All Forum Posts by: Tyler C.

My lender presented the option to take out a WHEDA loan for my downpayment to take advantage of the tax credits. I have money for the downpayment but I want to maximize my savings for future properties. I was originally going to do a conventional loan but want to take advantage of being a first time buyer- house hack, through FHA. Does anyone have experience with WHEDA? Pros and cons?

Hi!! I'm purchasing a fairly cheap duplex in the West Allis or Riverwest area and I'm considering working with a property management company. I'm not very handy and I work around 60 hours per week. Would it be better for me to work with a property management company or just hire someone as needed?

Interested! 

Thanks for all the feedback and encouragement! I just finished creating a research/business plan with a more realistic timeline (and about 4 backup plans). You guys are the best!! 

Going to my first NACA meeting on Saturday. I've heard mixed reviews about the overall process. Any tips/advice on going through NACA in the Milwaukee region?

Originally posted by @Alexander Felice:

Originally posted by @Jay Helms:

@Tyler C. - how many people in your circle of influence know what you’re trying to do? The answer should be everyone and you should be talking to them about partnerships. 

 This may seem abstract advice but it's probably the best answer.

how are your friends succeeding in this? 

I've been networking and attending local REIA meetings. I really need a mentor (who could partner with me or introduce me to someone who can),so I'm trying to build those relationships now. So far I've encountered a lot of people trying to sell me their products, strategies and programs. I just need clear, sound advice without having to buy a program or class. That's how I found BP! everyone has been extremely helpful! Thanks!

Originally posted by @Ericka G.:

Tyler Crawfod have you looked into first time home buyer programs or community based programs like NACA? Those will often pay your closing cost and down payment for you and help you get in a position to be a home owner. Their timeline (NACA) is prob 6-12 months which is too slow for many people but sounds like a potentially good fit for you.

If you are paying rent on top of your student loan debt, employed, and have ok credit, you should be able to qualify for an owner occupied duplex with NACA.

 Thanks Ericka! I'm definitely going to look into this today. I worked really hard to get a great credit score and pay off my car. I have about 30k of student loan debt left. Hopefully the time frame is closer to 6 months, I don't want to renew my apartment lease.  

Hi! I’m a recent grad (kinda-c/o2016) & I want to buy a duplex in Milwaukee,WI. My plan is to rent out one unit and live in the other. Between student loans, bills and just adulting, it would take me years to comfortably fund this investment. So I started shopping around for a personal loan. The loan I was offered seemed great initially but prepayment penalties & pre-compute interest made me feel uncomfortable about moving forward with it. Next, I try wholesaling and it’s been unsuccessful thus far. Now I’m working on a few different grant applications but the process can take a while. Before I get too discouraged, do you all have any suggestions or success stories on other ways to generate funds for REI? ...in 6 months?

I’m a recent grad & won’t have the capital to successfully fix and flip or buy multiple properties anytime soon. The legal aspect of wholesaling is a little scary so I’ve been veering away from that. I know the end goal is to own multiple rentals...just struggling on how to get there.

That’s my current plan. I would live in one unit and rent out the other. But I also want a quicker return on the investment.