All Forum Posts by: David Venancio

Thank Dawn!

Wondering if anyone has bought properties from the City of Milwaukee? Three specific Questions:

1.) How was the process over all

2.) Did you find the work estimates done by the City to be fairly accurate 

3.) Did you use any of the City programs such as the NIDC Program

Thanks in advance!

great advice!

Thank you both for that, we haven't discussed the insurance route so looks like another option...Merrily I will PM you.

My partner and I bought two duplex's with cash in Milwaukee and complete the transaction as an LLC. We would like to get out cash from the properties now but are having the following issue:

1.) Conventional loans not offered to LLC's

2.) If we "quick claim" out of LLC into our names we have to wait 6 months with Conventional Loans

3.) If we "quick claim" out/in of our names we are being told that the protections of the LLC is negated?

4.) Lenders willing to lend less than $75,000

With that said, questions  for the group:

1.) Has anyone been in the same position and willing to share there solution?

2.) Portfolio Lender in Milwaukee/willing to lend in WI on loan amount~$45,000

Thanks in advance!!!!

David

@Andrew Postell

Great post thank you, quick question I recently bought two duplexes in Milwaukee under an LLC – we bought them with cash and are now trying to put get the cash back from with a loan and one local credit union is saying they don't lend to an LLC. Is that just this credit union, or is that common – would really like to use them as they are very investor friendly.

Thanks again David

Hello All,

Question regarding Self-Directed IRA's

My partner and I (through our LLC) want to use his IRA to purchase a property. The initial idea was that we were going to use the IRA Funds to purchase a $65K property...then we were going to put traditional debt on the property and leave ~$16K in the property...

After a call today with a custodian this seemed more complex/prohibitive?

I was wondering if trying to do this under a "Hard Money Loan" - looks like there are issues with loaning to yourself? Potentially he could loan to me? 

I was hoping someone has done this and could direct me?

thank you all in advance!

@Alex Witte the 10% of gross rent collected seems like going rate and is fair relative to rents charged...response time should be relative to request, I haven’t had any issues with our current PM, they just won’t manage this zip code...we will see about new PM, very responsive so far...they want to grow in the next year so one would think that they will be on things! 

Are you self managing now?

We ended up going with:

http://www.nimiusllc.com

They were recommended by our realtor and there rates seemed fair and responsible, we will see!

@Jorge Ruiz

@Michael Salamonski

Thank you both, I will reach out on Monday!!