All Forum Posts by: Dean Klein

I am asking for some tips or advice, I am going to take a 2nd look at a duplex in my town that the owner is in his 70s and has 100+ properties and wants to sell some before he dies. The owner is willing to carry a note for 7 years at 4% with a 10k down payment, and the purchase price of $75k. It is 1 2/1 and 1 3/1 apartments renting for a total of $1400 a month, and my payments to him would be amort over 30 years but the tenants currently there are a son in the upper and his mother in the lower and they are filthy, it seems like they trash it just so I don't want to buy it, what kind of things should I include in my offer to purchase such as having both tenants out before I take possession, they fight the landlord on letting me come view the inside and they say they NEED to be there when I go there, and I was planning on having an inspection and bringing in an HVAC, electrician, and plumber to tell me any issues if any, this is a 100+ year old duplex. Thank you!

I am an eBay salesman, very good at it and I only have 1 rental but planning on adding many more!

I haven't personally but I would screen them extra, and if they meet your requirements, I'd let them stay, but if they don't, I'd get a new tenant.

I am considering putting my 1969 Charger up for trade on the right multi property in my area, I paid 25k for this car a few months ago and now the value has doubled, it's a General Lee, what, if any, taxes would I have to pay if I did a straight trade on a property?

This is my first investment property where I will be house hacking. Purchase price is 130k. It's a duplex but the appraiser appraised it as a 1 unit, not 2, maybe that's why. I should have used the FHA. Bank is First National Bank & Trust based in WI.

I'm purchasing a duplex in less than two weeks and my banker called and said instead of putting 20% down, I could put 10% down and my payment would only go up $80 a month including PMI, so I can save over 10k on DP and use that for future purchases, and she said she could even include my rents right away and not have to wait 2 years. Anybody else ever been able to only put down 10% and not 20%?

The owner is an 84 year old woman who wants to sell so its not a burden on her anymore. The furnace is newer, roof not sure, the electrical is updated and plumbing also. I have 25k that I would be able to spend on reno if needed.

I checked out the property yesterday, all apartments are rented with 1 long term tenant that has been there for 10+ years but is paying the least amount of rent. The others are fairly new. The building was built in 1897 but the apartments look great, will have it inspected though. The tenants are all on month - month but I don't believe there are any leases in place, I will be keeping them on month to month but having them sign rental agreements. I talked to 2 of the current tenants after the agent left and they want to stay, seemed like good tenants, one guy was actually leaving to pay rent. After looking at this place, I want it bad, I am putting my offer in today. 

It's located in a town of 300 people. Its been on the market for 4 months too so as long as I get a good inspection, and theres nothing major, I should proceed. I can put down at least half. 

There's a 4 plex on the market about 20 min from me in my hometown, 4 2bd/1 bath units, haven't seen the inside yet but there are 3 long term renters and current rents are $275, $350, $350, and $400, I'd like to increase rents to $400 each unit, price is $47,900 but can probably get for $40k and seller is willing to carry note as well, taxes are 2k a year, homeowners is 700 a year, what do you think so far?