All Forum Posts by: Yashira Zavala

@Lois Ginter Madison is definitely a tough market! Is very very difficult to buy a good deal from MLS.

The Duplex is on the West Side (Greentree Neighborhood, same as our current home). 

Thank you for your responses! Their lease are month-to-month so it should be reasonable to give them 3 months to move.

Hi BP!

I have a question about inherited tenants since this would be our first deal (other than our own home). 

We are closing soon on a 3bed/1.5bath Duplex with tenants in place. Their rents is at least $200 below market, both units need some cosmetic work, tenant 1 is a hoarder and tenant 2 is a section 8. 

We would prefer to ask them to move(3 months ahead, April-May), revive the units and rent them to new/better-screened tenants but at the same time we are concern about vacancy (although we are in Madison and the area is nice so it should rent fairly quickly). 

Are we starting this the right way?

Hi Brad,

We are facing the same problem as you are but found a deal that works for us. We only have about 5% of the purchase price but we looked for a Broker that is financing 75% of the deal and the seller agreed on financing the other 20%, both on a 5 year balloon. This is not ideal, but I think is a good way to get thing started when you are low in capital. 

Create extra income. Reduce your expenses to a minimum. Go with Dave's Ramsey suggestions. I'm a 29 year old grad student and on my way to our first investment deal.  Is possible but it takes some work.

Thanks a lot!

We are on our journey to buy our second property (first investment) here in Madison, Wi. Is a FSBO. Could any of you in the area suggest a good Real Estate Attorney, Inspector and Appraiser?

Thanks

Hi Curt, I am very interested in what you ended up doing. I am thinking about getting a license too. 

@Darren Budahn - After discussing the idea with a loan officer, he told me that I would need to live in the house for a year after refinancing, otherwise it would be considered investment. 

@Darren Budahn Thanks for the suggestion, will look into that. 

@Brian Gibbons Thanks

@Hussain Harun Thanks for your input, is not ideal (2% rule) but it would work for us to start (>1% rule).