All Forum Posts by: Pete Sailhamer

If it is well below appraised value, you could refinance after a short while (year or so) and pull out the equity that you can use in future investments.  

Agree with the above. It is a great idea (I have done it myself) as long as the property still cash flows. It's also a great way to purchase a SFR for cash and immediately refinance.

I also use PadLister/PadMapper.  Also I go on Craigslist and search for people who are looking for an apartment to rent.  

I took out a HELOC with a local credit union, and it worked very well. They were able to finance up to 100% of the equity, as long as my credit was good. Developing personal relationships with local banks and credit unions is key.

If you have equity in your personal home, you can take out a HELOC and use that as the down payment. I've done that several times. Just remember to include the HELOC payments into your cash flow equation.

Johann,

This is absolutely amazing.  I'm really impressed.  There is a lot to read, so I need to look at it more carefully.  You have definitely put in a lot of time and detail in your plan, and no doubt it will pay off in the future.  Great job!

@Johann Kleisch I use Tasha Chambers with Chambers, LLC. She is out of Waunakee. My experience has been okay, but not the best. The work she did was great, and she is very knowledgeable, but very difficult to get a hold of. I would call and email numerous times and she wouldn't return them. I researched other reviews and I'm not the only one. But again, from the actual work aspect, she did great.

If a different good referral comes up, I wouldn't be opposed to switching, but until then I'll stick with her.

I use Jim Miller with State Farm as well.  He's over in the Madison area, but we've been happy with State Farm.

Thank you for the responses!  I really appreciate it.  I'll message you both.

I'm looking at buying another apartment complex in the southern Wisconsin area for between $500k - $1M.  The seller is offering up to 10% seller financing, but the trouble is finding a lender who allows additional liens on the property.  I would like 80% bank (or lender), 10% seller, and 10% me.  Does anyone have any good recommendations for lenders who accept this?  

Thanks!