All Forum Posts by: Account Closed

Welcome, and best of luck with your future investments! 

My husband and just moved to Tosa (we love it!), and there are lots of helpful folks on here from the MKE area. 

Welcome, and best of luck in your future endeavors! BP is a fantastic resource. There is quite an active group of folks from the MKE area on here.

I'm in the process of trying to orchestrate a move to Milwaukee, and will be looking into acquiring a small MF to owner-occupy in the next few months. I'm a total newb, but really itching to get things started.

Unfortunately, I'm not going to be able to make the Meetup. I started out from Chicago but had to turn around because the roads are pretty bad. Hope to see everyone at the next meeting.

A few updates to this two week old thread:

The target scenario now is purchase 4 unit for OO, live in it for 1-2 years, buy duplex. Pretty much the reverse of the originally stated plan. Additionally, it's looking less likely that we'll have as drastic a reduction in income as originally stated. If there's any reduction at all, it's not likely that W2 income will be less than $90k.

We spoke with a mortgage broker and got a bit more info on financing. In particular, he told us that financing a 3-4 unit property requires 25% down, even as owner occupy. We would need to go FHA, given our cash on hand ($30-35k) and the target price ($225k, though preferably less). Does this check out with the collective knowledge around here?

He also told us that 2 unit properties require 15% for conventional financing, and that we could only have one FHA loan at a time. Given those constraints, it would seem best to get an FHA loan with a minimal amount down for the 4-plex, and hold on to our cash for a 15% down payment for the duplex. Agree? Disagree?

Welcome, Glenn! What aspect of real estate investment are you planning to pursue?

Count me in. I'll be there with my husband.

Is this something we need to pre-register for? I'm really hoping to be able to make this meeting. Thanks for organizing!

@Ginger C. - thanks!

Welcome! Lots of folks around here from the Detroit area. I'm from Ann Arbor, currently in Chicago, but with a move to Milwaukee in the works (phew!).

A few people bring up a good point - I don't know my target market as well as I'd like. I'm working on that, but I'm sure nothing is a substitute for years living in the community. I'll get there eventually. I'm heartened to hear that it's considered a good neighborhood. It seemed that way when I'd been through it, but I'm going to trust the opinion of locals over my own gut after driving the area only a few times.

Thanks, also, for all the tips on why this wasn't a serious scene. They really helped me think through plenty of positive or neutral situations for what might have been going on.

Lastly - where was that 2011 watermark? I swear I saw 2013, but had a hard time finding it. Not questioning anyone's judgement, I'd just like to be able to get the year info more easily in the future when I use streetview for RE or otherwise.

@Ramon Jenkins - glad to hear the mention of the schools. That's one of the reasons we're targeting Wauwatosa, since we'll be OO. Ideally we'll be in another property by the time any future kids would be school-age, but want to set ourselves up right in case the plan doesn't entirely pan out.