All Forum Posts by: Demetrius Lindsey

@Adam Hermsen The property is right outside of Wauwatosa. 

@Dan H.

This is some amazing advice!

@Bill B.

I agree with you! I think your right about if it works than what does someones opinion matter. 

I think our situation is a bit different. 

1. This is a House Hack. Numbers worked fine for Owner Occupied because it's a $1000 savings compared to our current home.

2. We are using FHA. FHA is super tight about the appraisals and stays with the house for at least 120 days.

3. We got wind that the taxes are now $10k vs $6k when we originally ran the numbers. 

4. Our numbers unfortunately were built on how it is for our situation now. 

@Mark B.

When we originally did the numbers it made sense. Another piece that I didn't account for the house got a new tax assessment and the taxes are now $4k more than we originally anticipated. At the original price, we are for sure buying at retail. I'm going to make a post with the numbers. 

We do have an appraisal contingency on the property. If it came low we can walk away. The property did fit our numbers at the higher price. But now I'm really looking at it as we don't want to pay more than it's worth. We are using an agent on the deal and he is pretty surprised by the low appraisal. We have ways out of the deal. I just want the seller to understand the property is not worth more. 

I agree. I'm in the Milwaukee market this was a unique tri-plex with almost no comps available. There is no inventory right and we jumped on it. We are going to most likely push for the reduction. 

Hello BP, 

The wife and I are buying a lovely triplex to house hack. The appraisal came back $50k less than the purchase price. We want the house but don't want to overpay for the property. Our options are 1. Walk away 2. Come up with the difference (Not happening) 3. Hire a new appraiser and see what they come back with. 

Curious to know what anyone else has done or some advice. 

Hello BP, 

I am under contract on a 3 unit building. My wife and I are going to house hack. We are hoping to close on April 2nd and the current owner is going to do a rent back for two months. The dilemma is that the two other units are below market rents and we want to raise them. One tenant is brand new like a month the other has 6 months left on the lease. I am wondering how anyone goes about notifying and then implementing a rent increase after closing.

Hey Jon, 

I am getting started in the Milwaukee area as well. I will be targeting transition areas. I am originally from Philadelphia and there are many similarities between the two cities. There is a lot of untapped potentials here waiting for the right people to have a vision. I think the biggest thing you can do is create criteria now and be consistent. 

Buy property and wait. Don't wait to buy property!

Hello, 

I just put an offer on a City-owned property waiting to hear back on the outcome. The scope was missing quite a bit. Do your homework on these properties. And the Landlord training for the city is great and I learned a lot of useful information.