Milwaukee, WI · Member since 2015 · 4 posts · 0 votes
Hi Everyone,
I'm just as new to writing in a forum as I am to the idea of real estate investing. I was born and raised on the south side of Milwaukee. I'm currently looking in this side of town as well as St. Francis, Greenfield and West Allis. I'm looking to buy my first house and I'm leaning towards a duplex to owner occupy for at least a year (FHA loan) or buying a small single family, fixing it up and then renting it out. Currently looking for homes between 60-120 thousand. I have had no issues finding homes I like but they tend to go fast. Any tips or advice on things to look out for or avoid would be greatly appreciated. I'm currently working full time at a decent job in Pewaukee, WI where I also go to school. My goal is to acquire enough properties that I can manage them full time and no longer need another job. Thanks again and I can't wait to start getting to know some of my fellow Milwaukeeans and working on building my future.
@Alexander W Reum welcome to the forums! You'll find a lot of Milwaukee area real estate investors on the board. Also check out the Brew City Meetup group which meets generally around the last Saturday of the month downtown.
Hey Alex
I am an investor in south side. Partner and I are getting what we can there and doing well. I have hit a road block with banks since I am out of town.
Rest of our systems are running well and could lead you in a positive direction
@Alexander W Reum welcome to BP! We completed a flip this year in St. Francis, I like the area a lot. West Allis is a great rental market as well, lots of good cash flow there.
Thank you Mark Nolan, I hope to learn as much as possible and make the most of my first deal.
Thank you Sam Erickson, I currently live in St. Franics and I enjoy the area. A nice place in either town I think would be a solid investment, but I think West Allis might be slightly better to rent in.
Hello Alexander W Reum !!
We are super excited to have you apart of the BP family now!
Initially I began my investing career looking into fix and flips, then shifted my attention to the Notes side of the business. I found that area to be an excellent opportunity to create passive income and strong capital gains.
Looking forward to connecting with you, who knows maybe even do a deal together!
@Alexander W Reum first, welcome to BP, you will find more info than you can possibly consume by reading forums and listening to podcast!
In answer to
Your question, one strategy I have had some luck with (though not every time) is to offer $1000 or a little more over asking price. Now let me add this caveat right here; the numbers of the deal still have to work. However, that being said, I think some people tend to see the asking prices as a number they should offer a little less than. That's often how the SFH market goes. Agent lists it for a few percentage points over what the seller would be happy to get knowing that like buying a car, everyone is going to offer a little less. This will not work in every situation, and let me again say the numbers have to work, but I think people often confuse the actual value with the asking price. Imagine what might happen if a property is listed for $100k and the seller gets offer for $95k, $99k, and $101k. All other things being equal, your $101 offer look way better than the other two. Something to think about.