All Forum Posts by: Leah Bates

@Seth Wilcock I thought if you do conventional you have to put 15% down? 

Hi! I’m actually in a very similar position! First time home buyer with about 50K to play with and lease up in May 2022!!! I’m in Milwaukee though. Our plan is to hopefully find a duplex to house hack. However, we recently have thought about buying a single family in the low 200ks and live in it a few years while we rehab. We have two small kids so won’t rent by the room but would rent the other side of a duplex. Would love to brainstorm and keep in touch along our journey if you’re open to it!

Hi @Corina Eufinger !

Great points! I love that idea about a short term, competitive lease. I have not talked with her yet. It's on my to do list. I think I'm a bit intimidated because that conversation makes it all so real! :) but I am ready and looking forward to seeing what she has to say. I did read over my lease and it says we'd be responsible for the remainder of the lease amount so I'm wondering if she'd be willing to budge on that. We could weather a month or two but 6 months+ wouldn't really make sense.

Thank you!!

Hi @Nicholas L.
Thank you for your points! All really great reminders. I am being optimistic that closing would be quick but finding the right property and actually closing might actually take some time so that's a great reminder.

Also great point about not worrying about interest rates for now. When I'm doing the calculations, I can always run a bit more conservatively as well to ensure that there would be no surprises. Thanks so much for your insight and tips!

Thanks @Alexander Cattran ! I just listened to that episode today too! Great point. "Heads in beds" they say! Thank you for the nudge of encouragement! 

Hi @David Mo great points! I have to look at our lease again to see what it says before I would ask. That's a good point about figuring out the cost of what we would miss out on with the new percentage. I noticed some rates creeping up above 3% so it's making me a bit nervous to wait but we'll have to look at the pro/cons and our budget. Thank you!

Hi! Looking for advice - 

We are in a lease through the end of May 2022 but really want to get started on our REÍ journey. We plan to purchase a duplex and owner occupy for a year in hopes of buying a SFH afterward and renting out both sides of the duplex + acquiring additional cash flowing properties.

I have an agent, have been analyzing deals and really want to get the ball rolling. However, I realize if we close it will be around winter and we may have vacancy throughout winter.

would it be best to wait and ride out our lease or at least get closer to the end of May to avoid too much overlap or should we try to get out of our lease and buy now before rates are back up to 4-5% (which I’m realizing makes it tough to cash flow)

also, how do you handle this situation as a landlord? What do you write in your leases (in WI) regarding someone breaking the lease?

Thanks!!!!!

welcome @Colin J Parks ! I have similar goals and am a new investor in Milwaukee! Looking forward to connecting! @Bill Mays Great tips!! Thanks for sharing!!!

Before I jump in to this investment property journey, I’m curious to learn how you set up business expenses, rent collection, update costs, etc organized so it’s easy for tax time and analysis.

are there programs or systems you swear by? How do you keep everything organized?

thanks!

Thanks @Jeremy Trad! Yes, would love to chat further! I’ll reach out. Thank you!