All Forum Posts by: Edgar Perez

Eileen Murray yes by the time I close I will have 60 days to move in to duplex . From there I will move out of 4plex in to duplex

The reason would be more so for income tax purposes and trying to utilize the LLC to pay the property taxes and other expenses but not sure how it works or if it would make a difference since property is in my personal name

Good day BP,

I currently have one 4-unit rental owned in my personal name and I have a duplex (foreclosure) under contract which will also be owned in my name (to fulfill fannie mae owner occupied requirement).  My question is: even though the property is owned by me the person, can my LLC "manage" the property, ie have the rent made out to the LLC?  

I've had the 4 unit since August and just recently filed the LLC application and am awaiting approval, I've also took the step in obtaining the EIN for the LLC. I am in Kenosha, Wisconsin.

Thanks in advance for any input.

@Dustan Balkcom welcome glad to see another member from SE Wisc I am in Kenosha and currently have a 4unit which I house hack and have a 2nd duplex currently under contract (more of a fixer upper), also in kenosha.  I invite you to check out our local reia next meetup is March 7th at 7pm at Kenosha Bull N Bear tavern link below

KRREIA- Kenosha Racine Real Estate Investing Association

@Jorge Ruiz thanks for the redirection will be checking out that page

Good evening BP, I currently have my second property under contract a duplex with 2bed 1 bath each unit. This property is in need of moderate rehab (more so than just paint carpet drywall) and I was thinking of applying for Fund and Grow program. Roughly $4000 registration fee for average of 40-80k business credit at 0% interest for 12-18 months. I plan to utilize BRRRR strategy as property is foreclosed purchase price 40k 20% down rents are a conservative 700 per unit and once rehabbed should appraise for 70-80k. I am wondering if anyone has any experience working with Fund and Grow and if they are willing to share their thoughts on the company/their experience with them. Tags: Kenosha Wisconsin Milwaukee BRRR Fannie Mae foreclosure Fund and Grow

Aneury Evangelista welcome to the area I am a newish investor purchased my first property in August: 4unit in Kenosha. I’ve lived in Kenosha my entire 28 years and am taking real estate agent classes this winter so I can cut out the middle man when investing. I’d be happy to answer any questions you may have about the area.

@Kim Meredith Hampton that was my gut feeling, I just didn't want to run in to any legal issues if his claim did happen to be true but couldn't produce paperwork and I continued with the lease I have.  

Would you handle this differently if he were to produce a copy of his lease agreement with the terms he has stated?

Good day BP

I recently purchased a 4 unit property in SE Wisconsin ( Kenosha ) prior to closing I asked the previous owner to provide the lease agreements and I tried to get them to submit an estoppel agreement but they wouldn't because it wasn't a "legal" document.  Anyways I did move forward with the purchase and when meeting one of the tenants I had them fill out an estoppel form and on some things they claim do not add up to the lease agreements that were given to me by the previous owner/property manager.  The tenant claims they are on a year lease through May 2018 and that his girlfriend is on the lease with him.  The paper work that I originally received stated that he was on a month to month lease and he was the only occupant of the unit.  My question is if he cannot produce a copy of this lease he claims he has how much responsibility falls on me to track down the documentation of his claimed lease or can I just go with t  he lease that was provided to me at closing?  Any advice and input would be greatly appreciated, thank you.

Good morning BP,

I am looking for recommendations for mold remediation services in SE Wisconsin.  I recently purchased a property that already had tenants, I've owned this property for about a month.  One of the tenants has brought to my attention some bad looking mold in his bathroom tub and shower.  There are two good sized spots, maybe about 10 inches in diameter and several smaller spotted areas.  So looking to get this taken care of as soon as possible.  Any advice and recommendations are welcomed and if anyone has an idea of general price ranges would be appreciated.

Keywords: Kenosha Wisconsin Racine Milwaukee Mold recommendation