I'm on the cities Email list and I received a notice about their bulk buyers program sounds like a good deal for the right investor. Below is the email
"As we close out the year, the City of Milwaukee is considering all bulk buyer deals of 5 or more residential properties."
Almost all city properties I've seen need a ton of work to them. So if you buy 5 at one time you're buying a ton of work 5x over.
I agree but they are giving a 20K break on the house. My question is will they give a break on a house costing more then 25K?
I think the reason why the lower priced houses they are giving such a break on is because they will sometimes need $30k - $45k worth of work and so they sit and sit and never sell.
I'm also got the email. Sounds like it would really take a certain investor to jump on this. Did you guys hear about the investment company that was looking to buy a few THOUSAND properties in Detroit?! That's got to be a lot of work!
Personally, I *love* rehabs. I love taking something ugly, and making it a place people actually want to live in. I'm not afraid of big rehabs either. I've done a $30k rehab, a couple $25k rehabs, an $18k rehab, etc. It just takes the cash to make it happen!
Last year my partners and I purchased 30 properties through the bulk program. We were usully all in around $25k -$30k. I don't mind the redtap or the construction management of turning 5 house at once.
@Michael Henry Do you know if the city will sell more expensive properties with the bulk discount?
you can buy the more expensive properties now under the bulk program. You have to pay the difference above $25,000.00. For example: the sale price is $30,000.00 you would pay $10,000.00 for that property. Assuming the other 4 properties are at 25,000.00 or below price your total purchase price for all five properties would be $30,000.00.
If anyone is serious about buying one city property or bulk please contact I know the process like the back of my hand.
@Michael Henry Did you do well on these deals? I can see the advantage for the city pretty easily, just wondering how it is on the other side? Did you flip or buy and hold?
I saw these online the other day and wondered if in some way these are an investors dream or nightmare.
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