All Forum Posts by: Nikolai Lumpkins

Wow! So you can just buy a house cash, get a 100% LTV HELOC and then use that money to buy a new property cash and do it all over again? Or is there a lmit on how many HELOCs you can get?

Thank you both! I really appreciate it!

Hey everyone! 

I'm looking for contractors who will work in the Kenosha and Racine area to do some rehab work. 

Does anyone have any recommendations?

Hey everyone!

I'm planning on investing in a 2 Bed 1 Bath in Kenosha, Wisconsin. One of the houses I was looking at is 2911 25th Ave, Kenosha, WI 53140. Its 794 square feet and was built in 1959.

How can I determine how much to set aside each month for repairs/general maintenance. I know how to calculate for Capital Expenditures, but the smaller items I am not so sure about.

Also, roughly how much can I expect to pay in closing costs if I use financing? (For example if I bought the property for $70,000)

Any help would be greatly appreciated!

-Nikolai 

I'm planning on investing in Kenosha. The West side of town doesn't see much crime and the growth  here is easy to see, especially since the city has begun adding new lanes to roads near the interstate in response to all of the new restaurants and the increased "tourism" from nearby cities. 

Racine has seen a couple new developments as well, but in my opinion, the risk is too high. Not every part of Racine is plagued with crime, sure, but as a general area I'm holding off on it.

Thanks so much Jake!

I think it was for the stove.

Thanks so much for your really good feedback! The last owner rented the lower unit for 725 and the upper unit for 650. I hope that after doing a little bit of work I'll be able to get tenants in for 725 to 750 in each. 

I'm looking to purchase this property and I was wondering what others might fix up to get this rented to decent tenants. What would you renovate in the property to get it rented?

Some things I noted: Getting the kitchen ceiling finished would probably make the place look nicer, finishing up the paint job in the bedroom would help too.

Any help would be appreciated!

I've gone on several property tours for duplexes in my city. I've noted a few things that need to be fixed up, but I was hoping I could get some input on what you would fix up in order to get a decent tenant.

Some things I noted: Fixing the patch of tiling that is missing in one of the bedrooms, getting the grime of the first shower cleaned up, and installing a holder for the handheld shower head in the second shower.

Any help would be much appreciated! I'll also have one more post for a separate property.