All Forum Posts by: Chari Nash-Cannaday

@Nolan Gray did you move forward with new construction? 

@Marcus Auerbach are there any companies you would recommend to build out on an existing house? 

Hi Rebecca, 

I'm in the area until December. I will definitely stop by. Thank you for the information. 

Thanks Brock. I've been looking at the homes available in my area and there are a couple super host with a lot of bookings. I may try it out for a month or two if I can find a management company. If things dont work out I'll find a long term tenant. 

Thanks Thomas!

Hello BP,

Is anyone doing Airbnb in Milwaukee? Do you know of an Airbnb management company? I'm trying to see if Milwaukee is a good market for Airbnb.

Thank you,

Chari 

Hi @Bianca Nunes,

If you are not in a rush, I would say attend some of the local real estate meetups to learn what strategies people are using to invest. You might even find a great deal. Purchasing the home as your primary resident is great because you can put less money down to enter the market. 

Ways to reduce the burden of your mortgage while living in the property: Roommates and Airbnb (when we get through this pandemic). Having a roommate allows me to pay less than market value for a 1 bedroom apartment in the area while living within walking distance to the metro and my home is appreciating in value. 

Things to consider about location: Close to public transportation. Homes close to the metro line, VRE, etc. are pricey, but you can still find a good deal if the property needs some work. We are gaining more jobs in the area, traffic will get worse over time. Homes close to public transportation will appreciate in value. For areas not near public transportation, there are other attractions in the area that make people want to live and rent there. Find those areas and see how you can use that to your advantage when you get ready to rent out the property.

Learn about areas on the path of gentrification. The property might be higher than your budget but if you can reduce your cost with a roommate and you have a good plan to rent the property out with positive cashflow after you move out, it could be a great move.  

No matter what strategy you choose, think about the impact on your cash while you live in the property. If you want to continue investing you will need to always be saving for your next investment or rental property expenses. 

I'm a new investor myself. I am in the process of purchasing my 3rd property so I understand how searching for a property can be discouraging. I hope you find a great deal soon.   

@Brett Kash, thank you! This is helpful. I will send you a PM. 

Hi @Jonathan klamm, the house is zoned as RT4. The city website states the RT4 district is to promote, preserve and protect neighborhoods intended primarily for 2-family dwellings while also permitting a mixture of single-family dwellings and small multi-family dwellings of 3 or 4 unit.

Hello BP,

I am in the process of purchasing a home in Milwaukee. The house use to be a duplex but was converted to a single family home. Does anyone know the process to convert it back to a duplex? I assume I need to apply for a permit but I'm not sure of the alterations that were made (what walls were originally in place or new wall that were built to convert it to single family). Has anyone gone through this process? Any info would be helpful. 

Thanks!

Hi Dexter, 

I've been working with William Newman. I found him on BP (I can't figure out how to tag him) He has been an amazing help. I highly recommend reaching out to him.