All Forum Posts by: Brock Mogensen

I am beginning the journey of getting into investing in apartments.  I would love to find something in the Kenosha/Kenosha county area but am willing to look all throughout the Southeastern Wisconsin area.

I've already began talks with lenders and am planning on using a 1031 for my capital.

Anyone that has experience with apartments in this area I'd really appreciate if I could reach out to ask a few questions.

Also, any connections with Real Estate Agents/Brokers to help me with the deal finding process would be greatly appreciated.

@Elliot Saks Id definitely recommend coming to Milwaukee and walking those areas prior to investing.  A seller may tell you it's in a B class area but for that price I highly doubt it.

Although Milwaukee is a great city with a lot of potential, there are many bad areas also.  If you do decide to invest in these type of areas you definitely want to factor in a higher management fee because I know management companies will charge a higher rate knowing what their getting themselves into with dealing with those areas.

I'm from Kenosha and invest in the Kenosha area also.  The Kenosha market is definitely hot right now with all the economic growth coming to the area.  Don't know who told you the whole 95% things because that is way off, Kenosha is a very diverse city.  There are many parts of Kenosha where you can go from excellent location to horrible location within a two block radius so just be careful.  If you have any more specific questions about the Kenosha market feel free to reach out to me!

Welcome!  Try checking out your local REA meetings, its a great place to meet local connections.

I vote for the 203K loan.  Invest some money into marketing to find an off market deal and you will not only find a better deal but you will also learn some great lessons about marketing!

Set aside time each week to work on your REI. This will ensure that you are accomplishing your weekly tasks and making strides forward. Another great way to get fired up is to listen to one of the many real estate podcasts out there on your way home from work to get pumped up on going home and putting in another 8 hours on your business.

I've also found that going to your local REA meet ups are a great way to stay motivated because you see how much everyone else in your market is killing it.  

Nice!  I went to school out there also, at the U.  Get your marketing tactics down and start hitting the streets.

This is a common situation of a seller thinking they are going to get top dollar by selling to an investor.

Best thing to do would be to kindly explain to her, through providing actual data, that her house is not worth that much.  Then come up with your max offer and tell her that's what you'd be willing to pay.  Most often these type of sellers will just laugh at your offer but it's worth a shot, plus its good practicing the process. 

My advice would be to find a value-add duplex, use an FHA loan, and house hack it!

Great way to start out.

In terms of financing..by house hacking, for at least a year, you can obtain an FHA loan.