All Forum Posts by: Brandyn Dietman

Thank you guys! I appreciate the advice and will definitely keep y'all in the loop as to how it goes! It has certainly been a long negotiation but hopefully a deal is in the near future!

Hey yall!

I am currently working a deal that I need a little help on.  I have a property that has 2 apartment units and a bar.  The bar is currently making money, and the apartments are not being utilized, but after a quote, would only take about $1,000 a piece to get up and running.

The owners are sisters who inherited the property from their mother, neither of which are currently involved with the property other than receiving $600 a month for the rental of the bar.  The sisters are interested in selling the property and the man running the bar is ready to be done running a bar.  This is an off market deal, and I have people in place who want to continue help running the bar, including the current man, and handy family members to aid in some renovations.

I have been going back and forth with the owners of the property and have come to a semi deal of $150,000 for the property and business with everything included. Here's where I need help.

I asked a realtor I work with about brokering the deal for me to help but he felt it would be better to have a realty attorney so I could get a solid contract and representation after I close. 

The deal is a 5 year land contract in which I will make improvements to the property, and have access to rent out the apartments as well as run the bar.  The sisters want a down payment and interest on the deal which I'm trying to decipher a good amount. I want to be protected from losing the property if the sisters decide I've put a lot of work into the building and business and it'd be easier to sell and want to find out the best way to set up the aspects of being protected against lawsuits with a bar and liability associated with having apartments in the same building.

If anyone knows anyone in Milwaukee, Wisconsin who may be able to help and is affordable for a newbie I'd love to talk to someone!!!

Thanks,

Brandyn

Jason: I'd love to see them as well. I just got two quotes on two 4 unit properties from USAA, and I'd love to compare.

Hey y'all!! I am currently looking for a property and I've notice a huge price difference between buying a nice duplex and purchasing a 3-4 unit property. I did some research and found 'packages' from local lowes/Home Depot ect where I can build a garage with an apartment upstairs for about $20,000.. My question is, I have found a few properties where the garage is not great, and if I tore it down and rebuilt it with an added apartment upstairs, I'd still be below the price of a 3 unit property and cash flowing more.. Has anyone gone through this type of process or has anyone tried re-permitting a property from a 2-3 unit property?? Thanks!

Hey y'all! I found a property that I like (I'll be owner occupying), however, it will need some work (plumbing, hvac, possible roof) however I think the price could be right. The only down side is I will have to put the money into it, and if I want to move into another investment property in the next 2 years, will I have the money to do it after investing in this property. Conversely, I found another property, more in the area I want to be, but the owner wants too much for it (about $35,000 too high) and has indicated this is his retirement money property so he doesn't think he'll take much less.. I know the unit I like, has had 3 showings in the last 3 days and I don't want to lose it. The other property we like but is a little high, we have a showing set up for Wednesday. My question.. Should I try and place an offer on the property that needs some work to try and get an accepted offer to have it under contract so I don't lose it? And then see if the higher price property is more for us? What have y'all done in this type of situation? Thank you!!! Milwaukee, Wisconsin

Hey y'all! I found a property that I like (I'll be owner occupying), however, it will need some work (plumbing, hvac, possible roof) however I think the price could be right. The only down side is I will have to put the money into it, and if I want to move into another investment property in the next 2 years, will I have the money to do it after investing in this property. Conversely, I found another property, more in the area I want to be, but the owner wants too much for it (about $35,000 too high) and has indicated this is his retirement money property so he doesn't think he'll take much less.. I know the unit I like, has had 3 showings in the last 3 days and I don't want to lose it. The other property we like but is a little high, we have a showing set up for Wednesday. My question.. Should I try and place an offer on the property that needs some work to try and get an accepted offer to have it under contract so I don't lose it? And then see if the higher price property is more for us? What have y'all done in this type of situation? Thank you!!! Milwaukee, Wisconsin

Nick- that's about what I'm seeing too. And I agree on south Milwaukee.

I live on 76th street right between North and Center. We love the area, and if we were to keep renting, we'd stay. However, on center once you get closer to 72 street, it does start to lose some of the Wauwatosa feel.

Milwaukee, Wisconsin

Rebecca: For whatever reason I can't send you a message, but if you have any off market 4 units shoot me a pm, I'd love to hear what you have!