All Forum Posts by: Paul Gallardo

Dumb Question but how do you insert people's name? I just typed it in and I dont think it's the same. Noob here 

@Dennis M. 

When my beautiful fiance and I, purchased this property. We sought preapproval for an FHA loan. As you most likely know loans like this involved a small down payment, 3.5% in our case. Down payment, title fees and closing cost came to a total of around $9000. We also applied for down payment assistance through neighborworks. Grant given by this assistance was $5600. This still left us with $3600. Now I need to mention that one unit was vacant, one occupied. I will get back on this in one sec.

After our offer was accepted and we entered into contract we had a house inspector come in. Nothing major except one thing, the furnace. Now it did work as it should and still does but it's just old I mean old old. Through negotiations the seller agreed to credit us $2000 towards replacing it, plus one year of home warranty insurance value of $800 (this amount is not included in the equation). So we're ar $3600 minus $2000 we used towards closing leaving $1600 left. Then to top is off we were handed tenants months rent plus deposit at time of closing. Rent plus security deposit came to be $1300. By the time everything was said and done. Our bank acct was only minus 300 at the end of that day. This is way I say we entered this investment with only 300 dollars. 

I did have the furnace evaluated and serviced with a professional and it's in perfect working order. Our biggest piece of mind is with our home warranty. They may not completely cover the whole cost but we will cross that bridge when we get to it. 

Investment Info:

Small multi-family (2-4 units) buy & hold investment.

Purchase price: $93,000
Cash invested: $300

1908 upper lower multifamily. Near downtown where major construction is nearing end. Fingers crossed for appraisal 🤞

very recently bought a upper/lower multifamily for 93k with an FHA loan. this place was built in the 1900s but have been decently taken care of. New roof withing 3 years, new insulation throughout last year, new cabinets 2014. new carpet ect. Most alarming concern is an old furnace. In case it would go out it is covered in a home warranty paid for buy seller for first year. Link to pics added. the empty unit is the upper unit (bottom unit is ocupied)

 for the most part pretty plain. the upper kitchen space is not well utilized. Light fixtures through out are outdated. What part of the house should i focus more time and money in? what renovation really bring up appraised value? i am trying to refi after renovations

https://www.realtor.com/realestateandhomes-detail/413-Elmore-St_Green-Bay_WI_54303_M74991-66238#photo0

After all year working towards and a month full of emotional roller coasters my first deal is done. Now I am left with a upper/lower in Green Bay, Wi. Bottom unit is on month to month. Upper unit is vacant. I am planning to ask tenant to sign a new lease. How many people write up there own lease? Or where can I find one. Also is this something I should have lawyer check to make sure I am protected? 

first of all I do not own, parents house. They moved and I am helping them take they're first steps in owning a rental. I myself am close to doing the same that's another subject. 

Long story short I need a property management. Cleaning, lawn work painting are done. Now we need to get this place occupied. We dont want to get into background checks, interviews ect. 

What are your criteria?

How do you find them?

So we can set them up for good tenants 

We recieved our pre-approval letter or a fha loan today. I already have a realtor I want to contact. Also a few properties to look at. what I am seeing here though is there more than a few HUD safety requirements I need to keep mind of

Fiance and I are trying to buy a 2 unit multi family in WI. had frustrating results with our mortgage broker. He told us we dont have enough revolving credit history. Only 4 months with a secured card so far. determined to not give up I investigated who owns this property and its owned by an LLC. I tracked them down to  Arizona and I have they're number. I know I have to call but Not to sure what to say or where to start.

What experiences do some of you have in making deals and more specifically struke a seller finance deal?

What's the best time to call?

Do I make an offer right away?

How do I make a low offer without offending and turning them away?

Have been trying to buy a 2 unit multi family in WI. We have had frustrating results with our mortgage broker. He told us we dont have enough revolving credit history. Only 4 months with a secured card so far. I am determined to not give up. I investigated who owns this property and found its owned by an LLC. I tracked them down to in Arizona and I have they're number. I know I have to call but I havent even put together a deal or offer before. Not to sure what to say or where to start.