Skip to content
×
Pro Members Get
Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
ANNUAL Save 16%
$32.50 /mo
$390 billed annualy
MONTHLY
$39 /mo
billed monthly
7 day free trial. Cancel anytime
×
Try Pro Features for Free
Start your 7 day free trial. Pick markets, find deals, analyze and manage properties.
All Forum Categories
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

All Forum Posts by: Daniel Hanson

Daniel Hanson has started 10 posts and replied 193 times.

Post: Craziest Thing You've Ever Found in a Property

Daniel HansonPosted
  • Investor
  • Waukesha, WI
  • Posts 199
  • Votes 97

Found a duplex built on top of side by side garages with a steep driveway leading out to the street.  This was toward the beginning of the last crash and winterization was hit or miss on foreclosures.  The property had been vacant and several pipes burst but the water stayed on.   The neighbors finally called the city when the ice dam running out below the garage doors out to the street started to interfere with traffic.  The utility company said 78,000 gallons had gone through the meters while it was vacant.  Somebody else got a good deal on that one.

@Steve Lundy also note that the 1% rule of thumb, the 8 x gross rent rule of thumb, and the gross rent yield rule if thumb are all doing equivalent math and giving different conflicting screening rules.  For example 8 x gross rent = 8 x 12 x monthly rent = 96 x monthly rent or another way to say it is monthly rent should be 1/96 of purchase price.  1/96 = 1.04% , or another version of the 1% screening rule of thumb.  Out of these 3 just pick one screening tool that makes the most intuitive sense to you- using all 3 will confuse the issue.

@Steve Lundy I'll echo a few concerns and maybe add a few thoughts.  Cash flow is the starting point because it minimizes risk.  Risk of having to pay for property expenses out of pocket, risk of timing issues causing you to be late on property taxes or utility bills and putting the whole property in jeopardy.  I haven't done the math but it seems that in the 100% financed situation it would be better to go for the 30 year loan and use the excess cash flow to pay down the heloc faster.  But still do the math, it could be a VERY long time before the heloc gets paid down significantly, and in the meantime you have effectively zero cash flow and higher risk.

Post: Milwaukee Wisconsin Market

Daniel HansonPosted
  • Investor
  • Waukesha, WI
  • Posts 199
  • Votes 97

@Account Closed that's good to know- I'm not originally from around here and always found that pronunciation a bit different

Post: New Idea On How To Get Started, Need Advice

Daniel HansonPosted
  • Investor
  • Waukesha, WI
  • Posts 199
  • Votes 97

@Antione D.

I'm not sure of your timeline, but could you get started with Bermuda properties?  At least looking, and analyzing?

Post: Milwaukee Wisconsin Market

Daniel HansonPosted
  • Investor
  • Waukesha, WI
  • Posts 199
  • Votes 97

@Account Closed

These are all true but not especially useful tidbits about Milwaukee.

South side Milwaukee is not to be confused with the separate city of South Milwaukee .

You can invest in West Allis, but East Allis does not exist .

 Cudahy is pronounced "cut a hey".

In Wisconsin, there is a city called Fond du Lac. In Milwaukee, there is a street called Fond du Lac.  When you are in Milwaukee on I-94 and you see a giant sign with an arrow for Fond du Lac it us directing you toward the city of Fond du Lac, not the street.

A Polish flat is generally 2 or more stories.

Bay View is actually just s neighborhood of Milwaukee, not a separate city as many people think.

All right, one actually useful tidbit, Dawn Anastasi has an Ebook about the neighborhoods of Milwaukee broken down by zip code.  It's a good intro and you can find it through her BP profile page.

Post: Milwaukee, WI What are the SFR rents in Saint Francis?

Daniel HansonPosted
  • Investor
  • Waukesha, WI
  • Posts 199
  • Votes 97

@Joshua Martin you might be able to get a decent estimate on rentometer

@Michael Henry

From Cleveland avenue on the north to Oklahoma on the south.  From S. 20th St. On the west to I/94 on the East.

Post: Recommendations for which real estate group to join?

Daniel HansonPosted
  • Investor
  • Waukesha, WI
  • Posts 199
  • Votes 97

@Brad W. 

I attend both the REIA meetings (2nd tuesday of every month) and the Brew City Meetup (last Saturday morning 9AM). I get value from both of them, although the Brew City is free, while the REIA has an annual membership fee (a few free meetings thrown in as an intro). Both groups also have a Facebook page with active & valuable discussions, and the REIA has their own website with Haves/ Wants and member's property listings.