All Forum Posts by: Trisha S.

Good question! Many people say that everyone has an uhh nadir advantage. Your unfair advantage can be going to college to support your real estate investing. Try glassdoor.com to look up wages of real estate related jobs.

Real estate insurance

Real estate 

law

banking/underwriter

Real estate Accounting

General contractor

Real estate in

spector

Real estate Agent/Broker

Architect

I have been looking into to colleges that offer real estate majors. I am interested in which colleges you have been looking at? Have you tried a college search app? & if you did which one do you like? 

Hello, 

I grew up in Villa Park, my grandma live in Elmhurst. My siblings have spread out throughout the suburbs. Winfield, Handover Park, Anniok, Lock port, Joliet, I now live and invest in Superior WI. But always keep an eye out on the markets. Trying to learn more neighborhoods and markets. 

Welcome hope you enjoy Bigger Pockets!

Trisha

Knowing the renovation cost would have a major influence on this deal. I would agree with both Nathan and Joseph this is not the best option. 

You are welcome Good Luck!

I have been liking sage green for the house and hickory for the trim. These are in-stock colors at Menards. We go in and ask for a sample siding color book at the contractors desk. Then purchase a cheap gutter cap in hickory. They can color match at any paint department or store. 

My husband and I approached a Credit Union that was holding properties. We went to a business supply store purchased an Offer to Purchase Real Estate, placed our offer with the Credit Union. They wanted $25,000, we offered $5,000, and compromised on $14,500. 

 We applied for a construction loan with the commercial lending department. The Credit Union provided us with the construction loan. The house was appraised with a list of renovations to be completed. The bank then allowed us to loan up to 80% of the estimated completed loan value.  

We were able to draw monies as we spent. We would bring in the receipts and receive a check for the amount spent.

Part of beginning is finding a house that is a good deal, then bring the deal to ten different Banks and Credit Unions. You will learn with each office visit. If you can't work up the nerve to walk in the doors , then call the loan officers. You will learn a ton by talking to loan officers.  

This was a few years ago and things have changed, that is why I recommend talking to the loan officers. They will tell you what they are looking for and the steps to accomplish your goal. 

Remember there are good and not so good people everywhere, don't let one bad experience or person get you down. It is all about learning and moving forward.

If we are doing a full renovation, then yes we update everything, but if the house is already in good condition then we leave it alone. 

Some cases we will update the circuit breaker, but leave the two prong outlets. In these cases, we would have to rewire each outlet to insure there is a ground. So if the two prong outlets are not easily accessible, then they stay the way they are.

Price quotes from northern WI. tend to run on the high end. 

Rewiring the whole house, - 1200 square foot house, two levels, basement, and underground wiring to the two car garage - $11,000

Just the breaker box - $1,100

Some places will charge Labor and $3.00 per linear foot. 

Hope this helps, it is all about balancing costs verses amenities for the your rentals.

In Superior WI. 80,000 and up for turnkey. Anything less would need renovations. Twice we have picked up a three bed / one bath, 1200 sq. foot house for $15,000 and spent around $60,000 to $80,000 for a full rehab. Wiring, plumbing, all exterior and windows keeping minimum interior trim and duct work. 

Hope this helps!

@Christopher Mendoza I have found that it provided them with a form that they fill out anyway to figure out your DSCR, (Debit Service Coverage Ratio). You become onestep closer to approval. Plus, the loan officers take you more seriously.

In the last 4 months, we presented to over 6 banks to find a new lender. Many of the officers figured out these numbers in front of me, so I wanted to understand more. By using the above resources I was able to play with the number and set goals. 

Banks want to see DSCR of (1.2 at least) to (1.6 is Great)!