All Forum Posts by: Mike Lowery

Hello BP world!
I have been rather quiet in the last couple of months and have actually been focusing my time and efforts on a potential job opportunity that would be best for my family. With this opportunity though comes some major change as we would be leaving the Milwaukee area and heading to the Houston area. That being said, I have a couple questions regarding the exit strategy for my personal residence.

1) Is it more beneficial to complete all the work, minor and major (IE: Windows, doors, trim, interior lighting, etc.) and try to sell for top value while obviously putting a bunch of money into it?

2) Should I just do the minimal work to get it into a state where I can off-load it quick, but limit my potential for profit? Obviously this would be cheaper than option #1.

3) If I do opt to do all the necessary work, what options would I have to acquire the remainder of the funds I would need to complete the work. Private Money, Hard Money or a lender are the options that I am aware of.

Some other things to consider (please take into consideration I purchased my house well before I knew about BP and never thinking it would be a short-term flip or rental property)

Current Mortgage Balance: $91K

Projected Improvements: $15-20K (Option #1) $3-$5K (Option #2)

ARV: $120-$130K based on current market conditions, comparables in my neighborhood, etc.

Any comments, suggestions, concerns, would be greatly appreciated.

I was looking forward to the meetup for two months now and I will not be able to make it. So disappointed. Next time!

Sarah,

Now you can say I am a little biased because I live in Milwaukee, but I think you answered the question yourself when you said you want to be by younger people and experience all the seasons. I dont know if many people will know both markets, but I think Milwaukee is full of young professionals, who have plenty of energy and are planning on settling down here. You cant deny that Milwaukee is also a place where you will see all four seasons....

Hope everything works out with the duplex. Stinks that someone used city money and didnt complete the work. Stinks even more that the city cannot go in and make sure the properties they own are, at the bare minimum, maintained when they acquire them so things like this do not happen. Best of Luck!

Welcome @Matt R.

Nice job! Congratulations @Dale G. & @Account Closed

@Dawn Anastasi nice work, I wish I would have noticed this thread earlier!

Welcome to BP from another Milwaukee investor!

@Michael Wimberg nice to see another professional firefighter on here! I am fairly new to the site and the REI game as well!

Cheers!

Thank you everyone for your feedback. Right now I am short on cash, so I am looking at wholesaling first, then transitioning into buy and hold. I would like to wholesale Single Family homes, then Buy and Hold Single Family homes as well as 4 unit apartment buildings. I am looking for Single Family homes in my area that are between 800-1200 sq ft as this is what I feel most comfortable with. I will gain access to the local MLS, check the various websites mentioned and start walking through houses within my parameters to get a good idea of what the market is like. I will also narrow the zip code into each neighborhood and then try to analyze based on that. Thank you again everyone for your feedback, it is greatly appreciated!