All Forum Posts by: Joshua R.

Derrick you could write an offer with an additional walkthrough contingency. That way you can still have an out if the walkthrough doesn't meet expectations. This would be in addition to your normal inspection and financing contingencies. Please let me know if I can do anything to assist with your search!

Cheers,

@Joe Villeneuve that is very good advice thank you very much for the insight!

How's it going everyone? I am hoping to get some advice on an offer that I was approached with. I own a two unit property on the south side of Milwaukee. It is right by the St. Augustine High school. I was recently approached by the school to purchase this property from me. Personally I was not looking to sell nor was the prospect of selling in the near team even on my radar. The school is looking to expand their campus and build more facilities. They have been buying a significant number of homes on the street and my property is next on their list. I was approached with multiple offers from the school starting at 88k and now at 100k. I originally purchased the building for 60k using conventional financing and put an additional 15k of work into the building. I have great tenants who pay on time, been there going on 3 years, and this is a strong cash-flowing building. The neighborhood is also improving leaps and bounds since I picked up the property. My question is would I be leaving money on the table considering or accepting their offer? While I like the idea of an all cash deal with a quick close. I don't have any reason to sell other than that, and I don't want to be selling for pennies on the dollar when the neighborhood has had strong appreciation YOY. Any advice is greatly appreciated!

Cheers,

Josh

@Christine Humphrey I can relate to being fearful of the unknown and allowing my analysis paralysis to prevent me from getting started. I overcame my fear by doing my homework, building a plan, and trusting that plan. Also house hacking is a great way to get started and you will learn a great amount while you live at your building. You got this do your due diligence and take the leap! Let me know if I can be of any assistance on your journey!

@Timofei Kadkin It is definitely possible. House hacking and partnering are great ways to get started with little to no money down. Anything is possible with creativity! Let me know if I can be of any assistance on your investment journey!

@Carmela Hunt I personally use Arlo cameras for my rentals. Very easy to install, user friendly app with solid video quality. I have been very happy with this camera system!

@Dave E. I had a similar situation with my fiance. It was actually almost a word for word reenactment of @Terrell Garren wife's journey haha. Give it time and allow her to see the value. She will come around and success usually greases the skids some. My fiance didn't fully come around until I had 7 units and she started to see some of the dividends! If she isn't being a roadblock to you investing, I would just stay your course and let the investment speak for themselves! Good luck!

Chris welcome to BP! I would start by narrowing down neighborhoods that you are interested in, determining your price point that makes sense for your strategy, and get pre-approved. Showings are still happening and deals are definitely still flowing even with the pandemic. Definitely leverage virtual showings when you can but getting out and seeing the places is still an available option as well! Let me know if I can be of any assistance! Happy Investing!

@Josh Smith Welcome to BP! Sounds like you have a great plan to start with househacking! I invest in both Chicago and Milwaukee. Househacking is how I got started as well. Let me know if I can be of any assistance with your journey. Happy Investing!

A few things I always look for are potential water issues. Leaks in the bathrooms or kitchen, water spots on the ceilings or walls, mold anywhere, cracks in the pipes or foundation. I also always look at the windows, large appliances, HVAC, plumbing and electrical to get an idea of the age of the items and if they will need to be replaced upon taking over the building. While an initial walkthrough can give you an idea of the issues you will need to address. You should always make sure to come back through with an HVAC contractor, plumber, electrician, etc. to get a licensed opinion and cost estimate for fixing the potential issues. I hope this helps!