All Forum Posts by: Arthur Banks

Great event! Good meeting all those I met tonight. Looking forward to the next.

Read a few posts but didn't see anything regarding warranty on appliances.  Does anyone add extended warranties for new appliances? If not, do you repair after the 1 year manufacturer has expired or do you put in your lease the tenant is responsible for repairs?

2nd question: Self cleaning oven or no?

@Raji Kaur I'm so sorry. We talked already. That was meant for @Sebastian Boruta 

@Raji Kaur 

I'm in Libertyville during work hours and back in Waukegan there after.  If during the week doesn't work, weekends are always good.  My contact info is below if you want to take this offline.

Looks like the "I's" have it. :)  I was just asking so I would know what to expect.

@Brie Schmidt Ok cool. 

I was just asking because I attend the Milwaukee Meetup also and the first couple meetings were just networking. They then moved to a format: first 15 mins or so is networking, then about 1/2 hour guest speaking (such as those mentioned in my prior post - no selling!!!) and then wrap up with networking until...

Don't forget Waukegan!!!!  

Is this just a networking event or will there be an agenda with speakers?  E.g. contractors, loan officers, landlords, flippers, etc.)

Greetings @Sebastian Boruta 

I'm in Waukegan. I'm full time employed and investing part time with buy and hold.  Actually working on closing a 2 unit here in the next 2 weeks.  We should get together sometime over lunch. If you haven't you should also look at Lake County Property Investors Association (LCPIA).  We meet 2nd Tuesday of each month. 

I'm with you as I'm also starting to look in WI area.  And I've also been networking with the Milwaukee BiggerPockets group which meets the last Saturday of the month. It's about 45 minute drive from us.  @Ramon Jenkins is an agent in WI as well as a member of the group. Good people to meet.  Thanks @Brie Schmidt for shouting me out. I need to update my keyword alert or maybe browse a little more.  

Welcome aboard Sebastian

Looking forward to this one.

Let me add, I think it's a great program if you find a banker and contractor who've done the process before. Stay on top of what's going on, deadlines and requirements. Make sure your numbers work too! But I'm sure you knew that already. I hope I answered your questions. I had a good idea of what the repairs should cost when I walked the property before putting in the bid. As far as money to be made, assuming my numbers don't change (market rent drops or is off) I should cash flow after all expenses (vacancy, capex, ins, etc. prop manage - even tho' I plan to manage myself, I built in PM for future) just under $400/mo, removing PM adds another $200 or so. So I would say, yes, there is money to be made. And being that I'll owner occ for the first year (or 2) I'll eliminate my current rent and the income from 1 unit will just about cover the mortgage save for $100 or less. Again, this is base on fairly accurate numbers.