All Forum Posts by: Alexander Wodlarski

Well after both of those offers fell through, I looked at 4 other house. 3 were dumps, major problems and 1 was okay. That same night I was driving back to my hotel and found a for sale by owner. Called the number walked through the same night, took the realtor back the next morning and made an offer on the spot. It was listed at 65k and I offered 65K plus 3% in closing, its worth around 85K. The seller was just going off tax docs and didnt look up anything that sold recently. I should be able to rent it out for 900 a month.

The other house that was okay, we made an offer the next day. Listed at 62,900 and we offered 56,500 plus 3% in closing and it was accepted. The house next door (same floor plan and lot size) sold for 85K in Dec of 2019. I should be able to rent it out for 850 a month.

I'm going back up this Friday and Saturday for inspections and to look at a few more houses.

It's a three family house, so I would be looking at 3 furnaces, around 10-12k for all three (they run on LP tanks) The numbers would still work, but i would be out 10-12k which is a downpayment for another property. 

no luck, the sellers didn't want to replace the furnace. They want to install a window heat unit that runs on 120v, that's not going to work in central Wisconsin. Back to the drawing board. 

I just made my first offer, well offers. I made a 60k offer on a three family house listed for 65k. One unit rent is 550, other is 500, other is vacant and should get 350 or 400.

The other was listed at 69k, on the market for 462 days. I offered 55k. Three family, rents at 370, 500 and 525. 

the offers were just submitted tonight, wish me luck.

thanks to everyone on here, I have been reading and listening a ton on here and didn't want to wait any longer.

Thanks for the info about the reverse 1031, I did call a few title companies and it seems to expensive where I might be better off paying the capital gain tax. 

The three companies I called were at about 5-6k to complete the reverse. Maybe a reverse will work with bigger, more expensive properties.

Thanks again,

Alex

Thanks. The only reason for selling our current rental is to access the 40k in equity for a down payment on a better cash flowing property. I can't think of another way to finance this.

Hi All,

First time posting. I'm looking to purchase a SFH and a MFH at the same time or within weeks of each other.

currently we own a SF rental with about 45k in equity, and making us $400 a month. Escrow at 1001/month and rents for 1400/month.

we want to sale our current rental to purchase a SF student rental with good cash flow. 155k PP 15% down and monthly payment of 990/m and rents for 1860/m through 2021. 

if we can't sell our current rental fast enough to do a 1031, would taking out a HELOC on our primary home (65k in equity) be the next best thing? Then paying the HELOC back once our current rental sells?

we are also looking at a MF student rental for 200k, 25% down and a monthly payment of 1000, and rents for 2650 through 2021.

After we close on the first deal and pay back the HELOC we would have the same 65k available to us and use that for the down payment.

we plan to sell our primary next summer to pay back the HELOC and buy another primary with a 0% down VA loan?

does this sound like a down plan? Anything else I should be looking at?

Thanks,

Alex