Hi All! Quick questions about investing in Milwaukee... • How much is your insurance and what provider do you use? I'm looking for cost effective solutions (singe families, duplexes, condos). • Any recommendations on contractors? Average prices for remodels? Kitchen, bath. Only interior work. • Does Milwaukee have different property taxes for home owners and investors? Is it higher for investors? Is it the same regardless? Thanks!

The "Lottery and Gaming Credit" only applies to people in which the property is their primary residence. If you take it, and you're an investor (not your primary residence) the state will find out and charge you for it.

@william s. Ill have to double check my list of who I wrote down, the one I have in mind is a GC who does it all, once I get off work ill check who I meant and pm you when I can

@Marty Johnston It seems that JM contracts only do major items such as HVAC according to their website. I'm looking for contracts who do kitchen, bath remodels with durable rental materials. Specifically a contract who I can send photos who can provide a ballpark figure of the cost.

@Dawn Anastasi 3. In the below tax bill image are you referring to "specials" and/or "less credits." What would be the investors tax amount in this example? Thanks!

William, your insurance premium will be based on the building value and # of units. The markets @Dawn Anastasi references are good for flips and vacants, but are expensive for buy and holds. Also, with 1-2 properties, you will probably get your best premium and coverage pairing them with your personal lines home and auto. Once you get to 3-4 units, then it will make sense, or the insurance company will force you, to move to a comercial policy. I have a quote we just did this week that has multiple properties on it. $1,000 deductible, $1M liability. There is a single family was insured for $32,000, annual premium is $288, a duplex insured for $103,000, annual premium is $661. Hopefully this gives you a good estimate/range.

@Marty Johnston and @William S, I have a contractor client of mine who has been working exclusively with flippers in Milwaukee. They are not on BP, but would be happy to connect you with them if interested.

@william S. Im also looking for referrals for contractors and plumbers to build a vendor list as we begin to start doing flips in the area. It's hard in an area with as many listed contractors as Milwaukee to narrow it down, but in addition to Dawn's listed vendors ive also heard on here that JM contractors is reputable also, although I do not have experience using them yet. Good luck, man!

1. Could you provide a range please? For example, 3 bed SFH. 3. OK. So go to the city tax website and see what the credit was? MLS property tax amount - credit Thanks!

1. I use NREIG, Farmers, Foremost, and Allstate. The cost varies based on the property and insurer. 2. I have a list of contractors on my website. The cost varies by how upscale you make the finishes. 3. Yes, home owners get an additional tax credit that investors do not get.

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Updated over 8 years ago on 07/28/2016. Most recent reply

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William S.Poster

Rental Property Investor
Overland Park, KS

Milwaukee Real Estate Forum

Insurance, Contractors, Taxes?

William S.Poster

Rental Property Investor
Overland Park, KS

Posted July 26, 2016 16:48

Hi All!

Quick questions about investing in Milwaukee...

How much is your insurance and what provider do you use? I'm looking for cost effective solutions (singe families, duplexes, condos).
Any recommendations on contractors? Average prices for remodels? Kitchen, bath. Only interior work.
Does Milwaukee have different property taxes for home owners and investors? Is it higher for investors? Is it the same regardless?

Thanks!

Milwaukee, Wisconsin

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