All Forum Posts by: Brock Mogensen

Welcome to BP!  Waukesha is a great market to invest in.  I actually co-host a monthly meetup in downtown Waukesha called Wisconsin Apartment Investors Meetup.  Our next event is on Wednesday 8/25.  Real estate events are a great way to connect with people that will help you expand. 

Smart Asset Management manages a lot in the Milwaukee area.  I can connect you with someone there if you'd like.

I live and invest in the Milwaukee area also.  The most important step is to build your education and network.  There are lots of great networking events in the area. Once you determine the type of deal you want to buy, build relationships with agents in the area.  They will be the greatest source for finding deals. 

Meet in person, discuss your short and long term goals for the deal, make sure ethics align, make sure each person has their duties clearly outlined for the deal.

Based on the info provided it sounds solid but would need to look into the numbers further to truly analyze. NNN deals are great, I own a few and they are pretty hands off for the most part. That being said, you will need to find a PM that has experience with NNN deals because you will still be responsible for coordinating all maintenance, lawn, snow, etc..then bill back to the tenant through CAM. That cap rate seems a little low given your comment about it being in a lower income area. The long lease term is good though. Feel free to shoot me a message and I can answer any further questions. I have a good amount of experience with underwriting NNN deals.

Awesome to hear you got through it all with 100% collections!  One of our properties has about 7 tenants that haven't paid rent in over a year.  We were able to collect some of it back through government aid but the funds have been slow to disperse and spotty.  We are moving swiftly to get those tenants out..who knows how long of a window there will be if they decide to reenact the eviction moratorium. 

Lots of factors you will need to look at to figure out if its a good deal.  No way to tell with just that info.  I'm assuming it's a D location at that price point so you will want to make sure you set up a good property management plan before buying it.  If you're out of state..I'd recommend talking to some local investors about the location of the property so you understand completely what you're getting into. 

Lots of ways to scale - refinance and roll strategy for single investors or leveraging OPM through partnerships. My strategy has been to create partnerships and leverage OPM to scale quicker. The most common term for that is syndication but JV structures work well too.

That is great progress within 2 years!  It took me roughly 3 years from starting in real estate investing to quitting my job.  I am now a full time real estate investor and loving it!!

Smart Asset Management.  They manage a lot in the city.