Newark, NJ · Member since 2014 · 79 posts · 12 votes
Hi BP, what do owners have to do or apply with the city after they purchase a rental property in Milwaukee, WI ? Is there a rental license to apply? property registration to do?
Real Estate Entrepreneur · Mid West, East Coast · Member since 2015 · 3k+ posts · 1k+ votes
9y
@Andri Artayudianto if your not local you should have a registered agent who is local who can receive important information from the City/State on your behalf. I've never registered with DNS. Thanks @Dawn Anastasi for that information I'll have to look into that. Also if you are purchasing/doing business in your company's name I'd suggest foreign filing your company with the DFI so that it is recognized in WI. https://www.wdfi.org Best of luck to you. Always remember to persist and you will WIN!!!!
Newark, NJ · Member since 2014 · 79 posts · 12 votes
9y
@Shawn Ackerman Thanks for the info. The title of the property has to be under my name in order to refinance. I don't know how people can have LLC's and residential mortgages at the same time.
Real Estate Entrepreneur · Mid West, East Coast · Member since 2015 · 3k+ posts · 1k+ votes
9y
@Andri Artayudianto Not necessarily. You can buy in an LLC and a Commercial banks will refinance properties as well. However I don't think you will be able to implore the delay finance strategy that is common with residential mortgages. The purchase prices/values will be higher on commercial real estate purchase in order for a CML to consider it. Additionally the 6 month seasoning requirement will most likely be enforced on a cash purchase. Perhaps a CML will do a refinance on a property valued at $100K+ Whereas my residential mortgage lender does loans as low as $10K and we are talking 30year fixed rate. So there is one major difference. Best of luck to you.