All Forum Posts by: Dale Carlson

not the best lighting, but Allure vinyl plank is awesome.  this is less than 2 hours work.  25 year warrantee, and it works for bathrooms and kitchens. 

For me, it would be a time issue.  I feel like i have to be intimately involved in the Renovate portion.  So its almost like a part time job.  I feel burned out quickly.  So after a couple Reno's, i go with a turnkey, just to keep my sanity.  Once I have enough reserves, I could see myself turning over the reigns of the reno to a trusted person.  

My two cents is to NOT get an LLC right away. Just buy the property with conventional financing, and get a good insurance policy. Once you have 3 properties, you could roll them over into one commercial loan under your LLC's name (you would also change the name on the title to your LLC). Keep in mind, you will always get the best terms with conventional financing - which means it will be in your name and NOT an LLC.

She graduated college, that shows responsibility, so I would take her.  However, if you were really worried, i would set it up so that her rent is taken out of her check each pay period - just like her insurance.  

i was in the same situation as you last year.  I left my job, moved my money into a self directed 401k.  Then i loaned myself the funds to do my first deal.  No tax, no penalty on that money.  Talk to Justin at Discount solo 401k.

Accessible beige - sherwin williams

Thumbs up for Justin, as well.  Walked me through everything...

Are you a Buy and Hold person?  if so, do the properties still cash flow after you refinance?  I think any property at any time, could possibly be financed for more than it could be sold for.  In a buy and hold situation, it wouldnt matter, since you arent selling any time soon.  Even if the property is financed for 30% more than what you could sell if for - you are still cash flowing and having your tenants pay down the principal until it is paid off (or close to it).  

If you are looking to sell them soon, then you could have a problem, since you could owe more than what you could sell them for.  Maybe you would save some of the refinance money to make up the difference?

I need one, as well.  i have two duplexes (will go to 3 in 30 days) just south of North Avenue.  I had heard that there was a shortage of good ones in Milwaukee - has anyone found someone reliable?

you can get a loan without an inspection, you just cant get a loan without an appraisal.  Them countering with that, tells me that you need to get an inspection!  I would have to ask yourself, "why in the world why they be trying to motivate me to NOT have an inspection?"  keep the inspection contingency and a financing contingency in there, and keep wittling away at the price.  How about "185k with contingencies and they pay closing costs".    this way, you can negotiate the closing costs and price, but in my mind the contingencies are non negotiables.