All Forum Posts by: Kyle Kolberg

Thanks Al Siy! I was planning to do my due diligence and put a contingency in, if possible, that I get the ok to rent out the unit! It's 15% on the property and you need approval from the board.

Thank you for your response Chris! There would be extremely low ARV as it is immaculate, and the people I have had come check it out agree. Seeing interest rates rise this week scares me a bit as well as that is just cutting into the margin more and more. Should I be conscerend with this short term fluctuation?

Good Afternoon Folks,

I am in a stick situation and could use advice. I am making my first real estate purchase. I came across a property in Milwaukee Wisconsin. The property was listed at 149k, and then was dropped to 139k. I made an offer at 121k which has just been countered at 127k. There is a tenant right now that lives in the property and is willing to keep renting for 1.2k. The problem is, I got pre qualified for a residential loan, so I wouldn't be able to keep renting to him. If this were the case, I would have been at about $150 cashflow monthly after taxes, HOA and utilities. With a higher loan, I'm not sure if this would be worth it. My thought was to live in the property for 12 months and rent out after, but now I have learned that you need to get condo approval to rent out your property - I'm not sure what that is like. (This is all not taking in consideration tax benefits as well).

Please advise in anyway as I am quite green in the real estate realm!

Thank you!