All Forum Posts by: Landrin Lewien

I need help! I planned to buy a duplex, everything was going good until 2 days before closing I found out that one of the tenants haven’t paid rent yet for this month, I did a final walkthrough and the place was very dirty, dog piss on the floor and smelled. I then realized that once I close on this duplex that I’m responsible for this tenant and responsible for kicking him out. We had a lot of discussions and I wanted to move closing back 1 month to make sure that the current tenant was out by then, (his lease was up in a month). The seller wanted to do everything he could to still close on the agreed day. But I wanted to back out because of the thing I saw on the walkthrough and about the rent not being paid. The seller then wrote me a big letter saying if we don’t close then he wants to take my earnest money, pay for a few septic issues that were fixed during closing and compensate him for rent payments on the other side because he served the other side notice to be out. He’s threatening to take me to court. Do I have a leg to stand on? The realtor makes it sound like I don’t.

Yes I wanted to back out but because of the issues that I saw on final walkthrough. Is that enough purpose to get sued? He really wants to close and he’s pissed off at me now. I’m scared, I need help. How should I handle this? I agreed to give him all of the earnest money but now he wants more. My last resort is court I don’t wanna do that.

@JD Martin

I’ve been fortunate to live for free back at my my parents. I think real estate is all about self control, I don’t need a fancy truck I don’t need to go on vacation. If I cane stand living with my parents for another year I think I’ll be alright. In the long run it just makes sense.

I also understand what your saying, a lot of my friends went out and bought there own houses already and then they talk to me about getting into REI and They always have a hard time saving up the big chunk for a downpayment because there personal home is sucking there money!

@JD Martin

Sounds good, yes I’ve been conservative before this, yes I’m sure a year will fly by. Then I want to actually consider buying a home for myself.

@Adam Hoffer

Thanks for the input, I've been trying to get to your REI meetings but I'm never around. I'll try to make a point of it once all this is over.

I fell like I’ve been able to save money very fast this way, so if I deplete my savings i can just wait 2 months and have a good chunk of change again.

Yes I think the OO is a good idea but like you said I gotta wait a year to buy another one. Before I found that duplex I was actually browsing around for a house for myself, I suppose I can live in a duplex for a year thought.

@Calvin Thomas

Upkeep is no issue to me, I can build/fix anything in a house. If tenants were unable to pay I would be able to cover my payments on my houses with my regular job, I take home about 1k a week. My payments combined are about $1100 a month. And like I said I don’t have any other expenses no car payment or rent or anything not even a Netflix account, my biggest expense is probably my bar tab lol. And savings I have about 17k right now.

@Calvin Thomas it’s worked for me so far, my first house I’m cash flowing 900/month and my second I’m cash flowing 400/month. Yes very good job, absolutely no debt other than my rentals, I still live at home rent free and no car payments ect.

Hello everyone, I've had a VERY busy year for a 22 Y/o I bought my first rental property in lacrosse Wisconsin almost a year ago, June 2019. I bought my second in January 2020. last night (May 5) I put an offer in on my first duplex and it got accepted. In total on my first 2 properties I've invested about $50k cash between the down payments and repairs. This deal came along in a duplex that I couldn't pass up. The downside is that I offered 139k, and as far as cash I only have about 15k for a downpayment, so I'll have to buy the duplex on an OO loan. Should I have toned it back and waited until I had more cash to be in the market for another rental? I kind-of feel like I'm moving too fast. I don't want to waste my OO loan on this duplex. Any thoughts?

Hello all, I bought a small 680sqft single family house for 32k, put 8k down so I financed 24k. I plan to put about 5-6k into new floors paint and countertops in kitchen and then rent it out. The appraisal when I bought the house was 34k, I'm wondering how much my appraisal value will go up when I put that 5-6k into it. Should I BRRRR? I'm also a little confused about the BRRRR strategy, if I refinance after I do my upgrades are my payments going to increase? Will refinancing give me cash to put towards another down payment on another house?

Thanks for the help.

@Chris Gantz

I own a house in La crosses right next to the university that is really good cash flow. But I actually live near Stevens point. The house that I’m closing on is in Wisconsin rapids, just a cheep little house. Contemplating flipping it also.

Hello all, I’m closing on my rental property, a super cheep house in central Wisconsin only about 10 minutes from my personal house. 2 bed 1 bath closing at $32k I’m putting $8k down payment. The sellers are an older couple that own a few rental properties and are looking to retire and sell there properties. They were renting the house out at $525 a month. The house needs some updates. Paint flooring and some TLC. Everything that I can do myself.

My question is should I spend the money to fix it up or rent it out as is for 525. My payments each month mortgage, tax and insurance included would be less than 300 a month. Should I cash flow $225+a month and pay it off or spend the $5-7K and fix it up and rent it for 600-650 a month? Is it worth it. It’s a small house around 800sqft.