All Forum Posts by: Philip Cook

 The next meeting is 6:30 pm Monday the 15th at The Bar in Rothschild. It's the 3rd Monday of the month at the same place and time for the last couple of years that I've been attending. 

Hi Steph. I'm a little west of you in central WI. There are a bunch of us scattered all over the state. I known I've grown a lot by networking with other investors. I'll put a plug in for WiscoREIA. I finally talked Nicholas into joining me in Wausau a while back. There are meetings in Green Bay, Appleton and Sheboygan that would be a bit closer for you.

Are you planning on covering the Stevens Point area? There is a huge need for people to do what you're talking about. Simply returning calls and not being booked out 9 months plus will keep you busier than you want to be. As others stated, finishing jobs with a quality product will make your reputation spread quickly.

 I do love the creativity of the idea, but you need to not get torn to shreds when you come up against a good lawyer in court. I've talked to Attorney Andrew Schmidt in Wausau some and he laughs about how much he destroys the local PMs when he goes against them in court, and they don't even need to worry about defending their legal structure. 

I manage myself. There are a few PMs around, but I've never heard them referred to as anything better than okay. The only ones that I've heard that might be any better than okay are the ones that only do their own large portfolio. 

@Nolan Baker this sounds like a question for a lawyer.

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $319,900
Cash invested: $32,000

2 bedroom mother in law suite

What made you interested in investing in this type of deal?

It allowed us to buy a bigger house while offsetting the increased mortgage costs.

How did you find this deal and how did you negotiate it?

I laughed at the asking price when it hit the MLS and forgot about it. My wife noticed it 4 months later after they had dropped the price $60k.

How did you finance this deal?

7/1 ARM from a local credit union

How did you add value to the deal?

Made the kitchen complete.

Lessons learned? Challenges?

It's possible to house hack with a family that isn't really interested in downsizing.

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $134,900

3/1.5 single family home

What made you interested in investing in this type of deal?

It used to be my primary residence.

How did you find this deal and how did you negotiate it?

Bought it from the MLS and lived in it for 6 years.

How did you finance this deal?

VA loan

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $113,900
Cash invested: $22,366

4/1 single family home

How did you find this deal and how did you negotiate it?

Cash offer on the MLS. I didn't wave the inspection contingency, but offered a quick closing.

How did you finance this deal?

Family loan that was refinanced into a 30 year fixed after 6 months.

Lessons learned? Challenges?

Things always break. I had the stove and fridge break as well as the roof leak within the first year.

I'm in Point and am working on starting to mail in Portage County. If I get anything that doesn't work for me, I will try to keep you in mind.

@Joleen Specht if you're looking for 6 month rehab financing, talk to Best REI Funding. 

Just out of curiosity, how were you able to find this deal? It's been really hard to find deals in the area that make sense.