All Forum Posts by: Darren Budahn

As others have stated, you want to get your own independent engineer to give you a report so you know exactly what needs to be done and can then estimate costs. This should only cost you a couple hundred bucks. Do not go to a foundation company to give you an initial estimate as they may very well tell you that you need to do way more than is necessary.

I’d go to the property myself and see what’s going on. Then simply ask the tenants why they have constant traffic going in and out of the house. The most logical conclusion is they are selling drugs. That’s far from a certainty without more information but my radar would certainly be on high alert if this behavior is happening consistently.

Jennifer Rysdam If I was a renter, I would not rent a unit without being able to see it. I keep pictures of the unit when it was empty and I post those on my ad for the property. Then, I will start advertising when I know the unit will become empty. Finally, I try to make it as easy as possible on the current tenant by only scheduling group showings for like a half hour time block while the unit is still occupied. This will hopefully allow you to get a renter without having the place sit for a month or more by waiting to do anything until the tenant vacates.

John Joey Congrats on the purchase. Based on the area, I would say $675 is about right for an average unit. If the units are updated, maybe you can get $750 but even that might be pushing it. I think $800 would be tough to get. And if you try and push water cost onto tenants in that area, many will balk at that as well. It’s just not common practice in that area or in the market here in general. I have a 4 unit on 76th & Locust and they are all 2 Br units. I get $700. I pay water. Units are clean and functional but not updated if that helps.

Devon English 53206 has the highest incarceration rate in the country.

Check out Wisconsin Legal Blank. They have a website and brick and mortar store in Milwaukee. They have all the rental forms you will need. They are written by the most well known pro landlord attorney in WI. The forms are updated to conform with changes in the law.

If you buy something over 4 units, you will need to get a commercial loan and will be looking at putting at least 20% down. If you buy 4 units or less, you can still get conventional loan terms which will be much better than commercial. And if you plan on owner occupying, as you are, then you may be able to buy with as low as a 3.5% down payment through FHA loan

If you are planning on living in the property I would probably go the FHA route. I would make sure your mom is aware of the risks of a HELOC if you do go that route.

Keep searching for lenders. My commercial lender gave me 30’year amortization on a 6 unit apartment I bought in July, so it’s not impossible. They are local to my area though. Definitely helps the cash flow

No problem.  Good luck.  Where is the property located?