Condo’ing a duplex in milwaukee

[Tato Corcoran]

Hey Milwaukee investors!

I’m seriously considering picking up a duplex in Milwaukee’s Shorewood area. It’s in good condition with room for improvement. Each unit is nearly 1k square feet. There are 2 separate entrances, each to its own unit.

I’d love to learn more about the possibility of condo’ing this duplex. Has anyone done that? Where can I learn more about the possibility?

Thank you!

[Don Konipol]

@Tato Corcoran

2 unit condos can be a nightmare, as any disagreement results in a stalemate. When one part sells, the other party has to deal with whoever the buyer is. Disagreements and statements can occur over maintenance, repairs, insurance, HOA fees, capital reserve, landscaping, rental policy, AirBNB policy, painting, window coverings, and anything and everything else you can imagine. And when one party has financial problems, the other party has to front the money to maintain the property. 2 unit condo association is not a bad idea, it's a very bad idea. From the perspective of the developer the units will be hard to sell, and a large discount may be required to get a borrower interested.