All Forum Posts by: Joshua Martin

An update: we've been doing it for the last two months straight - as often as people will book it - and it's been great. Covering rent and all expenses, so I can't complain. A sort of easy house hack. People have been great too. I also never looked into the bed and breakfast. I just decided we don't serve breakfast so it can't be a bed and breakfast ;) My accountant said to also put aside 20% for taxes; so we're doing that. Something about not paying social security on it, I'm not sure why, I'm just going with it. Get it rolling; it works great. JTM

small correction, however: I didn't realize when I wrote the post that your book might be Illinois specific. Still, after years at the university and seeing that new issues are almost always unnecessary, I'd still skip it. Best of luck. 

I think I used the 8th for the course, but people in my class used the 7th. I wouldn't think it'd be a big deal as more of it pertains to real estate terminology and concepts as opposed to state law which might actually change. Save the money, I think you'll be fine. JTM

@Gleason Jones

I'd recommend finding your local property record website. It's normally done by city or even smaller municipality, but the bulk of this information is online. For example, I'm about to draft up a letter myself once I get off BP, and I saw the house, a rental, looking to be in rough shape, and I did a Milwaukee property search to find the owner, whose address is listed although he doesn't live there (and his phone number, but he doesn't pick up). I hope that helps. Start there. Try 'Auburn property records' on google.

JTM

Darren Budahn Yeah I'm just planning to avoid a large patch of the city in that area where I wouldn't be comfortable going at night or even doing repairs during the day outside the place. I think there are definitely some workable areas in that Sherman/Washington Park area though. Thanks for all the input. And Jordan L. , there's a great Milwaukee REIA group that meets at least twice a month. I've only had a chance to go to two so far (work conflicts), but plan to make that regular petty quick. Certainly worth checking out, meeting people, and learning from. Best of luck, JTM

Jordan L. Hey dude! Welcome. I'm in the same boat. Studying our Milwaukee market. Darren Budahn Question for you: what areas around Sherman Park do you own properties in? I go the impression from my on the ground research that some of it is certainly pretty rough, more like D areas. Do you stay west of Sherman Blvd.? Or just wherever you find the deal? Thanks gang. Good discussion.

Hey Eric, We've actually spoke on the phone about that six unit (which I like but saw the danger of being all in too close - or above - market value). That said, it's all about property management, and I wanted to call you back just to reaffirm how lousy yours was (as well as a listing agent). That particular property, even at around 100k, still looks like a money maker to me, as long as it's rented right. Don't be discouraged, I know several people who do very well on properties all through that Walnut Hill area, despite what some of our investor peers might think. Once you get that covered think about the final rehab and work with the cash flow. I'm a rookie, as in don't own a property yet, but I met with a lender the other day who explained that a cash out works where a bank will essentially buy your mortgage (or assume) and also cash out the difference up to 70% of market value. You may be right that some banks are unwilling to do it, but I'm sure many are. Just keep calling! Pretty cool to see you on here! Good luck. And have you found a property manager yet? If not I could do some asking around in that area for you. Best of luck, JTM

And code violations could be anything the city doesn't like: a cracked Window, unpainted porch, cracked concrete or poor grading, unmowed lawn, overgrown bushes, etc, etc. A lien on a property would be the mortgage, typically occupying first place secured by the property, but others could be a HELOC or construction liens. It is somewhat important to know how much equity an individual has in a property if you're hoping to get a steal on it. For instance, if the property is mortgaged at 90% of its value you'll have trouble buying it using a flippers calculations without some creative short sale work that I really know nothing about. Good luck again, JTM

Try googling Ft Lauderdale (was that the city) property search, and you should be able to come up with something. As the previous loafer mentioned, this is all public record and easily accessible in Milwaukee. Title companies might not do this so willingly because it's not their normal MO even though they have easy access to all this operation. At least one around here turned me down when I wanted to know about liens on a property. Best of luck, JTM

At this point I've just been bird dogging and calling people looking for leads. Saying that 'I work with investors looking to purchase in the area' takes a certain pressure off of the conversation and allows you to at this point avoid talking numbers on someone else's behalf.