All Forum Posts by: Cody Barrett

Incredible showing! What a turnaround.  What outlets have you used to find the previous 6?  Did you say you are building #8 and #9?  I heard about that option on a podcast of just building new.  Great work Stephen, very motivating! 

Great work Jason! I always felt like there were some extra variables to consider when it came to doing deals like this. Auctions, foreclosures, short sales, subject 2's etc.. I like how you kind of just jumped in and went for it.  Sounds like it could have gotten tricky if the tenant wanted to put up a fight. That always concerns me but I guess if you have reserves and have planned for it then you could weather the storm a bit.  Sounds like your path will be a smooth one! 

I need to learn how to structure deals and contracts so if I do the "drive for dollars" strategy and find someone interested, I could explain to them of my intentions and a thorough "this is how something like this would work and how it benefits both you and I"...

Good luck sir! 

Wow this is incredible! Talk about being all in.  The energy and commitment you have is really inspiring sir.  Thank you for posting.  I never know if what I am doing right now is correct or not but I keep taking it day by day and hopefully more and more things start to happen as I continue working.  I find myself going from blog to blog, post to post, podcast to podcast, just trying to digest all the information. Real estate is incredibly dense and there are so many variables to be aware of.. lol I guess that is what makes it so exciting lol.  Keep it rolling @James Wise!!

https://www.biggerpockets.com/calculators/shared/320010/b1c848d5-142a-4d4b-ba3d-bc1670421c48

There we go. I think...

dang.. I will try again.. Thanks for the heads up! It was weird because when I pasted it and hit enter it hyperlinked but shortened dramatically.  I will try again.

I always enjoy your insight @Steve Vaughan ! It really slows my thoughts down to evaluate my strategy, my current situation, and what my next move should be.  Excellent point in paragraph 2 Steve, something to really consider when learning about partners as I am now.. I am going to write that on my white board because I should definitely keep that in my mind every day, "control my investments, track and stay on top of what effects my properties."  Thanks again! 

Hey everyone! @Brett Britten great to meet you as well! I am just starting out myself and created this LLC to manage my first duplex located in Racine, right off HWY 11 and Taylor Ave. My strategy is for this LLC to manage the properties that I obtain and then I will put each property into its own LLC as long as I can get the mortgage and deed under the LLC's name. So R.C Property Solutions will be the manager. I would like to buy and hold multi family units and develop some solid partnerships to expand across the state/Midwest.

@Corina Eufinger nice to meet you! That is fantastic!! You have a nice size portfolio to take care of, I can't wait to find some more solid deals.  I work in Kenosha for Chase Bank as well and it the downtown area in the Summer time seems to be jammin! I truly have no clue who to call when it comes to minor maintenance so what a wonderful offer! Thanks sooooo much!!! Ill PM you. 

@Sendhil Krishnan Hey there! Milwaukee is an awesome market because of how diverse it is. Very old neighborhoods built perfectly into the big city of Milwaukee. My Uncle owns property in Pennsylvania and just purchased a duplex to house hack in Milwaukee to move closer to us (family)... Ever since that I have noticed some really great opportunities but the market is getting better and I am finding a lot of retail prices on the MLS for multi's, especially duplexes... There are members on here that really know the Milwaukee market so much better than me though.

I did pull the trigger in Racine on a duplex.  Listed for 129k a year ago. Dropped to 98k and I picked it up for 89.5k in March of this year..  Older home but it will cashflow a little over 100/door after mortgage and expenses..  But I manage myself so I keep a little more.  I did investor financing with 25% down.  (which now killed me lol) Mortgage is 631.25 with taxes and the upper pays that and then some while the lower goes towards operating expenses and profits... 

Thanks @William Newman that really adds fuel to the fire.  I appreciate that feedback and advice big time! 

@Svetlana Foley that is really exciting to know! I can't wait to dive into the REIA. My strategy is buy and hold in multi units for high cashflows. My area can have some really solid opportunities when it comes to price ranges, I got my duplex at 89,500 that needed minor updating and no repairs. I am looking at an 8 unit building a few miles away that is listed at 440k. I don't see myself flipping because I want long term growth from each property. I would love to finance a 25+ unit building during 2017.

So now I am trying to focus my education around that particular strategy. I guess we will see haha! Thanks for the input !!

Hey everyone! Thanks for checking it out! 

I am practicing on my analysis as I hope to purchase something like this or bigger before the end of 2016.  Another purchase this year would add 2 properties to my portfolio as I am in my 1st year of doing this.  I closed on a duplex in Racine on March 4th of this year.  Renovated the lower unit and I am sifting through applicants to fill it now.  So in the mean time I enjoy analyzing potential deals that I have zero idea on how to finance lol but I need to get better at finding/analyzing great deals to bring to others at networking events to gauge their opinions as well...  

After reviewing this recent one that I like, I feel like I am missing something in my analysis here. Asking price is 440k but for an 8 unit in Racine and where its at, I think they could do better... FMR is 650/month for 2 beds on that street. The listing says they're getting 5400/month (675/unit)... It wouldn't be hard to look better than the competition though.

It seems really solid if I had the ability to receive conventional financing w/ 25% down...  But anyway here is the BP calculator link it generated 

https://www.biggerpockets.com/buy_and_hold_results...

How would a newbie go about financing this? Is it worth walking through with my contractor to see how much work needs to be done?  I put in 25k for repairs because I feel like any purchase needs something...

If you have tips on what major things to look for in determining high cost repairs right out of the gate I would love to read about them. 

Thanks again!! 

Definitely! I am going to attend my first REIA in Milwaukee for one of their monthly meetings. I am curious to know what it will be like. I look forward to hearing everyone's story. Thanks @Sarah Larbi good luck to you as well.