All Forum Posts by: Ryan Weddle

I have a duplex blocks from Churchill on the northeast side. I could write a whole different post about why it's vacant but it is. At this point in the year should I delist it and air bnb it for derby? It's 2 2br units, nothing special but newly rehabbed and clean, expect it to rent for $600 to give an idea of quality. Anyone have experience with derby rentals? I would need to rent furniture too. Thanks! 

Thank you @David Heath. And if that is the case that there is a leak between the meter and the house, that is my responsibility to repair, correct?

And I know about the MDS charges - I'm looking at all the painful detail of a $200 water bill for a property with the water main shut off!

Thank you @John Underwood. For now I'm optimistically crossing my fingers it's a meter-read error. If not, based on the prior bills being lower despite occupancy, it would seem I was unlucky enough for a leak to start within days of closing.

So I closed on my first property (a duplex in Louisville, KY) and am in the process of getting it rent ready. I just got the first water bill that seems to indicate a pretty significant leak (or error) and I'm not sure what my next step is. The property is unoccupied and the inside water main has been off for all but 4 days of the billing period, but the bill shows 18,000 gallons of water usage in 50 days.

One of the two units was occupied by 1 or 2 people in the months prior to closing, and the bills for those periods leading up to closing were for 10k-17k per period. If it was 2 people and the billing periods were about 60 days then that seems on the high side but not crazy. 

I called Louisville Water Co. and they confirmed the start and end readings were "verified", but I don't know what that means. My first guess is that the alternative is "estimated" in cases where the meter couldn't be read for some reason.

I live out of town but just had a friend go in and confirm that the water is off inside and there's no sign of a leak. The outside faucet was also off; when turned on it just dripped a little, so I think the inside main also cut it off and it just hadn't fully drained. She said the cover to the water meter was bolted on so she can't see if the reading has increased since the reading on the bill. Louisville Water said they could send someone for another reading "in the next 10 days".

What do you think my issue is? Leak between the meter and the house? Meter reading error? 

And what should my next step be? 

Thank you!

Ryan

Hi everyone,

We just bought our first duplex and are in the works to partner on a commercial property. We are looking for a local tax accountant who specializes in real estate investing and preferably owns properties him/herself.  We live in the city of Chicago and would like to find someone close.

Thanks!

@Niyi A I'm also a small MF investor in Louisville, looking at a 12 unit myself right now. I agree that the water looks high, maybe double what I'd estimate. Taxes look better now (I use 1.2% of purchase when estimating so I'd go a tad higher.) But the financing is the big question. I was seeing 80 LTV, 20 year amortization, and about 6.5%.

All that said, without knowing more I would push for a lower price on a what sounds like a likely C class building in that area. Have you checked per unit prices on similar sales around there? 

Also, If you're getting terms like you mentioned (90 ltv, 5.5%, 25 yr a ort), please let me know what bank you're using and who I can contact there! Much appreciated! 

Ryan Weddle 

As you know, your income will be low during residency.  If you have any experience with being a handyman or landlord AT ALL, I would highly encourage you to house hack during residency.  Relative to other specialties, psychiatry residency will not be a huge drain on your time, especially if you are choosy and rank programs that are well-resourced with many residents per class to share call.  You also want to be careful about COL for the different areas you choose to match.

The fact that you are already interested in investing strategies and reading WCI says a lot. Physicians are generally terrible about financial decisions and you're ahead of the game in your field.

Once you finish residency, I would highly encourage you to look into working in areas that qualify for physician loan reductions. The National Health Service Corps, PSLF (as already mentioned above), and other programs are financial no-brainers if you're not picky about where you work for the first couple of years. You can find a nice outpatient (or other) position and get your loans paid down, or even paid off, over time while you continue to command a near-market salary. The VA healthcare system also offers other programs other than PLSF as well. Psychiatrists are in high demand right now and I don't think that's going to change anytime soon.

Good luck!

And how did you find the Louisville 6 plex's?  Looking for some myself...

I probably should have made it clear that I'm looking to insure investment properties in Louisville....

Does anyone have a good broker for property insurance? Or any other recommendations regarding finding good property insurance for investment purposes?

Thanks!