Sale by Owner deal and Milwaukee contacts

7 Replies

Hi,

I am looking for my first investment deal at the moment and am pretty excited but very nervous about it. I have come across a property in Milwaukee that is for sale by owner, and they are open to vendor financing. What sort of things should I be asking them? aware of? cautious about? how do you document a loan for vendor financing?

Also, does anyone in the Milwaukee area have recommendations for contractors/service providers:

* Real estate lawyer

* Property management company

* Property inspection service

* Property valuation service

* Accountant

If you don't want to post on here, please PM me.

Thanks!

Bronwen

@Bron Whitley welcome to Bigger Pockets!

I know some areas of Milwaukee so if you're out of state, send me the address and I'll let you know more about it (if I'm in that area).

Hi @Dawn Anastasi, thank you!

I've read a few of your posts with great interest.

The property is on N 33rd Street, near W Meinecke Ave. The owner has come back saying they want 20% down and 12% p.a., so unless they adjust the interest rate down a lot I'm not going to move forward on the deal. I don't think it's in a great part of town, but was going to consider it if I could get a good deal on the financing. I'm just starting out so am interested in owner financing, but not if it's not a good deal for me.

It's a duplex that has been renovated, going for $60,000.

Cheers, Bronwen

Bronwen-

The area around 33rd and Meinecke is in the roughest neighborhood of the entire city (Metcalfe Park).  Of course, that's just my opinion--others may disagree.   FWIW, there are duplexes in that neighborhood that are occupied for about $1,000-$1,100 in gross rent that are on the market for like $30,000.  

Hi @Darren Budahn,

Thanks for the feedback. I thought that was probably the case.

Cheers, Bronwen

Originally posted by @Bron Whitley:

Hi @Dawn Anastasi, thank you!

I've read a few of your posts with great interest.

The property is on N 33rd Street, near W Meinecke Ave.

 Ugh, you don't want to invest there.

@Bron Whitley  I don't think that is a good area of the city for an out of state person to be looking at.  If you get further along with a property PM me and I can give you some references for some of the vendors you are looking for.

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