All Forum Posts by: Joleen Specht

Not everyday you see these WI cities mentioned in the forums. Any more specifica you can add? For residential, would SFH work? Are you looking to flip, BRRR, etc? For commercial, specifically apartments or would retail commercial units suffice?

I'm in Waupaca.

Yes, so agreed about not seeing these towns mentioned much if ever. Would love to connect with all of you!

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Quote from @Laurie Austin:

Hello All,

I'm looking for commercial or residential property in the Waupaca, Wild Rose, Iola, Weyauwega, Stevens Point, Manawa, Fremont & Amherst areas in Wisconsin that is off-market, seller financed or sub-to. If you have anything please feel free to send my way.

Hi, I invest in Central Wisconsin - I am in Denver but from Marshfield and have a dedicated team there. Have some rentals in Marshfield and working on a 10plex in Plover/Stevens Point. Also interested or can be an end buyer if you are in need. Love to connect.

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Quote from @Michele Granata:

Quote from @Mark Munson:

Hi @Michele Granata

It seems you are on the right track from your post, in more ways than one. Stay laser focused on one or two things at most. Go deep, not wide. It is easy to get whiplash from all the shiny things in REI. Secondly, the other thing you smartly pointed out, is TAKE MASSIVE ACTION. Don't overanalyze to the point of inaction. Theoretical knowledge is important, but experiential knowledge is priceless. Taking any action is what separates the dreamers from the doers. As a another piece of advice, start with the end in mind. Map out your goals and start from the end when building your system to get there. I'd be happy to share any advice I have, feel free to reach out if you need anything. Best of luck!

This validates a lot of the early stage experiences that I'm going through. Trying not to get overwhelmed with all the info, trying not to let all the "shiny things" get to me, and trying to embrace the education stage without letting it become inaction.

Thank you for the advice and well wishes! Appreciate you extending yourself as a resource for any questions.

Hi Michele,

I am a more recent newbie with 3 properties - all SFH. I actually use two of them as MTR (Mid-term rentals) and provide housing for Traveling nurses. My 3rd is strictly Airbnb. I too feel your "pain" of needing to jump...analysis paralysis is a real thing. Therefore, I did the jump into a 10plex multifamily apartment. Now trying to find a little bit more $...going in for the downpayment. I and my brother are taking this adventure together. We too do not have "family and friends" to ask. Feel free to DM me if you are interested in a smaller partnership with me. We can chat. I could send you our pitch deck. If nothing else, it might stir your imagination to do your own. But either way - jump!!! You will learn to swim once you do.

Joleen

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Newark, New Jersey

Quote from @Carlos Ptriawan:

Quote from @Darrin Carey:

As a private lender, I'm suddenly getting a lot of requests for three things that concern me.

1. Lending the Downpayment (behind another hard money lender)
2. Lending all the borrowers closing costs
3. Lending funds for putting up earnest money

Personally, I think putting up money for those items as a lender is EXTREMELY HIGH RISK. Out of 500+ loans I've done, only a very few have had problems.
Every one that had a problem had one common feature, the borrower had little to none of their own money in the deal. (Early ones, I didn't know better. The couple recent ones, the borrowers lied about it, and I found out later. Those borrowers made the forever banned list. Not because the deal went bad, but because they lied about the source of funds, and ghosted everyone went the rehab got hard)

Is there someone out there teaching this as a strategy to borrowers and potential lenders?
Are people really making these loans? AND getting paid back?
Am I missing something here?

Darrin Carey

dont you realize even this lovely biggerpocket forums are enticing that kind of aggresive behavior ?

Carlos, but at least on BP, I can message and talk to people. The only way to communicate with those people is to pay $997 for another video and sales pitch.

Thanks.

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Quote from @Darrin Carey:

Quote from @Joleen Specht:

As a new investor, I can honestly say that the instagram swindlers sure make it seem so much easier to purchase than it really is. I have 3 SFH (STR/MTR) with the latest just purchased in Dec 2022. I also just went under contract for a 10plex. But it is scary. I am about $40K short of the $175K downpayment....finding private lenders for this is not easy...not sure what next steps to take but determined to figure it out. Any advice you can give in this regard would be welcome.

Thanks.

The people hitting me up lately have been broke. The last one had a total of 67 cents to their name, and wanted a hard money loan over 7 figures.

You're in a much better position, as you have most of the funds needed and 3 properties. If the SFH have some decent equity, bringing in the shortfall could be a reasonable risk for a private lender. The lender may ask for a piece of the equity or cashflow in addition to the interest rate to compensate for the additional risk if the deal is thin.

You could also look for a JV partner to bring in the extra cash, but be careful with that. There's a whole different set of risks with partners.

I'll assume the Instragram swindlers are similar to the one YouTube and FB.

Darrin

Yes, the swindlers are the same on every platform. I appreciate the feedback.

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Thanks.

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Thanks.

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Hi Chad,

OK, great. Lets connect.

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Denver, Colorado

Philip,

Are you working with any Private Lenders ? Just trying to figure out the construction financing....

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Denver, Colorado

Hi Philip,

It was on Zillow. Yes we went to look at another property that is extremely overpriced just today. Would enjoy chatting.. Central WI is my niche right now, even though I live in Denver. We are from Marshfield.

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Denver, Colorado

All Forum Posts by: Joleen Specht

Joleen Specht has started 1 posts and replied 12 times.

Post: Searching for Off-Market and Sub to deals in Wisconsin

Post: Searching for Off-Market and Sub to deals in Wisconsin

Post: Ready to take next step, but what is it?

Post: Borrowing Downpayment, closing costs, and earnest money

Post: Borrowing Downpayment, closing costs, and earnest money

Post: Borrowing Downpayment, closing costs, and earnest money

Post: Borrowing Downpayment, closing costs, and earnest money

Post: Seeking Private Lender for a multifamily property

Post: Seeking Private Lender for a multifamily property

Post: Seeking Private Lender for a multifamily property