All Forum Posts by: Chris Semklo

@Joe Matthews along with the what @Marcus said, I would also recommend the popular Bay View neighborhood on Milwaukee’s south side. You can do a similar drive, starting in Bay View and heading west. I’d say start on E Oklahoma Ave in Bay View and head west all the way to 108th St in West Allis.

Thank you all for sharing your knowledge!

Anyone have experience using a Milwaukee area title company for a 1031 exchange intermediary instead of a 1031 company? If yes, please share your overall experience, fees, etc...

Thanks everyone, I value your input!

I'd like to keep the tenants if possible, at market rents of course. By keeping the tenants for at least another year, I could differ some make ready repairs that would need to be done to the units after a long term tenant of 10+ years.

Like @Samantha Klein suggested, I'll try to sign the leases before closing and have a attorney draw up the lease agreements.

I'll keep you posted on what happens.

Hello,

I'm about to put a offer in on a triplex in Milwaukee, but there is a situation that I'm not sure how to handle. The property is an estate sale which is occupied by family members in each unit without lease agreements. The two out of the three long term tenants want to keep living there. With that said, I'm afraid that if the current residents don't want to sign my lease after I close on the property, I'll have to deal with evicting them at my own expense. Their rent will go up $100 per month because it is seriously under market value. Is there something I can do to reassure myself that I will not get shafted if they decide to reject my rental lease and keep living in the property?   

Thanks in advance!

-Chris

@Darren

Good advise and you answered my question spot on. Good call, I guess I didn't realize wholesalers will require cash... I might have to adjust my strategy. Thanks.

@John

Thanks for you input.

@Svetlana Foley

Yes I agree! Banks are super greedy when it comes to anything and especially foreclosures. But hopefully persistence will pay off! Thanks for your thoughts!

Hi there!

I am currently working with a great agent, but I'm learning that it's very difficult to make the numbers work when making offers using the MLS. The market in the Bay View/Fernwood neighborhood of Milwaukee is hot and duplex's that need to be completely gutted are selling for $150k and up. 2% rule is out the window, but I feel I can get close with 1.5% if the purchase price is right. My strategy is to 'house hack' using the FHA 203k loan.

 I know there have to be better deals out there. I'm thinking about looking for a  wholesaler in my area or even doing the work myself if I have to (i.e. mailers, going door to door) to find the deal that makes sense.

My question is, will wholesalers work with agents and will I have to pay the agents 2.4% commission, if I find the property myself or if I find the wholesaler with a deal myself? I don't even know how to present this idea to my agent? I don't want to offend anyone with my ignorance of how things work in the real estate industry...

Any and all thoughts are appreciated.

Thanks!