New member from south central Wisconsin

[Kevin Haukom]

Hi all,

I’m a fairly new member and this is a first post. My name is Kevin Haukom. I don’t exactly consider myself to be a newcomer to real estate investing. I have been involved in multiple real estate deals. These include 2 investment properties. I sold my first rental about 5 years ago and recently purchased a single-family rehab/rental property. These have all been done with conventional mortgages. I have decided to become more aggressive in the real estate business. There are two basic goals involved. 1. Reduce dependence on the income that comes from employers. 2. Create a supplemental income stream for retirement. This requires building larger portfolio. The end product would include finding solid property management to partner with. Given the financial position my wife and I are in, we could likely add 2-3 more properties using conventional financing. However, I have little interest in tying up that amount of capital. The conventional financing would also limit the capital available for rehab projects on the properties.

While not a “nubie” to real estate, I am one when it comes to alternative forms of funding real estate projects. My model is to buy stressed or otherwise below market properties in the sub $120K range and rehab to area average rentals. I think the ability to participate in auctions is important for this. The rehabs would be done with an eye towards resale. To me this means making sure structure, mechanical, weatherization, etc. are all done properly. The compromise would be cosmetic things like laminate flooring installed over wood floors that need finishing simply to protect them.

I’m located in south central Wisconsin. I also have ties to north western and central WI. I apologize for the lengthy post. What I am looking for is, potential financing options, advise, and information.

[Rebecca Knox]

Try Milwaukee Hard Money, Machi Lending, MGM Capital and Tailwind Funding. All provide creative lending options for WI deals. I run a local REI club in Milwaukee and we have an event once a year where we bring as many lenders in and they let us know what their best investor products are for the year---details for the 2021 Show Me The Money event will be posted in Bigger Pockets once it's organized. Good luck on your REI adventures!