Updated over 16 years ago on . Most recent reply
New member from Madison, WI
After reading many posts on the forums for the last month or so I decided it was time to officially introduce myself. My name is Bill Andrae and I have spent the last 10 years or so living in Madison, WI ( GO Badgers!) after growing up in Milwaukee.
I spent the last 6 years working for a HealthCare IT company traveling consistently around the country implementing an electronic medical record for major hospitals. The entire time I was doing that I got interested in real estate and wondering how I could eventually invest enough to make a nice income on the side. I recently left my job and am waiting to start a new job as a local IT consultant.
After reading many books on real estate and talking about it all the time, I'm finally starting to "walk the walk". My wife and I close next week on a new home which also happens to be a short sale. I still can't believe both lenders approved the offer in less than 30 days. I don't think that is typical at all.
In addition, we also are renting my wife's condo which we couldn't sell in this market. Unfortunately, we are at a slight negative cash flow. Trying to work out a deal to sell to our tenant.
I'm also starting to look at other investment properties in town, focusing on 2-4 units in short sale or REO status. I went to Don DeRosa's investment bootcamp in March as was excited about buying properties "subject to" but have had a hard time finding private lenders to fund the deals.
It's probably not going to be easy, but I'm trying to find properties at a steep enough discount that I won't have to put a lot of money down. The local banks tell me that if the purchase price is 75% or less of the appraised value, then I will not have to put any money down. I'll believe it when it happens I guess.
My entire goal is to eventually work for myself full time investing in properties. We all know that the tax code was written for the small business owner. Plus, who wants to work 8-5 for someone else the rest of their lives, right? :D
One of the biggest things I've learned so far about real estate investing is that you just need to jump in and do it otherwise you will never learn. Looking forward to learning more on BP.