buy my first investment property by 12/31/2019. I decided that my niche or at least for my first one, my criteria would be a smaller SFR so even if 2 big things failed, it wouldn't be insurmountable.

Set up some app alerts and happened to find a wholesale deal that Zillow had found and posted. There was a tenant in place and I liked her as the cherry on top since she takes good care of the property,paid consistently and is paying market rent. Built a RELATIONSHIP with the wholesaler and tenant, and was prepared to act quickly- this was key!

Figured out funding- HELOC and private money (thanks Dad!).

GOT the deal due to the RELATIONSHIP with the wholesaler, who wanted to honor the tenant's request to stay. Made sure to compliment her care of the property when we toured and built a RELATIONSHIP with her, too. 

Holy cow, I jumped in, but that's what you have to do. Make a goal. Pick a strategy (or an alternative) and set a date. And relationships are important. :)

Good luck! Jump in, the water's great!

Hello BP Fam!

I have often considered, if a property is so rough that it's a total gut, have we gotten to the point of full tear down and home replacement vs rehabbing being more cost effective and yielding higher returns?

I have a 900 sqft SFR. When considering replacement cost insurance and also when looking at some "equity challenged" lol, properties in my day job, I've wondered if anyone in the community has done the math on this.

---Are there areas of the country where a tear down and tiny home, printed home or container home make sense to consider instead of a full guy rehab? 

---Does anyone have experience in these new technologies, or know what price points are in 2020?

---Does it make sense in smaller properties- ie I have a 2 story property where the 2nd level had a fire. Rehabbing makes sense, it's big and has a much better ARV opportunity to only rebuild the 2nd floor even at a full gut.

---Are we seeing trends in these new ideas/materials anywhere or finding the market is not responding either?

Thanks in advance for your input!

Tiffany

Are you working full time? We are in need of an additional Leads Manager. It' a great place to learn the business, phone work qualifying sellers from our marketing....if you are not still working a W2 day job. I'm happy to forward the job description. 

Are you only considering Sub to in Maryland? Willing to look at other markets to achieve your goals?