New investor wanting to BRRRR

13 Replies

Hi, allow me to introduce myself. My name is Richard Kalnitz. I'm a medical instrument technician currently working for Roche Diagnostics and living in the Fox Lake IL area. In addition to that I am a Real Estate investor working with a partner named Chad Trautsch who is the owner of a computer and IT services company in Prairie Du Chien Wisconsin. We are cash investors looking for distressed properties. We have no fear of property issues like foundation, roof, tuckpointing, windows, ect. For us it is all in the numbers working out, not the size or scope of work needed. Our goal is to rehab properties for cash and put them in rental portfolio. Ultimately refinancing them and moving on to the next project.

We have been looking in the Dubuque IA area for property to BRRRR but are willing to consider other areas too. We would love to hear any thoughts or recommendations on great areas near us to invest in or even a specific property to check out. Thanks in advance for any help or just saying hello.

Hi @Richard J. Kalnitz , first of all, take a moment to congratulate yourself for getting on bigger pockets and looking for answers. I can't speak to the Dubuque market, but if you are interested in Chicago or suburbs, check out the Straight Up Chicago Investor podcast or our website which has a ton of resources as well.

There are a ton of great areas within a 30-45 minute drive from you, so my suggestion is getting involved in real estate groups on facebook and local real estate meetups. Telling as many people as you can what you're looking for too and once settling in on an area hooking up with a broker who can be a crucial ally to you.

Welcome to the BiggerPockets forums @Richard J. Kalnitz !  I love the scope of interest you gave for properties, keep connecting and would love to see an update on your progress down the line.  

Thanks everyone for all the replies. Tony Angelos we are new to real estate investing and will defiantly check out the Straight Up Chicago Investor podcast and website. If you have some Facebook pages or meetup group suggestions I will defiantly check them out. Thanks for the information and advice. 

Bryan North we certainly hope to keep updating everything here on BP as we get started. Currently we have connected with a agent in Dubuque that has two properties for us to look at. Both have been unoccupied for around 15 years. One was last used as a duplex, but was originally built as a single family home. The rear portion of the building had a previous fire and the fire damaged part has been without a roof for some time. The other property was originally built as a side by side duplex. Both properties are old construction (1800's) but are in a part of town that has had a number of higher end remodels and restorations in recent years. Thanks for your interest.

John Warren thank you for the connection. I will get in touch with him. As a new investment team we are looking to connect with and help out as many people as we can.

Once again thank you everyone for the replies. We hope to keep contributing to the BP community. 

Originally posted by @Richard J. Kalnitz :

Hi, allow me to introduce myself. My name is Richard Kalnitz. I'm a medical instrument technician currently working for Roche Diagnostics and living in the Fox Lake IL area. In addition to that I am a Real Estate investor working with a partner named Chad Trautsch who is the owner of a computer and IT services company in Prairie Du Chien Wisconsin. We are cash investors looking for distressed properties. We have no fear of property issues like foundation, roof, tuckpointing, windows, ect. For us it is all in the numbers working out, not the size or scope of work needed. Our goal is to rehab properties for cash and put them in rental portfolio. Ultimately refinancing them and moving on to the next project.

We have been looking in the Dubuque IA area for property to BRRRR but are willing to consider other areas too. We would love to hear any thoughts or recommendations on great areas near us to invest in or even a specific property to check out. Thanks in advance for any help or just saying hello.

Welcome to BP. What drew me to your post is having no fear of property issues like foundations,.......That's perfect. Make sure you put mold properties on your list. Put Peoria IL on your list of areas to consider for your single-family BRRRR.

 

@Richard J. Kalnitz Welcome!  @John Warren & myself are hosting the "The Best Damn BRRRR Webinar Ever" next month with exact times, dates, and registration that we will share soon! We completed over 350 BRRRRs between 2009-2019 and this webinar will be a collection of what we did wrong and what is not always clear going into a BRRRR investment. More info coming soon!

I'm an investor born and raised in Dubuque. I'd be happy to connect and help you out if you need anything. I have lots of connections to all the trades and other investors. Check out our local REI page on Facebook-Dubuque REI. I am the admin on the page.

Hi everyone.

Crystal Smith I will put Peoria on my list. Thank you for the recommendation. I was in Peoria for a few days for work not that long ago. Stayed at the Pere Marquette Hotel, nice place.

Mark Ainley I will keep an eye out for the date and time of your webinar. 

Luke Hoffmann we would love to connect with you and other investors in the Dubuque area. Chad my investing partner lives in Galena Illinois so he is not far from you. I will also check out the REI page on Facebook.

@Richard J. Kalnitz - Welcome to BP! Great community of like-minded investors here. Would definitely be open to connecting. The BRRRR model is definitely a good one to follow, it's just becoming increasingly hard to find good deals.

Is there any specific reason you like Dubuque, instead of just investing in your back yard (fox lake)?

Hi!  I am really new to BP.  I live in Epworth, IA about 15 miles from Dubuque and have our first rental in Dubuque that we purchased in 2020.  I enjoy learning so much from this and would like to connect with any local area Rental Investors.  Can't wait to learn more with this process!

Hi everyone. Thanks for all the great questions and information. Feel free to reach out to me with anything.

Jonathan Klemm we have been looking in Dubuque IA because of it's close proximity to my investing partner Chad's house in Galena IL. Also my daughter lives there and I'm in the area often. We like some things about the Dubuque area as well. One of the main areas we have been looking in is the old downtown area that has been going through a major revamp and has managed to attract some young professionals as well as some fantastic new small business. I'll post an image of a revamped area of Dubuque below.

Kristina Reiter nice to meet you. I hope you will have a long and prosperous real estate investment portfolio. You are in the right place to learn from great people. Have you joined the Dubuque area Facebook REI group? (see Luke Hoffmann post above). I hope we will have a chance to talk about all our great deals over many years.

Hi @Richard J. Kalnitz . Sounds like you are on a great path forward with leveraging partnerships. There is so much value to increasing velocity with partnerships.

We focus on non-performing notes but also end up with foreclosures. If you like, I can add you to the list we use to sell those. You'll see more from us later in the year due to our position in our internal Note cycle right now (in a purchasing phase, which leads to loan modifications or foreclosures). Let me know!

Hi Richard!  Yes, downtown Dubuque is revamping and I love the spot you have posted.  Yes, I have been connected to this FB group and seems to be great for learning and connecting with knowledgeable landlords.  Best of luck!

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