All Forum Posts by: Drew Lied

Very cool @Alexander Witt. Glad to see a fellow Spartan get into REI investing. Feel free to reach out if you ever have any issues or questions

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $25,000
Cash invested: $40,000

PROPERTY START DETAILS: 2 bed, 1 bath, goofy layout
ESTIMATED JOB TIME: 4 weeks
ACTUAL JOB TIME: 36 weeks (contractor issues)
PROPERTY END DETAILS: 2 bed, 2 bath, finished basement
APPRAISED VALUE AT REFI: $127,000
CURRENT RENTS: $1,225 plus all utilities are tenants responsibilities

What made you interested in investing in this type of deal?

Price was right

How did you find this deal and how did you negotiate it?

I found it through my network of wholesalers

How did you finance this deal?

Private money

How did you add value to the deal?

Updated the place

What was the outcome?

Refinance, pulled cash out and now it's a buy and hold

Lessons learned? Challenges?

Challenges were the contractors on this job. Had a few run off. Also learned about egress rules from the city

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

No

Hey Ryan,

Awesome to hear. I'm a real estate agent and investor in MKE specializing in 4 units and less. In the past two years, my partner and I have flipped 5 houses and added about 25 units to our portfolio. If you'd like to chat, feel free to reach out!

DL

@Brandon Roberts hey Brandon, nice to meet you, virtually at least. I’m a realtor in the area that works with primarily out of state investors. Mostly cash buyers. Feel free to reach out if you’d like to connect.

@Daniel Petta hey Daniel - I’m a real estate agent in MKE that focuses on out of state investors looking for 8 units or less and work alongside the PM firm Welcome Home Milwaukee. If you’d like to chat, feel free to send me a message we can set up a phone call. I have multiple clients from CA!

@Clayton Plummer Hey Clayton I work primarily with out of state investors and I believe that it’s all about building a team that you trust. If you’d like to chat about the Milwaukee market - feel free to reach out!

@John Price I’ll third WHM!

@Matthew Jones Welcome Home Milwaukee could be a great option for you. They’re flat rate and have a ton of staff. I could send you the contact info if you’d like

Hey Everyone,

I'm really close on my first BRRRR property and very excited! I have one question for everyone as it was brought up to me today.

I am going to borrow 190k for the deal using private money.

I found a bank that will let me refinance after 6 months.

1. How does the transfer of the lien work?

2. Is the private money lender lending the money directly to me or do they get a lien on the property?

3. After the 6 months, does the bank pay the private money lender directly first and get hold of the lien?

Thanks guys!!!

Drew

Thanks Patricia! I will pass this along