All Forum Posts by: Dale Carlson

I would like to know how this is intended.  If a person vacates the home and rents it, i get it.  However, it would seem extreme if you couldnt even allow your elderly mother to live in your home and contribute to the finances.  It would likely seem unreasonable that you couldnt have a roommate.  I would think you are not breaking the rules as long as its owner occupied, but i dont know for sure.  I am in WI.  But i would be consulting someone other than your lender if they already let you down. 

 The 3/8" at HD weighs about 1500lbs for 35 sheets.  it cant be much more than having 5 guys loaded in the back with camping gear, cooler, etc.  i dont haul that much every day or for long distances.  bottom line is - you cant beat the security of the minivan.  stuff wont get wet, and it wont get stolen....hopefully.   = )

i see what you are saying on the fridge, but i have had fridges open to the wall, and then the handle blocks the door from opening more than half way.  can be a pain, especially if you have the french door fridges!

i would agree in principal with Mike B.  But some of it depends on your market.  Roof and Painting are your biggies.  You cant paint if it leaks.  

*  I would use Vinyl Plank flooring - not laminate

*  I would also not use granite, unless your market dictates it.  Precut laminate countertops at Home Depot or Menards are only a couple hundred bucks for a whole kitchen and will look fantastic.  

Menard's has a similar line to Ikea.  The box is somewhat basic, and then you can customize the door style and color.  They were very sturdy to me.  I only used a corner cabinet with a laminate countertop.  But i stood on it, and it held up (i am not light any more).  If i had to do a whole kitchen, i would definitely look at this option.  Price, availability, options, sturdiness, etc check all the boxes.  

yea...i have to say a van is not very manly, but when you pull up to a Wisconsin Home Depot with a light drizzle in March, you will be glad that you can stick 35 sheets of drywall, lumber, nail guns, compressor, tools, etc in the back of your minivan, and its snug as bug in a rug, and out of the elements. 

yes...i kept the tiny door.  it is the door to the closet.  It looks worse than it actually is.  most of the properties are in Milwaukee. 

I financed the first one from a hard money loan from a relative.  I hadnt planned on buying the first one this way, but it’s how it turned out.  The second and third was with conventional 30 year mortgage with 25% down.  The fourth one is also a conventional mortgage.  The cash flow from the first ones paid for the down payment.

they are not in an LLC. i have pretty large insurance to cover these individually. I have traditional mortgages on them, so i couldnt put them in an LLC. Once i have a 4-5 apartments, i would like to package them together in a portfolio loan and put them in an LLC. Not sure if that is possible, but we will find out soon enough.

i just bought one on 2/28 and there were two people that came through in the middle of it.  They both submitted applications afterwards.  As long as they understand that it isnt a finished product, i dont see why not.  You can always send update pictures.  i have heard that other investors will have people calling about renting the properties way before they are done.  They want first crack at them sometimes.