All Forum Posts by: Ty Ash

 Hey! I'll make sure to keep posting here and I just sent you a connection request. Looking forward to seeing you out at a future event!

Come join us for an informal gathering to meet other current and future real estate investors.

No matter which Real Estate strategy you use, we'd love to see you out to get to know you! All are welcome.

No agenda, no topic, just come hang out with some people from the real estate investing community here in the Milwaukee area!

Location: Good City Brewing Company, Wauwatosa (Bar Tables near Main Entrance)

Time: 5:30-7:30 PM CST

SEE YOU THERE!

Hi @Elisha Reed!

Definitely focus on your education (asking question here in the forums as they come up) and build a team in your area. Find investors in your area that have good references for the professionals you need (I would add CPA to your list).

I'm sure there are some very strategic moves you can make with this new property but you'll want a trustworthy, experienced investor to point you towards the right resources.

Hope this helps!

Hi @John Vang!

Here's how I explain this to Buyer's.

There are three main things that could cause you to default on the loan (which would likely make it less profitable for the lender).

1) You don't pay your taxes, you get a tax lien on your property, you foreclose, the lender loses money.

2) You have significant damage to your property, in theory you might not have the cash on hand to fix it (thus insurance), and you can't stay in the property, maybe stop paying your payments, you foreclose, the lender loses money.

3) You don't pay your mortgage because of a life event that changes your income (thus why lenders underwrite you with stricter standards than pre 2008), you foreclose, the lender loses money.

Even if you can poke some holes in my reasons above, if you're curious why something is a certain way, follow the money. Lenders are investors themselves and this is their way of protecting their investment. Also, the money in escrow are still your funds. They are just earmarked for those future expenses.

Hope this super simplistic way of thinking through the extra payments into escrow helps. Good luck on the first house hack!

Yes! We're working on adding the future dates to our website in my signature here on BiggerPockets. Hope to catch you at the next one!

Thanks to everyone that made it out tonight!

Looking forward to seeing everyone tonight!

We'll be standing near the front door of Good City Wauwatosa.

Hi @Vito Cicinelli!

I'd pick up a copy of Set for Life by Scott Trench as it has a good framework for financial independence, especially for a newer investor. Real Estate is just a part of your total financial picture so don't become too focused on just real estate. You'll want to learn more ways to increase your income now and in the future, keep your expenses low, and take the difference to invest into assets, real estate/business.

As already mentioned above, a house hack will probably be one of the best strategies for you to get started and take action while giving you a great return because of the low % down needed to get started. Once you get to this point, make sure to run your numbers for both while living in the house hack (lowering your living expense to less than what it would be to rent in your area) and post move out where you need to be at least break even after accounting for your monthly payment + maintenance, capex, vacancy, property management.

Here's a great resource right here on BP:

https://www.biggerpockets.com/real-estate-investing/house-hacking-strategy

Best of luck getting started! Here for you with any questions you have along the way!

Hi @Renaldo Johnson!

I'd recommend that you keep/start learning! This can be done through Podcasts, Books, and Mentors you find by networking. Also, try to attend one of the "Buy your first investment in 90 days" webinars here on BP.

I'd also pick up a copy of Set for Life by Scott Trench as it has a good framework for financial independence, especially for a newer investor. Real Estate is just a part of your total financial picture so don't become too focused on just real estate. You'll want to learn more ways to increase your income now and in the future, keep your expenses low, and take the difference to invest into assets, real estate/business.

In my opinion, a house hack will probably be one of the best strategies for you to get started and take action while giving you a great return because of the low % down needed to get started. Once you get to this point, make sure to run your numbers for both while living in the house hack (lowering your living expense to less than what it would be to rent in your area) and post move out where you need to be at least break even after accounting for your monthly payment + maintenance, capex, vacancy, property management.

Here's a great resource right here on BP:

https://www.biggerpockets.com/real-estate-investing/house-hacking-strategy

Best of luck getting started! Here for you with any questions you have along the way!

Hi @DeVon Williams!

I'd recommend that you keep/start learning! This can be done through Podcasts, Books, and Mentors you find by networking in your area.

I'd pick up a copy of Set for Life by Scott Trench as it has a good framework for financial independence, especially for a newer investor. Real Estate is just a part of your total financial picture so don't become too focused on just real estate. You'll want to learn more ways to increase your income now and in the future, keep your expenses low, and take the difference to invest into assets, real estate/business. Like @Michael Dumler, said you should have some capital to get started and this book walks through a framework for that.

As already mentioned above, a house hack will probably be one of the best strategies for you to get started and take action while giving you a great return because of the low % down needed to get started. Once you get to this point, make sure to run your numbers for both while living in the house hack (lowering your living expense to less than what it would be to rent in your area) and post move out where you need to be at least break even after accounting for your monthly payment + maintenance, capex, vacancy, property management.

Here's a great resource right here on BP:

https://www.biggerpockets.com/real-estate-investing/house-hacking-strategy

Best of luck getting started! Here for you with any questions you have along the way!

Hi John! I'm hoping to do this every few months but otherwise we do a monthly Happy Hour in Wauwatosa. Definitely come on out and engage with the group! Here's the post for this month:

https://www.biggerpockets.com/...

Make sure to set up your key words in settings to notify you when anyone posts about Milwaukee.

Thanks!