Successful Milwaukee, Wisconsin purchase

[Davon Lowery]

I would like to first thank Lima One Capital for considering all aspects of my application and approving my loan. I would like to thank Greg and Denis of Senior Commercial Capital (lending broker) for insuring that my loan application did not fall through the cracks.

Back in Mid-October, I found a 20's duplex in good condition to purchase in Milwaukee. The sellers' Broker said that the seller was looking to liquidate this property to acquire more property, this was one of his long-term holds and it had always been a good investment for him (basically buy this house, its a great house).

After a little back and forth, we get some disclosures from the seller, we learn that the tenant is in arrears for approximately $3 grand. Whoa!!!. We changed our offer to include a contingency which stated that the tenant must be evicted prior too closing; therefore, the unit must be delivered empty. The seller agreed, now we have a signed sales contract. Several weeks went by the seller came back to us and offered to evict the tenant after closing. Now here understanding the law, having good REI acumen and having good resources was imperative. We were able to recognize that once title is conveyed, the seller would have no standing in the matter; therefore, we inherent the tenant and the responsibility of evicting the tenant on our own. So, we rejected that offer and stated that we would ONLY accept that offer if we were to receive a $10k credit at closing. The seller rejected this and continued with the eviction. However, this was a long process and it took at least 2 months to have everything worked out with the tenant.

Fast forward to this week, escrow is closed, and now we are the new owners. The place needs only minor work and is in a decent area.

The main reason, I wanted to share this story, is that in our business, we will hear too many NO's, but out of nowhere we will find that one YES!!! So, guys keep working, never give up, never think this business is not for you or you don't have what it takes. This process has taken me a year or so to complete. Being patient having good help and being dedicated, we were able to pull it off. The funny part is, I know the real work is just beginning.

I would love to begin developing a relationship with my Wisconsin, Minnesota, Illinois, and Indiana folks.

Thank you.

[Shawn Ackerman]

@Davon LoweryI see that you have the fortitude to keep pushing.  That is a very good quality to have in this business.  I've actually been actively looking in Milwaukee for the past 3 months and It's become a bit discouraging to say the least, but I'm still plugging away putting in offers etc...  If you don't mind sharing I'd like to know what zip you purchased in as I'm looking in 53215, 53216, 22 and 10.  

Glad this was a success for you we need more stories like this.