All Forum Posts by: Svetlana Foley

@Chuck Weber, welcome to BP!  Thanks for the inspection on Cardinal, buyers are talking to Bayehr tomorrow.

Svetlana

Are you including condo fees in 1350 figure? If you are able to get it rented with a positive cash flow, go with the plan mentioned above (duplex, most likely with your finances). If not, live in a condo and consider both SFH and duplexes to see if you can find the best cash flow/location between the two. You first step is to talk to a lender and see EXACTLY what you will qualify for currently. Multis require 25% down, so if you are able to find something in a good location and planning on putting down all of your 40k and lender is willing, definitely go with the multi.

Mike - 

welcome to BP.  The amount of RE information can be overwhelming, and you definitely have the right idea - choose one path, concentrate on researching just that, execute, learn, and expand from there.  As an attorney you have additional power and after a learning curve you can definitely leverage that in a number of ways.  In the meantime, it costs you nothing as a buyer to be represented by a realtor, and you get access to a number of tools that are not accessible to the public as well as experience.  Being a realtor, I may be biased, but my recommendation is to get your first deal this way and reevaluate from there.

Feel free to connect any time!

Svetlana

Welcome to BP! Feel free to reach out. I can certainly get you local MLS info at a minimum and we can work out a deal as well if you do decide to go Wisconsin.

You are making the right decision, now its just the execution part that needs doing!

Svetlana

Feeling hurt - no invite for coffee after all the damn compliments... BTW, you may want to refi at some point anyway - as far as I know, the recent lending changes in FHA loans dictate that PMI stays with the loan for the entire life of the loan, while with the conventional its out after 20%

Here in Wisconsin its usually 100%, not even your Vin Diesel looks will change that!

You sneaky little devil!  Great idea using the security deposits and rents, definitely stealing it for the future.  Most sellers I work with would NEVER EVER give a 110% tax proration, so good for you!!!

Congrats!

How did you manage to pay only 4500 with 3.5% FHA requirement? Awesome job!

@Michael Douglas Christensen, welcome to BP!

If this is going to be your first investment property and you are on a low budget, definitely explore and compare all of your options.  I have family living in SLC, so know exactly what you mean when you compare Utah RE to Milwaukee.  Still, you may want to hook up with a local realtor to make sure you are not missing out on any of the deals in Utah, as there are deals everywhere, the hard part is finding them and beating other investors to the punch, no matter where you are.  If you want a name of a great investor-friendly realtor in Utah, just pm me for names - there are a couple in Layton that are really really good.  

A side note - you guys pay pathetically little in RE taxes in Utah comparing to WI!  That alone makes me salivate every time I visit SLC.

Good luck to you on your venture.

Svetlana

Hey - I have a second house near White Lake!  Beautiful country, although the RE around there had been quite depressed for the last few years - which spells out a GREAT OPPORTUNITY FOR YOU! Go get them!

And welcome to BP.

Svetlana