Buying City of Milwaukee Real Estate

Every year, the city of Milwaukee forecloses on hundreds of properties for delinquent taxes. If you have ever had interest in buying a City of Milwaukee Property, here are some tips I learned recently. 

*Attend the free City of Milwaukee Landlord training class. This is a requirement for investor owners and the certificate must be obtained as a condition of closing. I have attended this class and it was extremely helpful. 

http://city.milwaukee.gov/Landlordtraining#.WGQP6h...

*Befriend the Alderman in the neighborhoods you want to invest in especially if you are looking to buy city-owned properties and let them know your goals.

*Find out the neighborhood groups in the area you are investing as they often have their own grants available http://city.milwaukee.gov/TINs#.WBimT_krLIU

This link shows a map of TIN areas: http://city.milwaukee.gov/TINareas#.WBimlvkrLIU

*Rental Rehabilitation loan program (must be at least 2-bdrms, up to $15k): http://city.milwaukee.gov/RentalRehabLoan#.WBimZvkrLIU

*Home Rehabilitation loan program:
http://city.milwaukee.gov/HomeRehabLoan#.WBimfvkrLIU

*Facade Grants (exterior): http://city.milwaukee.gov/Facade#.WBilJPkrLIU

*Whitebox program (interior): http://city.milwaukee.gov/WhiteBox#.WBilTfkrLIU

*You can use sweat equity to reduce your scope of work with city of Milwaukee so that you need less proof of funds. 

*City of Milwaukee offers packages of properties 5 @ 5k. 

*City of Milwaukee requires 2 contractor bids and they select the contractor. 

*2 yr owner occupancy restriction if no city funding, 5 yr owner occupancy restriction if funding was received.

*Different funding sources: LRC bank (used to be Legacy), Great Midwest, Pyramax, Tri-City, North Shore

More information can be found on the City's website at:http://city.milwaukee.gov/CityHouses#.WGQQeRsrKM8