All Forum Posts by: Kyle Garro

welcome Johnny! I am curious how you’re finding your deals? I’ve tried in Milwaukee twice but once we got to the inspection point we had to pull out due to way too much deferred maintenance on some barely cash flowing properties ( tough market there).

But wow, a 12 unit building from 2012 where you picked it up for around 40k a unit. That’s an incredible deal, how’d you find something like that? I’d love to hear about it. 

Depends on how nice the condo is, would be my thoughts. My wife and I owned a 2 bedroom condo that we rented in Oregon, wi (15 miles south of Madison) for $1195 a month. It was a fairly nice condo built in early 2000's and had no tenant maintenance on the exterior. At this price point it rented very quickly off craigslist with good tenants. You could also try padmapper.com to see if that site has rent info in your area. When I punched in cross plains  it showed a 1 bedroom at $725. This rental looked pretty bare bones. I don't however, know if any PM's in Madison. Good luck with the unit. 

 That's a good suggestion. Thanks for the heads up on this approach. 

I am under contract for a multifamily in the midwest, after the inspection was completed there are some concerns that are going to have to be addressed on the very soon horizon. The siding has some serious issues and some of the mechanicals are at the end of their lives. The mechanicals aren't really that big of a concern but the siding is. It will cost about 15k to replace and pretty much needs to be done now, this is about how much the property will cash flow too, after debt servicein the first year and a half of ownership. I would be very interested to hear how some experienced buyers/sellers would suggest adjusting the offer? 

Who did you use for inspecting the property before finalizing the purchase? We are currently also looking for multifamilies in Milwaukee and have one in our cross hairs but unsure of good inspectors for multifamilies in this area. Hope your investment works out, I lived in town for 8 years and you are right in saying you need to drive the streets, they are very clear delineations between good and "bad" areas that would be tough investments. It is a very segregated city that can have affluent populations living only blocks from what most would consider very challenged areas.