All Forum Posts by: Alex Witte

@Nathan Simons 

Everyone above gave great advice on choosing whether or not to self-manage or outsource. I always make that decision based off of my personal/business goals. 

If you are still trying to achieve financial freedom and escape the rat race, then you may need to put in the time to self manage and keep that bottom line healthy, so you can reinvest in other assets. 

If you have already achieved financial freedom and want to spend your time doing activities that you want to do, then perhaps sacrificing that % to outsource makes sense. I strongly believe having boots on the ground in the local market is a huge value add. You can either develop those relationships locally (putting in the time yourself) or go with a PM company who already has a team in place. 

Congrats @David Miller

Pretty good returns compared to other options! Way to get active. Milwaukee is a great cash flow market. 

Congratulations! Sounds like a solid deal. 

Was this loan in your personal name? That's a great rate for an investment property! 

Hey @Jared Michalski congrats on the smart decision to get into real estate! 

Marcus hit the nail on the head regarding the current market conditions. 

Be focused and persistent as this is no easy business. 

@Azita S. Marcus hit the nail on the head. 

I moved to the Milwaukee area in 2017 and started investing in real estate. My first deal was in the Sherman Park area. I was drawn to the numbers of the deal, but I didn't realize how much work it would be to manage. I am thankful to say it wasn't as bad of an experience like what you had. I went on to buy a second duplex about 10 blocks west. It is crazy how different a few blocks can make for both property values, quality of tenants, rents, etc. 

I now have narrowed my criteria to areas where the cash flow will be slightly less; however, the management headaches (vacancies, midnight calls, property damage, etc) will also be less. I too like @Marcus Auerbach decided to get my license because most agents don't understand investing. 

I think you made a good choice to set the cash aside, take a breather, and regroup! A lot of 2019 for me was building systems and organizing so I can have future growth with less headaches. 

Happy Holidays! 

Well done! 

@Saimon Bilalov I recommend that you pick a local brokerage to partner with. I recommend @Michael Henry

I also recommend joining a local REI page on facebook.

Congrats! I too am curious what auction site you used. 

Hey Carlton, 

Great thread! 

I would love if you could share some details about how working through this with the insurance company (guessing you have insurance on the property). 

I am curious how they pay out in a situation like this. Do you have to front the capital for all of the repairs and then they reimburse you?

Do they cut you a check after you make the claim prior to repairing the property?

Welcome aboard! Congratulations on choosing to take more control of you and your family's financial future! 

Real estate investing is a wonderful thing and a wild ride at times!

Wishing you all the best.