All Forum Posts by: Account Closed

Hello!

I have just purchased my first Duplex in the Milwaukee area and I will be living in the upper unit while renting out the already occupied bottom unit. The upper unit needs some renovating before I move in which include the following:

Flooring (carpet, vinyl, linoleum?)

Paint

Toilet

Light fixtures (ceiling fan?)

Kitchen cabinets and countertops

A few door replacements

A 2nd level patio railing replacement

I am planning to live in the unit for about a year, and then rent it out, so I would like to get it “tenant ready” before I move in.

I am wondering if anyone has any input or advice about which of these renovations I can do myself, and which are better left to the professionals (prices I should expect to pay in materials and labor to have these items done).

I am also open to advice about how to find good contractors to do some of this work.

Thank you!

Does anyone have any recommendations about good areas to purchase my first home near Milwaukee?

I am looking for a single family between $80,000 and $120,000 with 2-3 bedrooms and 1 bathroom.

Financing is in the works currently, but I would like to start running the numbers on houses in specific areas to get a feel for what a good deal would be.

Thanks!

Thank you all for the input!

I will try some of the recommendations and post an update soon!

Hello everyone! 

I am looking for a traditional lender (bank, credit union, etc.) in the Milwaukee area that would be willing to issue a loan to a couple of college students nearing graduation but not yet having significant income.

This would be a first time home purchase for both of us and we would be applying for the loan together.

We plan to live in the home for at least one year until graduation when full time jobs will allow us to purchase a second and rent out the first.

We make more than enough to be able to afford a mortgage on a home ranging from $80,000-$120,000 and we each have well above average credit scores for college juniors.

The only issue is that we would only be able to afford a down payment of about 4-7%, thus making a portfolio loan or an FHA loan the best option for us currently.

If anyone has any recommendations or knows of any traditional lenders that have worked with college students in a similar situation to ours, I would greatly appreciate some information.

Thanks!

What is the most reliable way to find out what a Single Family Home will rent for when running an analysis on a potential investment property? 

Just finished reading the publication, Phil. You're right, it's a great read. Thanks for the recommendation!