All Forum Posts by: Pete Sailhamer

Thank you @Lucas Wagner

@Johann Kleisch Who did you end up going with?  I'm in the search for a new CPA in the Madison area and am open to suggestions.

Welcome Chris.  I'm in DeForest but am a buy and hold apartment complex investor.  Let me know if you have any questions.  I invest outside the Madison area, in the local surrounding areas.

Agreed with Johann.  

Also, a duplex is a great way to start, although a $50k duplex will be in pretty rough shape.  I recommend a simple Zillow search to start looking.

I've had good success in Janesville. $50k for a SFR is doable, but I'd avoid the 4th Ward.

Madison can be a tough place to buy a rental property (if indeed this is located in Madison).  Prices are very high, property taxes are insane, and rents don't keep up with these costs.  However one might say there's the hope of appreciation, if that is how you invest.  For cash flow investors (such as myself), I would suggest looking in towns surrounding the Madison area.  Have you had good success in Madison with other properties?

Yes, I simply asked my lenders what their policy was.  They know me well enough to know that I am an investor who is always looking to use more of other people's money, and they trust I'm simply looking for ways to expand within the confines of their policies.  Some lenders said yes, and others said they didn't accept second mortgages.  

I even made a post on BP to see what lenders out there (in Wisconsin) accept second mortgages, which is how I connected with another great lender (@Nicholas Vandervelde) from First National Bank near Madison.  I've also got some more great contacts of lenders in the southern Wisconsin area for anyone who needs one.

Does that help?  Do you have any specific questions that I can answer?

It was actually the first bank I talked to.  They were the local credit union that I was already using, and after striking up a conversation and mentioning what I was looking for, they were happy to offer their funds to lend to me.  I can't say it will work like that every time, but it did this time.

I agree it depends upon the lender.  From my experience, I've refinanced properties immediately after purchase.

$290k seems a bit high for that.  I'd try to bring the price down a little.