All Forum Posts by: Jake Ferris

Closing tomorrow on a 5 plex in Superior WI. 

In the past, my old CPA told me a cost seg study wouldnt be worth it on a commercial building I owned that was only 295k. His reasoning was the amount I would save would be offset by the price of having the study. 

Is there any reason it would not be worth it on something of this size (530k)?

 He is unable to afford market rent and has a big dog and the place smells like dog urine. It doesn't need much rehab and I would rather not let the dog destroy the place. Sounds like I am on the hook to keep him mo-to-mo to start. 

Thank you for the replys

I close on a property this Friday, the old owner's lease with a tenant ends this Friday. The tenants has no intention on leaving however he knows I plan on renovating and increasing the rent. Do I have to go through eviction to get him out? Or is this considered something else given that I do not have a lease with him?

I’m scheduled to close on a property that Friday but I do not have the appraisal back. We had a financing contingency stating I’d be able to get financing for 80% ($295,200) within 30 days of an accepted offer. My lender initially said they’d lend 75% to make cash flow better. After expressing my concern of the appraisal coming in low and having to bring more than I’d like to closing, my lender than said the could do 80%. Anyways, it’s been past 30 days and I still don’t know what they will officially lend me since the appraisal isn’t back. The earnest money was $5000 and the property is a 1031 exchange for the seller and he has an excepted offer on his next property.

Is the financing contingency not met since the appraisal isn’t back yet and it’s over 30 days?

I don’t want to close if I have to bring more than 20%.

I have a dental practice in this area and know it well.  I'd try to stay west of Layton Blvd and South of Greenfield Ave. I'd avoid anything between National Ave and Lincoln Ave in S 7th - S 25th St.

What about if we have enough to cover all renovation costs of a foreclosure? Would you still not advise a foreclosure as our first property?

There is a foreclosure duplex we like and could afford to purchase and renovate, we just would be a little unsure what we could sell it for.

Hello Bigger Pockets Network,

I am a 28 year old dentist who runs a private practice in Milwaukee WI.  I recently went through the real estate acquisition process when I purchased the commercial real estate that houses my dental practice last year which sparked my interest. My girlfriend who doesn't work full time and I would like to get into real estate investing. Since I have been self employed for less than a year, I have had a hard time getting pre-approved for a loan. Together, we have the liquidity to by a smaller property but I would much rather be able to finance something for cashflow. Should I be focusing on a foreclosure or what would be recommended? 

Jake