All Forum Posts by: Brock Mogensen

I live and invest in Milwaukee.  It is a fun city with some good cash flow deals.  It is still very competitive here but cap rates are going to be more favorable than Miami. 

@Shane H. Walkers Point is an awesome up and coming area in Milwaukee.  Deals in that area don't come up too often but there are some. I can connect you with PM's and Realtors, just send me a message. 

Building connections in the target market is a huge piece of it.  Having a network of agents, banks, and a property management company lined up will help a ton. 

I personally prefer some of the tertiary markets surrounding Milwaukee. Cudahy, Wauwatosa, Waukesha, West Allis..to name a few.  There tends to be more deal flow in those markets for smaller multifamily, plus a better tenant demographic. 

I'd say its pretty much impossible not to have some negative reviews for a property management company.  Property managers are great for running day to day operations but you can't expect to be completely hands off as a property owner..which some people do. Smart Asset Realty manages all of our stuff and they are great.  I can make an intro if you'd like. 

Location (A,B,C,D) definitely plays a huge role in collections.  The C and D spaces are experiencing lower collection rates compared to A and B.  My motto now is to focus on buying properties where the tenants actually care about their credit score.  

Definitely a good idea to shop around a few banks to compare quotes and create "competition" between the lenders.  If you are going to go with credit union style banks, I usually prefer to stay local, because they will often be easier to work with.  Using a mortgage broker, especially if you are newer, is a good option too. 

Great situation to be in!  If you're really into snowboarding and the mountains, Salt Lake City or surrounding areas is a great place to live.  I grew up in Wisconsin and moved out to Salt Lake City for college (University of Utah).  It's an amazing place with probably the best snowboarding scene in the country.  Salt Lake is booming for real estate right now too..great market to be in.  That being said, any of those big markets out west are going to be pricey and tough to find deals that make sense.  But good deals are out there, you will just have to search hard for them.  Good luck! 

Welcome to BP!  Never get discouraged from making offers.  In this insanely competitive market you have to constantly be looking at deals and making offers to find one that makes sense. Rough math here..but currently I'd say I'm looking at 100 deals, offering on 20, getting in serious negotiations on 5, just to get under contract on one deal. That is really what it takes to find deals in this environment.  Network and build relationships with brokers constantly and the deals will start flowing in. 

Great to hear you got the first deal done!  The first deal is always the hardest.