All Forum Posts by: Evan Stich

I like to think of myself as a handy person and I try to do a lot of things myself on my property. Being a landlord has humbled me for sure, there is much that I have to learn if I want to be the DIY guy.

The power of the internet is CRAZY, you can find anything through google. I usually like to look at multiple how-to videos to make sure that what I actually am doing is the most effective way (just because it's on the net doesn't mean it's true)!

@Lawrence Sarpong Thomas has a good point, before you offer on the property it would be a good idea to see if similar property sales within the area even warrant a price of $105k for this unit. In Milwaukee, it is not uncommon for the assessed value of a property to be WAY off from what it would sell for, or is actually worth.

Another thing to consider, what happens if you purchase, and can't flip it in the amount of time you'd like? Can you rent the condo? etc.

One thing I've learned from this site is to look at each deal with multiple exit strategies in mind.

@Wade Sikkink In an ideal situation, I would like to hold my properties for at least 20 years. I could only hope that after 20 years, the value will go up no matter what type of area the property is in. I can only hope that I will not hit any serious road blocks that would force me to sell. Thanks for the input, everyone!

@Eric Black great point about exit strategies! I suppose that if I plan on buying and holding a property, thoughts about an exit usually mean when I'm in retirement. I will definitely keep this in mind when analyzing each property. Thanks again, hopefully I can get more input :)

This is definitely a difficult situation. As hard as it may seem, I think you need to try to get these people out of there. Even if they aren't dealing drugs, the smell and the foot traffic would most likely be enough to drive first floor tenants crazy. It's one thing if you have no idea of what's going on, but since you have your suspicion, it only reflects negatively on you if you turn the other cheek. Good luck! I'd be interested in knowing how it pans out for you.

So I've been wrestling with this topic in my head for a while and have decided to put the question to you guys.

Would you rather own a property that provides cash flow? Or would you rather see something with less cash flow, but easy to liquidate?

The reason that I am torn is because in Milwaukee, there are deals that can be found that provide desirable cash flow, but the location is not very desirable (i.e. I am assuming that they are difficult to sell). While property in very desirable locations seem to barely pay for themselves (why would I buy if there's no cash flow???)

I like the idea of buying and holding property to provide cash flow. Provided a property can be rented with minimal vacancy, I'm not opposed to owning in a less desirable location... is this reasonable? Should I forget about the old adage of location, location, location?

Somebody, please set me straight...

Wow! Thanks everyone for the warm welcome! I will definitely check out podcast 29 @Dawn Anastasi

Thanks! So far I've listened to 20 episodes... I've had them on while I'm working... much better than listening to music.

Hey everyone! I just joined bigger pockets after listening to some of the podcast episodes. I'm extremely happy that I found a community that is not about pitching real estate. My current outlook on real estate is a buy-and-hold strategy that has been working just over a year now. It's great to be here and I look forward to meeting new people!