@Chanda Quarles I can give you some insight into the neighborhood. Shoot me a PM with any questions you have. 53206 is probably the most challenging zip code in Milwaukee. That doesn’t mean you cannot make investing work there, but if you’re not prepared or understand the neighborhood, you could be in for a rude awakening.
I agree with Mike. From a strategic standpoint, there are much better areas in Milwaukee to target short sales/pre-foreclosures. In 53206, by the time you calculate the repairs and other debt many of the distressed sellers have besides the mortgage, the bank would have to pay you to buy it. If someone is behind on their mortgage, they are more than likely behind on other bills as well as their taxes.
You'd be better off going after delinquent tax properties in 53206 than pre-foreclosures, but this is all just my opinion.
Thank You guys for the advice. I’m new here so I don’t know how to respond to y’all individually. I seen a few bank own properties
Make sure you run title reports and the foreclosure is on the 1st position lien and not a subordinate lien. Also check any taxes and utility liens as those may be super liens that you have to pay as well.
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