All Forum Posts by: Robb Wisely

@Andrew Haney 

Thanks Andrew!  I sent you a DM.

Thanks everyone!  I think I found a few!

Hi all,

Does anyone know of any realtors in Scottsdale, AZ that own short term rentals themselves and/or work extensively with short term rental buyers?

Thanks!

@Michael Johnson Like others mentioned, it all depends on your long-term goals. I own a 2 unit with non-conforming third unit (which I live in) house hack in Irving Park near Elston Ave and I do live completely for free. It IS possible. Is it easy...no. We got it under contract right before covid hit and had to turn a unit last summer which allowed us to raise rents by about $300. We did a 3.5% FHA and are nearing the end of our mandatory year period where we'll likely rent out our unit for around $1150-$1200 and end up cash flowing pretty big since we already break even. Another thing that helped us is that I don't own a car so I rent out the garage to a separate person.

I think a big thing here that you have to think about that wasn't mentioned much yet is the fact that you live in Chicago...meaning, which neighborhood do you feel comfortable in and what do you want your quality of life to be?  My wife and I made the "sacrifice" to live in north Avondale/Irving Park for a year and I very strongly dislike the neighborhood since I have no plans for kids and love city life.  Your areas of affordability span across the north and west side through Logan, Avondale, Irving Park.  Can you deal with being around kids/families, higher potential for crime, etc.

I own duplexes in Milwaukee as well - our investing careers are quite similar.  Feel free to message me any time!

Robb

Thanks @Jim Jaworowicz and @James Free for that info! Which areas were your BRRRR's in? I think right now I probably have close to enough to purchase a place in a couple different areas of MKE but without having done one yet, it's hard to know what kind of rehab budget I'm going to have to look at to get the property in rent condition. I'm obviously not trying to deck a place out in the nicest finishes, etc. but putting in durable materials that'll last through several renters would be ideal. The other focus would just be to find a place that didn't have major cap ex expenses right up front.

I don't think I'd necessarily be laser-focused on refinancing every penny out of my first deal.  I know getting the experience of doing one and learning the process would be the most beneficial out of doing it the first time.  My other question mark would be how often I'd have eyes on the place and the rehab process since I'm not up in MKE very often.  James, how did you handle this with yours you're currently managing?

Also thanks @Brett Kash, how did you find that seller financing property?  I've had my eyes open for these lately but the only ones I've seen are in some really bad areas or they're too much to take on.  

Thanks @Rebecca Knox for that info!  With being in Chicago I may not be able to make the meetups but maybe I can contribute to the group online.  Also thank you @Marcus Auerbach, I definitely have some other questions for you with your experience doing it, maybe we can get on a call sometime pretty soon.

Hi @Michael Facchini, this is a stand alone duplex that I currently own, I'm not in any condo buildings at this time. Yes that is exactly what I'm going for, whether it be acquiring sfh's or a duplex and taking it through BRRRR processes. I actually am not too concerned on what type of homes they are, I'm really more just concerned in the numbers and projected ROI's. Also thank you @Marcus Auerbach for those numbers, that's really helpful information.  What type of time table do you typically look at from acquiring the property to your refinance stage?  I know everything's a little different with the work involved on the properties but I'm curious more than anything.

I'm hanging on to the duplex I just purchased but for the next property I purchase, BRRRR'ing is what I'm looking to do at that point unless I find another buy and hold deal that's too good to pass up. I know it typically takes a few years when you're getting started to get the ball rolling but I just want to do everything I can to get it going quickly!

Hi all!

I've been on this site for a while now but this will be my first post - right now I live in Chicago but invest in Milwaukee.  I own one duplex in the Riverwest neighborhood and am looking to acquire more properties as soon as possible.  Currently I'm in a spot where I've dropped a sizable amount of capital into my first conventional mortgage on the property and I'm trying to figure out ways to be a little more creative in order to get more, with financing, partnerships, etc.

First, if you invest in the Milwaukee area, I'd love to connect with you and widen my network!

If you were like me and saw some challenges from going to property number 2, 3, etc. I'd love to get your input on how you went about scaling up.

Lastly, I'm very interested in getting into the BRRRR Method here, so if you're doing anything like that I'd love to hear about it as well!

Thanks!

Robb