Kenmore, QLD · Member since 2014 · 5 posts · 0 votes
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:
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.
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.
@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.