All Forum Posts by: Darren Budahn

Tony Blessings I would address this immediately as the police and city can make your life miserable if they want. I would directly contact the precinct that your property is in and speak to the officer in charge. Tell them how you plan on remedying the situation and that you take this very seriously. Then you need to either find new tenants or property management or quite possibly both. Consider installing motion lights and/or security cameras.

I’m not sure I️ would want to purchase on a land contract, but 3% down is certainly attractive. With that being said, I️ certainly would not buy without being able to have an inspection contingency. You said you only saw 3 units. What if the other 9 are destroyed? What if there’s a $30,000 foundation issue? If I️ were you, I️ would be wondering why the seller doesn’t want me to be able to inspect the entire property. Also, make sure you have a plan w the property. Are you buying at market value? Will you be able to refinance if values go down? Can you create some value since you have very little equity in the deal to start? Just some things to consider.

I would try and get longer amortization to improve cash flow. I️ bought a 6 unit this year and got 4.5%, 30’year amortization, 10 year term, 5 year fixed, 80% LTV fwiw.

If the house is boarded up, getting financing could be difficult or impossible. You’d need cash or hard money. Also, you really need to narrow down your ARV to a much tighter range.

James Lindall I think your best bet might be a Line if Credit . However, I would definitely look towards a smaller local credit union or bank. Generally these folks will be easier to work with than a large national bank. I would start calling around and see what they can do

@Lou Lee

PM me and I can forward you an email that has most of the information.  Otherwise just go on the city of Milwaukee website and you can eventually navigate your way to the requirements for the program.  I don't have the exact link

53216 is eligible

What zip code is the property in? Milwaukee has a window replacement program where they will replace all old wood windows in certain lower income zip codes. City pays 90% of the cost.

Ned Micic Jon is absolutely correct that you won’t find fixed 30’year commercial loans with low rates. However, you could find commercial loans with 30 amortization in the 4.5-5% range depending on a lot of factors or course. Will probably be in the range of a 5 year balloon.

Thanks @Dan C.  

Yeah, I figured there had to be a catch, but it looks like there isn't.  I just submitted my paperwork for one of my duplexes and am waiting to hear back from the city.  It's definitely a little more of a hassle since it's fully occupied, but it will certainly be worth it, especially since this house has over 40 windows.  Do you remember which contractor you used for the program?  I think there's like 7 or 8 to choose from.  I have not heard of any of them.