Rental Property Investor · WI · Member since 2023 · 192 posts · 144 votes
Hey every my sister is looking to get started with buying her first property. She is currently approved for $227,500 conventional, $250,000 FHA with max PITI payments of $2,200. She is looking to buy preferable a duplex that she can house hack or a single family home. She knows that with this price point she will need to purchase a lower quality home that she can renovate. She has a family of 6 so she needs something more than a 2 bedroom.
We have multiple rentals and connections in Sheboygan County but nothing in Milwaukee. Her agent and lender haven't been super helpful so she is looking for someone more knowledgeable with investors not just home buyers. If you have any recommendations I could pass along please let me know. I have been helping her as much as I can from Sheboygan but I am not a lender or an agent. Plus we are in a different place financially and some of the hurdles she is having to go through I haven't experienced being that we have always put down more than 20% and have all of our properties with conventional financing.
Not uncommon unfortunately, I went to college in Wisconsin and those I knew investing did not have anyone to help guide them and it definitely impacted their success longer term. Then my first property was a duplex that I house hacked as well. If it's helpful feel free to have her reach out whether it's investing related or lending related
I invest in the Fox Valley/Sheboygan/Madison/Milwaukee.
And oddly enough, I used to work in commercial lending for quite a few different commercial lenders in Wisconsin. Feel free to message me the details and we can connect to see what is available/possible for your sister.
@Paul Novak, normally I would start with the lender, but assume you already helped with that. Def want to avoid FHA because of forever PMI. Though price point, I would suggest a 1960s built NW side duplex over a the old German style 1920s type - not as pretty, curb appeal of a shoe box, but lower cost of ownership and less expensive to work on. One of my agents has been a serial house hacker personally and knows that market very well.
I started out buying a duplex and then 1031 exchange to a larger building. I work the Milwaukee area most of the time logging on aver 80-90 miles per day showing, listing properties, and writing offers. We are in a multiple offer spring market now and our offer has to stand out amongst 10 other offers. I'm well known amongst most of the agents. I've been a Real Estate broker for 14 years now. Previously I was a lender for 10 and a landlord for over 25. I give personal service and don't have a team. I have great reviews and production on Zillow. Feel free to send me a dm
I work with investors and first-time buyers in similar situations and help structure financing around house hacking and value-add properties, not just standard retail purchases.
If she’s open to it, I’d be happy to take a look at her scenario and see what options might make more sense than what she’s currently being shown.
Is she set on Milwaukee, or still flexible on location depending on what pencils best?
Hello Paul, very kind of you to be helping out your sister.
I love the large family, I grew up in a family of six and loved (and still love) having all those siblings.
As for real estate, I highly recommend whatever agent she picks, make sure she asks that agent how often they work with investors. Because many will say they do work with investors, but that doesn't really mean very much as most agents are willing to but it doesn't mean they do or are good at it.
Second, if she is local, she should check out the investor meetup I am one of the founders of. It is a great place to network with other investors, learn and grow as an investor, and get held accountable for her goals. (You may even be interested in joining from time to time as you are only an hour away and the in person meetup is only once a month). https://www.facebook.com/share/g/17LVN5J8ic/?mibextid=wwXIfr
Finally, I am an agent myself. If she would like to chat and see if we would be a good fit to work together, I would be happy to do that. I almost exclusively work with other investors as I started as an investor and that is really where my heart and passion is.
No matter who she goes with, I wish her and you the best of luck on your investor journeys!