All Forum Posts by: Michael Moskos

@Isaac Johnson, good for you for sticking up for your thoughts! A way I like to have conversations with opposition is to ask questions.

What if I could buy a property all in (20% down) for 40,000, and make 9,000 in net profit a year. Well, these numbers are not unrealistic and can be done on REI. While the stock market has good years such as the past 2, it fluctuates and will average a return between 6-9%. With the appropriate systems and processes in place, REI can be close to passive with your management oversight!

I would ask him to explain why REI is a bad investment if it can produce stable cash flow. This is not something new, as land has been around longer than indexes and exchanges. I'd be interested in others thoughts!

Thank you for this post and thread!

-Mike

@Sam Leon these are all good items that I will need to consider before making a decision. I will reference these before making the decision . I appreciate you taking the time to reply!

@Mark Ainley thanks Mark! Do you agree that they can pay for dishwasher and I pay for installation? I’m thinking based on comments and my interpretation its best I pay for the dishwasher because then I lose leverage.

-Mike

@Russ B. Good point. Maybe I will consider drawing a lease addendum. It’s hard because the tenant has not been consistent but has intentions of staying long term. I appreciate your input!

@Alex Smith Hi Alex! Agreed! Unfortunately, the dishwasher has run its course and is old. It no longer functions.

@JD Martin, thank you for your input! I greatly appreciate your advice!!

-Mike

@Brooks Rembert, I appreciate your advice. I think that sometimes I can be a push over when it comes to being a landlord. Your input is invaluable.

Hello! I own a 3-flat in Chicago and my tenant is interested in replacing the dishwasher . They are looking to service and install all himself and his defined his budget for this. I would replace myself but just added new washing machines and dryers to the building and need to make sure rental payments are consistent before approving an additional expenditure.

Does anyone have advice on any regulatory implications this may have? Should I let my tenant replace the dishwasher if they are offering to pay?

Any advice is greatly appreciated!!

Best,

Mike M.

@Harjeet Bhatti Thank you for informative information. I assume my DTI is not strong enough to pass underwriting standards for two properties. This makes sense! Thank you for the post!

Hey BP community, I am a new Real Estate investor, and have been working on a finding my first rental property/house hack in the past year. One of my family members has the “problem” of having retirement money and does not want to put it in the market. I decided to team up with my family member to purchase a rental property in Milwaukee. We are currently under contract, in which I just found out the seller is going through a bankruptcy, and did not let me or his selling agent know of this. The Milwaukee investment is a 25% down payment loan. 25% cash from family member, and mortgage with my W-2 income to acquire the loan. In the meantime I am looking to purchase my first “house hack.” I work in the greater Chicagoland area and am looking to move to shorten my 2 hour commute. I have recently found some properties in my target locations meeting the 1% rule. These properties are flying off the market, and I found out I can’t offer or contract on my house hack because it would mess up Milwaukee rental property financing. Due to the Milwaukee property sellers bankruptcy, the close date has been extended months. Although, the numbers are great and worth the investment (in my opinion). I wanted to see if any BP members knew of a solution to this problem? Is there any way I can creatively get my first house hack and make offers on properties in Chicago while under contract in Milwaukee?!? Thanks!