All Forum Posts by: Dave Carpenter

also, insurance might be a bit light at $75 per month for 2 buildings in that neighborhood. Often the insurance companies have a pretty high replacement value even though you and I know you would never fix the building you'd just build new.

I agree with @Darren Budahnon most of that. The neighborhoods are quite a bit different.

Another thing to consider, I just bought a duplex on Hi Mount and North IN Washington heights for $85k and put about $15k into it for rehab. I did do a portion of it myself, but also brought folks in to paint and do floors. I'm all in at $100k in a neighborhood that provides younger white collar workers and my rents are $1900 for the two units. 

While your cash flow is a bit higher, the quality of tenant will likely be a bit lower meaning you will likely spend more in turn over/uncollected rent/evictions. 

I wonder if you could find a similarly priced deal in Washington heights or a similar neighborhood. Having said that, if you want to go after this one, I'd make sure your rehab and rent numbers are solid and that you are ok with the type of tenant you would be marketing to.

Good luck!!

@Jeff Glinski what is your involvement in this deal. Broker? Looking for partner to invest with you?

Sounds like a great deal, would you be willing to share more information?

@Adam Kozuch we do Airbnb at our personal home and have had great luck. In our city it is not allowed, however we were grandfathered in before they changed the zoning regulations. I think may cities are starting to **** folks down, but as you may have heard in the news other cities are getting push back from the Airbnb "community". 

I would totally recommend Airbnb as both a host and a guest!

@Melanie Eden just to clarify, is this a SFH or duplex?

@Joshua Martin sounds like a neat opportunity! Which side of Washington park is it on?

I have a commercial lender I have worked with in the past who is very good and could advise you on possible routes to take on the commercial side. Let me know if you would like his information.

I am no expert, but regarding an FHA or any residential loan, I would think it depends on the zoning. If the duplex is a zoned by the county as a different property you could probably do FHA. If not, I'd assume it would be considered a commercial property being over of 4 the unit max. Again, I am no expert that's just my logical (I think) thought process.

@Casey Kooiman you could post the question I here and maybe not get legend advice, but might be helpful.

@Brandyn Dietman I will be no help

To you, but it sounds really interesting. It seems like you have kept moving forward while also being aware of the areas you don't have knowledge in. If imagine someone with the legal background would be great to have on your team. 

If able it would be fun for you to keep the BP family in the loop. Seems interesting and like a solid and diverse property if you can structure the deal to benefit everyone. Good luck!

I think zip 53208 depends on where you are looking in that zip code. I have 4 properties in that zip code and most of them are plenty safe (I did fha and lived in the frost one for over a year myself too). For me 53208 is best in Washington heights. South of North Ave, and west of Washington park. Wauwatosa to the west is certainly plenty nice and south of Vliet can be OK to for a few blocks. Other parts of 53208 as @Ramon Jenkins suggests are quite a different story. 

Good luck!

welcome Brett! What area of Milwaukee are you planning to invest in?