All Forum Posts by: Corey Hawkinson

@Chad Tessmann Wisconsin seems to have a pretty active REI community. Try to connect with people from WiscoREIA. They have meetings (outside of Covid times) in Green Bay if that's close to you. I'm unclear of where the boundaries of NE Wisconsin are. I do have family in the greater Appleton area and they are starting the REI journey with 1 single family rental now. Try to connect locally though. It'll be difficult at first but will really help you in the long run.

@Nitish Gupta I agree with Dan. Research the program. It might be Section 8. It could be a variety of other programs. I use a program specific to my state that I’m very happy with, although success depends upon knowing the details of the program.

@Bryan Cress I have a place like this and it gets questionable on whether or not it can be called a bedroom. (Though mine has windows, but the walls do not go to the ceiling) I advertised it as a “studio apartment that is set up similar to a 1-bedroom.” That way I’m not using a term I can’t use but also appropriately describing the unit.

@Trevor Davis for me, I’m still growing. Because of that, I pick the longest amortization available. Lowest payment allows me to potentially buy another property.

@Michael Lettieri I agree with Theresa. Let them out early. In exchange, only ask that they reasonably work with you to show the property. (And that they clean the property and leave no damage, but that’s required regardless of when they move out.)

@Mike Adams most bankers would happily collect a 5% prepay penalty!!! That said, check to make sure it still applies if you’re selling to an outside third party.

@David Haynes Twin Cites area. My goal for 2021 was to save up money because we just bought a 6 unit property at the end of 2020.

I am failing at my goal because I got a call about a 5 unit property that I believe is a great deal. Now, instead of saving money I am under contract for that property. Ha!

@Justin Rucker My first investment property was similar to that. Solid base hit. Not a home run but I would 100% do that deal again! So I would say go for it. You’ll learn a lot and you’ll be ahead of everyone else on here that posts an introduction but never does anything besides analyze over and over and over.

@Greg Maddox did the bank order the first appraisal? Because the bank has to order the appraisal and can not accept an appraisal provided by an outside party. If that’s the case, the bank will need to trust the appraisal they ordered unless shown that it is inaccurate. So they are “correct” to go with the $130k amount until proven otherwise.

If the bank did order the first appraisal then you should question them about why they ordered the second one. They should not order 2 appraisals unless there is an issue with the first one.

@Nathan Yarnell My policy has been that the tenants take care of it for a single family home. I handle it (paying someone to do it) for my multi-family properties.