All Forum Posts by: Ben D.

I own a few small multifamily buildings in Milwaukee. This sounds like a great investment! What area is it in? I'm not familiar with Bank of England, but will look into them. Good stuff and keep up the good work!

@Marcus Auerbach

Thanks Marcus. Thought that may be the case with units under $1000/month

Hi @Donald D Michna, what did you end up doing about this? I’m contemplating this exact thing on a duplex and 4-unit I own. 

Appreciate it @Chaim Lampert & @Brie Schmidt

Anyone have any experience/wisdom with submetering water in a multifamily building in the Milwaukee area? I am currently paying for water in both of my bullrings and it would be great to transfer this back to tenants. However, I feel like trying to just split the bill between them will be more of a headache than it’s worth, and might not even be allowed.

I currently own a duplex and a quad.

Thanks,

Ben

@Ciji Masser

I’m in my early 40’s, 3 kids under 8, and just started last year. Acquired 2 small multi-family properties so far (One on market, one off market), and have had to get creative with financing as we aren’t going to house hack (nothing wrong with it, just not for us), and don’t qualify for any great gov programs. That means 25% down!

For most recent one, I took HELOC on primary residence and then used that for majority of down payment. So I basically financed almost 100% of that purchase. Of coarse you want to be very careful about assuming that amount of debt, but it can be a creative way to get around the lack of capital on hand for down payment if you really want to make an investment. Just be really careful that the numbers work with that full amount of debt.

Sounds like you’re not house hacking either since you’re not buying local. Thought this might be an idea for you. 

Thanks @Marcus Auerbach for the Legal Blanks referral. 

@Christine L Zezza I found the property on the MLS. I wasn't targeting an estate sale, but there are some advantages and drawbacks in my experience. Advantages being the sellers weren't as emotionally connected as owner would likely be, so they were agreeable to my negotiations/concessions originally and again after inspection. The biggest challenge has been lack of paperwork or records that the estate might be missing. Since the owner is deceased there's nowhere to go to ask more detailed questions.

Thanks for the quick responses. I guess I neglected to mention that they are both currently month-to-month, that's why I have a little flexibility. No need to rock the boat, but also don't want to miss out on income potential. Sounds like my plan to play the long game and keep things as they are is the right path for me.

I recently bought a duplex in Milwaukee, WI, which came with long-term tenants (6+ years in each unit). Upon further qualifying them (I goofed and was not aware of estoppal agreements at that time), I have discovered one of the tenant's income does not meet my "3x rent" rule. The seller passed away (I bought from an estate), so it's hard to verify info, but from my knowledge the tenant has paid on time and been a good tenant.

Given the current COVID situation, how would you handle the situation? I'm worried that rerenting the unit may be difficult given everything that's going on. I'm inclined to have my tenancy qualifications included on new month-to-month lease, but then just let it slide as long as payments are coming in on time. That way I'm covered if they ever have an issue paying, and/or if I want them out for some other reason. I can just not renew their lease.

What would you do? Thanks!