All Forum Posts by: Tyler Haanen

That's exactly how I feel after getting to my first deal this past year. Just going through the process of everything once gives you lessons you could never learn in a book or from a podcast. Honestly, get one, and if it cash flows, you're doing great. The lessons alone are worth a college degree and then some.

It's good you're cash flowing at 7%+ interest rate, where you likely will be able to get a better one after some time. If it is in livable condition, then I say you just rent out both as is. 

Another consideration you could look at is furnishing one or both of the units for a medium term rental. You could furnish one for 4-5K. St. Luke's is a major hospital very close to that zip code and it often comes up as requests on Furnished Finder (from what I have seen over that past 6 months). St. Mary's by the lake is relatively close as well. There may even be some furnished opportunities since it is close to the airport. 
If from your research you can get 2,000 a month instead of 1,350, it could be worth that 4-5K investment.

Obviously doing this as OOS investor will make it a little tougher, but again, something to consider.

Were you self managing or you have a property manager in place/looking for one?

Okay so that looks to be in the Bay View area. If you’re cash flowing I’m not sure I understood your exact problem?

Are you trying to figure out how to get your money back?

Or is the cash flow/cash on cash lower than anticipated? 

What’s the general area of this duplex? What neighborhood is it in?

What’s the beds in each unit and square feet?

Your currently rented unit might be under market depending on those factors.

Are you not cashflowing with the current rents and projected capex/repairs/vacancy and other expense? How far off?

I use Ally bank, it’s very easy to start up new accounts and no delay in Ally to Ally account transfers. It has some other features like “buckets” that can help split up the money in your account into different categories.

I used Agreeable grey and pure white in my recent renovation:

Bathroom we used reflection gray (more of a cool tone)

We refinished the floors and used Duralux stain English Chestnut which turned out beautifully.

I recently worked with Carol Ford at Waukesha State Bank for a 5% down house hack loan. I think it is a Freddie Mac program, so less restrictive than the FHA ones. Maybe she can advise on your credit and if you can move forward together? Good luck!

The way rates are, I don’t know if you’ll be able to secure a loan with 5.5% on the refinance side. 
As others have said, your vacancy, capex and repairs costs are really low.

As an additional comment on the expenses and income, anything that is specifically for that property is a 100% deduction from your income that property produces. Anything that is for the entire property, would be split proportional to the amount of space, so if the rental is 67% of the property then you could deduct/depreciation that amount.

4 beds and 2.5 baths makes me think renting by the room, like medium term rentals. Is there opportunity to do that in the property’s area?

Seems like this is a good property that you would want to keep!