All Forum Posts by: Tyler Wenzel

@Justin Kling Thanks, I'm going to look into "equity happens" as soon as I'm done with this post. It will be nice to find a great book exclusively on buy and holds.

@Michael Siekerka Great tips! I know the neighborhoods well because I've lived here almost my entire life, although I'm just now starting to really pay attention to the differences of asking price and rent price between the different neighborhoods. Also, I never made the connection of great food comes great neighborhoods, but at least in my city that is absolutely true. Thanks again for the advice. One question though, is there any decent way to go about calling on a property to find out expenses to do a "mock" analysis? I'd just really like to get some practice analyzing deals even though I can't be serious about buying quite yet. Or maybe there is a better way altogether? What would you suggest?

Hey all. I was hoping to get some advice from everyone at BP. Being new and not having my finances in order quite yet to pull the trigger, I'd like to take this time to educate myself about buy and holds, which is what I'd be doing for the most part, and get out and start learning the marketplace. At this point, I havent found a mentor in the area yet, so I'd like to know what you guys/girls suggest?

I know open houses and agents can be good ways to get started on analyzing deals, but how do you go about contacting them without them thinking you're just wasting their time since at this point I'm really not ready to buy?

Also, if anyone is in the Southern Wisconsin market I'd LOVE to talk to you over coffee or lunch sometime.

@Charles Bernhagen After a quick search for "Madison," I came up with this post! I'm from Janesville. I'm new to biggerpockets and investing, so anyone with any knowlege is a benefit. I was wondering about the REIA clubs you were looking into, did you find any?

Also, I'm in the plumbing trade. I wonder if we've ever worked with some of the same builders in the area?

Thanks everyone for the support, thats what I'm here for.

Thanks Jenkins! Good to be here and excited about what I can accomplish with the help of BP.

@Scott McGill , Im a plumber in the southern wisconsin area.

A lot of people here have hit the nail on the head with their advice on leaving it until it doesn't work. Water heaters can fail anywhere from 5-35 years old, depending different variables of course.

Especially in your situation where you have the WH in the garage so a small leak won't cause a great amount of damage and will more than likely be noticed sooner rather than later.

Typically, the only "emergency" you might have with the WH causing it to not work at all, would be a gas valve going bad (assuming its gas and not electric.) These are pretty cheap and if the actual tank is in pretty decent shape yet, you'd be throwing money away.

Hopefully this made your decision a little easier,

Tyler

Hello everyone, I hope everything is well!

My name is Tyler Wenzel from Janesville, WI. I am 28 and I'm currently in the plumbing trade working out of Madison, WI. I just married my best friend of eight years and couldn't be happier.

I found BP surfing the web looking to increase my current (or lack thereof) knowledge on investing in rental properties. Recently I decided it was time I take the plunge into RE instead of making excuses why I can't/shouldn't. I hope to make my first deal by the end of this year, starting out small scale on residential properties, such as, a duplex.

The great thing about BiggerPockets is that not only have I found a place where I can ask advice, I can also network with others in the area to learn from.

Feel free to drop me a line if you have any advice or are in the area, I'd love to hear from you!

Cheers, Tyler