Great house on south side of Milwaukee for low $$ flip project or single fam rental and I'm NOT a wholesaler-available soon
As you may or may not know from my previous posts here on BP, I'm not a wholesaler, I'm a real estate broker but my full time business is both rehab/flip projects and being a landlord. That's not at all meant as anything derogatory towards anyone in the wholesaling biz, I'm all for anyone who's working hard to run an honest business, but just to add a little context here. I do have a possible opportunity though that I think could be a great flip project or as a long term, single fam rental property, but please read all of the details.
This wasn't my listing but a good friend of mine who along with his wife are successful RE investors, realtors as well as running his mortgage business, have asked me to co-broke on this listing as they're already busy as heck and live out in the suburbs, so its a big time waster for them to show the place. Its on the south side of Milwaukee, listing for under $30k that certainly needs work, but isn't a disaster and once complete would make a great flip to sell or would make a great place to hold onto for the long term as a single family rental. As many of you know, we have some great rates of return in this area for rentals, especially in the lower priced parts of the city, some of which are also dangerous areas to be in. This isn't in a "war zone" area, although just being frank and honest here, its not an area where you'd leave your doors unlocked either, but not a scary area at all and what do you expect for under $30k for a house not ready to collapse??!!
I'd buy it and rehab/flip it myself, but I focus on middle and higher end properties. It would work well for someone who does focus on the lower end of the market and/or a first timer looking to get that first flip going.
They listed the place and it had an accepted offer in under a week, it is a good deal for someone looking for a low priced project. Problem is there's still a title issue which my friend, who is one of the people on my very short list of people I do trust implicitly, says is just some sort of error regarding a former owner who's also a family member of the current owner and he's been assured by the title company is something that will be worked out within the next few weeks, if not sooner. However, this issue apparently caused some problems for whoever the buyer had cobbled together his/her financing through and the deal fell apart. The house will be available for showings again soon, we're just waiting for some solid confirmation on the title issue before we start spending our time showing the place.
So, if anyone is interested in this property/project, send me a message here on BP and I'll let you know that I have your info and once we get the final go ahead regarding the title work, I'll contact everyone in order of your contacting me. I can also send you an email with the mls listing including pics for this house as well.
Finally, for full disclosure here-I am a WI licensed real estate broker and work with North Shore Homes in Milwaukee. Thanks!