All Forum Posts by: Joshua Martin

Adam Kozuch Hey man, I'm looking into the same thing right now. My girlfriend (who I'll be moving in with June 1) has done this in the last when her or her roommate have traveled and made good money doing it, about $45 a night in Riverwest. When I move in over there in a month and her roommate is out we plan on doing this with the spare room as much as we possibly can to save on rent and keep stashing cash. I'll keep you posted and you do the same! But I am glad you brought up the question. I really need to find an accountant for these sorts of questions because I'm sure it will need to be reporter in some way if it adds up to several hundred dollars a month. Best, JTM

Adam Kozuch I'm looking for the same thing and just followed this thread. Look at the link to the Brew City Meetup Group a few posts up, it looks like it's still alive and kicking. Hope to see you there! JTM

Inspiring story, my friend. I'll be following along and hope to see you make your first deal soon.

JTM

Hey Andrew, Glad to have you! We have the same target date for our first buy (actually I'm shooting for March 2017). Stay in touch. I'll be watching how you do! Stay on here and keep learning and asking questions, everyone is crazy helpful. Best. JTM

Thanks again everyone. @David Faulkner & @Scott Sewell, I appreciate the insights, and that's what I'll be looking to do, i.e. more or less both plans. Buy a ****** property in the best area I can, and the bigger the better (up to 4, and hopefully 4). I'll be keeping you posted guys, and I'm sure more questions will come up along the way.

JTM

David Dachtera Great input David, it applies to me too. I'm actually doing the licensing course right now in addition to reading BP all the time and some of the classic real estate books, but I'm wondering if you could provide a few more specifics about the 'group' you're talking about. Do you mean an online course or a local REIA? Thanks in advance. Michael Roundtree Hey Michael, glad to see you on here. I'm new myself, haven't done a deal yet, and mostly just listen to all these helpful folks on BP. The licensing course is very helpful (plus in another month I'll have access to the MLS), the suggested readings are great - under education - or the favorites that come from the podcast. Listen to the podcast! It's awesome! As for a mentor, what it kind of sounds like you're looking for, the recommendation various people make on the podcast all the time is find something to offer. Bring value. You can't expect someone to just carry you along and help you without offering anything in return. Stay committed and stay strong, I'm working full time too but dumping all of my free time into real estate. Best of luck. JTM

Dolly, 

Thanks so much for the feedback, those are all really good points for me to think on and consider. You're right too, I need to be patient. My initial plan two months ago was to spend a year educating myself and saving before buying a property, and then jump in. Maybe I should stick to that, but you know how easily it is to get sucked into potential deals on Zillow...

  Another question, and pardon my ignorance, but what do you mean 'find a seller who will carry the note for you'? That's a financing angle I don't understand. Seller financed? 

 Thanks again. 

JTM

Thanks Dolly. I actually understand both the 1031 exchange practice or the cap. gains exemption based on 2 year occupancy. The guestion wasn't so much about taxes at all as about 'where to buy.' 

I'll reformulate: do you buy cheaper in worse areas? Or buy less in better areas? For example, I could get a four family in some areas of Milwaukee, which looks appealing given the prices, or I can buy a duplex in a better area for the same price. See my question?

Thanks in advance. 

JTM

Welcome to BP Brian, I hope to run into you sometime in the area, and maybe in the future once were both actually doing this we can work together! JTM

Dave Carpenter It's zoned RT4, whatever that means. It's a special type of residential allowing more than 4 units, but it's not specifically commercial. I'd like that contact info if you could send it along PM, for future reference. It turns out this one is actually off market and the owner wants to rehab the duplex before listing it again. I'll watch for the next couple months. Nathan Schoenborn You might be right. I haven't looked at it yet, but was on the phone with the listing agent this morning who said the duplex has 'electrical and plumbing' but other than that is totally gutted. Serious project house. I don't know how the numbers would work considering the rehab costs. Thanks for the input guys. Probably not the one, but I got 'caught up' in my first property, I guess that was kind of fun. JTM