All Forum Posts by: Carson P.

https://www.lumberliquidators....

make sure to ask for the pro discount!

@Brandon Stevenson

We are just wrapping up a LVP install on our duplex. We went with lumber liquidators 5mm LVP with 20mill wear layer. We originally were going to go with a Home Depot brand but I couldn’t get over how easily I could scratch it. IMO I wouldn’t go with anything less than 5mm in thickness and 12mill in wear layer. I also like the click together. It seems pretty durable and is water proof. I paid less than 2.20/sqft. I anticipate a long life cycle. If it was me and my personal residence, I would put an underlayment down. It gives it a little cushion and “feels” softer to me plus hides subfloor imperfections. I believe that on concrete you have to put a vapor barrier down as well.

@Sheree Wegenke that’s great to hear and have notice the same with a lot of the places I looked at. Existing tenants were paying well below market rent, IMO. I purchased on the west side, about a half mile south GB West High School. The location is not great but it’s also not bad. I am shooting for $775/side once they are remodeled. I’ve been watching rents in the area and think that is a reasonable place to start. 

Glad to meet another fellow Green Bay investor. I too just purchased a side by side in Green Bay. Do you see the property cash flowing well if you decide to move out?

Thank you @Jeff Cichocki. I think with the limited funds I have available for the rehab, I will want to keep some cash flow coming in. I feel comfortable with my plan, but I know that rehabs always take longer than expected and also cost more than planned! I found this out the hard way when doing my home... Either way, I feel that having the M2M lease will be handy at this point. 

My thought process was to keep the existing tenant in place while renovating the vacant side. After I judge how quickly the renovated unit rents, I was going to serve the 30 day and renovate the next side. The income from the current tenant will allow me to break even while renovating and renting. I can not renovate both units at the same time and would like to use the money to pay PITI.

Thank you for the insightful information. After reading a few other inherited tenant posts, I feel a little more comfortable with the process. Like Marcus said, I will plan to issue a letter.  From what I saw, the current contract in place is very vague and week. I would feel more comfortable starting off with my own leases. I also plan to have the current owner and tenant fill out an Estoppel Agreement. I am hoping to cover the carpet and other miscellaneous damage in there to insure that I do not have to foot the bill upon move out.

Marcus - I will make sure to add a note to indicate that the new lease replaces the old M2M Lease. 

A few other questions: 

The lead addendum is only for homes built prior to 1978, correct? 

For rules and regulations, are there any must have additional rules and regulations that you add into the form that you learned over the years?

I've recently got my first investment property under contract. A side by side duplex 2Bed/1bth (C class). I am in the process of becoming a first time landlord and want to make sure I am following the Wisconsin laws correctly. I purchased the full pamphlet of forms from WILegalBank. This site was highly advised from other instate investors on this forum. Anyways, the property I have under contract has one side of the duplex rented and once side vacant. The current tenant was contracted on a year lease that expired in October 2019. The lease then transitions to a M2M lease. The current landlord collected a security deposit of one months rent. The tenant has expressed interest in staying in the unit, but for convenience, I would like to keep them on M2M terms but under my lease standards, not the existing landlord's. So a few questions I have are:

1) How should I go about transitioning the current lease into my standard lease? (send the 28 day notice then have the current tenants sign my lease?) or (have have the current tenant sign a mutual termination agreement and then put my lease into place?) or is it as simple as they sign my lease and the old lease is abandoned?

2) The carpet in the rented unit is destroyed. The current landlord stated that he can get the tenant to agree to signing a statement that he is responsible for the destruction. Essential he would be forfeiting his deposit. The current landlord does not have a check in/checkout list so the damage caused is not officially documented in writing so far, only verbally. Would the tenant signing a statement be enough to forfeit the deposit?

Also, as a first time landlord, I will be managing from roughly 1.5 hours away for the first year. Are there any tips or tricks anyone can offer? The property will be located in the Green Bay Area. I have been doing ALOT of reading on here and feel comfortable about the numbers and the property. The largest unknown is tenants and tenant screening. Any help is appreciated!

I would agree with Daniel. I am currently looking to house hack with a duplex as well. When I look at possible purchases, I first look at it rented with both units, then look at the possibility of only having rental income from one side. IMO if your purchase doesn't cash flow with both units fully rented then it will be no use to you after you move out. I like the advise of breaking even as well. It will take the right situation to have positive cash flow on a duplex house hack. I'm starting to consider a triplex as my first house hack in a bid to have more cash flow while house hacking.

Hello,

I am relatively new to the REI strategies but am ready to learn and to begin investing. I currently have a W2 job and would have extra time/money to begin my portfolio. I real like the concept of house hacking my way to financial freedom. My plan is to continue the W2 route while also obtaining RE. I am located in the Central Wisconsin area, Wausau specifically. In this area, it is not uncommon to find properties under 90K that meet both the 1% rule and the 50% rule on paper. I have been running a lot of numbers and some properties look good. 

Were I have been struggling is finding a MLS agent that can get me into these MFHs. I work a decent amount of hours but am ready to buy now. I am seeking both general advise on house hacking and also specific advise on the area and also MLS agents in the area.

Any advise is greatly appreciated. Thank you!