All Forum Posts by: Brock Mogensen

Nice!  Sounds like there is some room to increase rents which is always great.

My recommendation is to not use hard money or a commercial loan.  Using hard money for the entire purchase, unless you have a plan in place to refi out of it, will be tough to work.  On a commercial loan you likely wont get as good of terms as traditional financing.  Try talking to a few more local investor friendly banks. I bet there is a bank out there that will be able to help you.

A good mortgage broker on your first deal is helpful. Get in touch with a few of them and pick whoever you like the most. The fees you will pay are minimal for an FHA loan.

Lots of older properties in the Milwaukee area.  I usually bump up my replacement reserves on older properties to account for stuff that is going to break.  Having a healthy reserves in your analysis will help a ton down the road.

@Colin J Parks Yes, I'll send over some info on it.

Check out the tertiary markets surrounding Milwaukee too.  You will have better luck finding B class assets in those locations.

Totally agree with dollars>doors.  At the end of the day its about the cash flow not the amount of units :)

I also live and invest in the Milwaukee area.  House hack is a great way to start, that is how I started too!

Welcome to BP! I live and invest in the Milwaukee area.  Let me know if I can be of any help.

I'd say the biggest reason a property sits for a while is due to it being overpriced. Demand for the location is obviously a big factor too. But money can fix any sort of appearance or structural problem..as long as it is bought at the right price.  Don't be afraid to make offers based on what you think it's worth.  Sometimes those properties sitting on the market for a long time are where the best deals are found.