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All Forum Posts by: Michael Henry

Michael Henry has started 27 posts and replied 796 times.

Post: Duplex in Fairfield Neighborhood Milwaukee WI 53209

Michael HenryPosted
  • Real Estate Consultant
  • Brookfield, WI
  • Posts 873
  • Votes 350

I would focus more on price point. There is a direct relationship between the neighborhood and purchase price. In this market not many deals to be had.

Post: Trying to grow portfolio (BRRRR), but in today's market...

Michael HenryPosted
  • Real Estate Consultant
  • Brookfield, WI
  • Posts 873
  • Votes 350
Originally posted by @William S.:

I'm currently in my growth phase of my portfolio. However, I do not see any value in today's market. I started a year ago and have 4 units (3 SFH, Duplex House Hack). In today's market I am considering selling two of my SFH rentals that are low performers and using the cash to refinance out of my FHA loan for the duplex. Since I started, my education/team have progressed and I have narrowed my strategy down. My next steps are completing BRRRRs in my target area, but the numbers do not work like they did two years ago. Prices have gone up 20%, but rent only 10% or so. The value is simply not there. Example Below:

Purchase Price = $105k

ARV = $160-170k

Rehab = $35k

Rent = $1,450-$1,650 depending on size

In this scenario it would take some out of pocket cash, and there wouldn't be much cash flow per month...

I'm unsure where to go from here. I want to grow to five SFH rentals using BRRRR, then snowball the debt, but in today's market I'm not sure if this strategy works anymore.

Thoughts?

 The strategy still works just harder to implement. If you want to buy properties more consistently you have to come up with a new strategy altogether. 

Post: Beloit Wisconsin Water and Sewer Costs

Michael HenryPosted
  • Real Estate Consultant
  • Brookfield, WI
  • Posts 873
  • Votes 350

I think that those numbers are low I would be closer to $75- $100 per month. 

Post: what the heck are special taxes?

Michael HenryPosted
  • Real Estate Consultant
  • Brookfield, WI
  • Posts 873
  • Votes 350

This could include street construction in front of the house or in an alley. 

Post: Any glaring cons of a duplex 1 Upper/ 2 Lower BR?

Michael HenryPosted
  • Real Estate Consultant
  • Brookfield, WI
  • Posts 873
  • Votes 350

We just purchased a 2/1 duplex on the south side for a fix and flip but we foresee neither have problems selling it nor rented it. Nice and clean units are in high demand throughout Milwaukee. 

Post: Milwaukee Market Tenor

Michael HenryPosted
  • Real Estate Consultant
  • Brookfield, WI
  • Posts 873
  • Votes 350

@Tim LaBelle Welcome to Milwaukee! 

Post: How To: Cash out 1-4 unit Property

Michael HenryPosted
  • Real Estate Consultant
  • Brookfield, WI
  • Posts 873
  • Votes 350

Thank you for the post; so much great information from the members on this site!  

Post: Cross Collateralize Free and Clear Property to purchase 4 unit

Michael HenryPosted
  • Real Estate Consultant
  • Brookfield, WI
  • Posts 873
  • Votes 350

@Ray Thorsen I agree with @Marcus Auerbach if you are able to get long-term financing today that what you should do. I have a contact with a lender that will close on both properties. 

Post: Is it illegal to offer a finders fee for buying houses?

Michael HenryPosted
  • Real Estate Consultant
  • Brookfield, WI
  • Posts 873
  • Votes 350

From my understanding, you must be licensed or have some interest in the property either marketable or equitable to receive a fee in a real estate transaction. The point is, the person who is asking for the fee has no legal ground to enforce a none payment of the said fee.   

Post: R Property Manager Management Company in Milwaukee Wisconsin WI

Michael HenryPosted
  • Real Estate Consultant
  • Brookfield, WI
  • Posts 873
  • Votes 350

@Tim Chiu reach out to @Tiana Wright she handle the property management arm of my business?