All Forum Posts by: Dan C.

I'm also looking for a REI lawyer in Milwaukee if anyone can message me with recommendations I would appreciate it.

I am interested in a four-unit apartment in Milwaukee - but it happens to have a small commercial storefront.

I fully recognize that this storefront is about the lowest form of commercial property you could have. It's tiny, it's in an old structure, and has no parking. It's in a neighborhood which has declined.

It's empty now - it was previously a convenience store. This commercial strip has t-shirt shops, hair and nail salons, etc.

It's not like it has absolutely nothing going for it. It's a pleasant looking brick building - definitely not an eyesore. It's on a street with a traffic count of 10,000. It's half a mile from a large and growing hospital (but unfortunately not on the same street)

My questions are - what vacancy rate do you use; any particular tenants you have a preference for; and what other questions should I be asking the seller when I look?

Thanks @Renae Bliss @Dawn A. Not surprised to hear about landlords around here, I'm pretty sure I'm one of the good ones.

Thank for the warm welcomes @Jason Cotner @Ned Carey @Will Barnard and & @Hua Lin. One of the impressive things about BP is the participation and the generosity in sharing knowledge of the members.

@Brandon Turner your post on 'How to Buy a Small Multifamily Property' is outstanding. One question - how do you demonstrate the ARV you've calculated to others like hard money lenders - through comps?

Kudos @Carl Schmitt - potentially a nice idea.

I appreciate the tips @Adrian Allen and @Simon Campbell.

I believe this particular property can be financed as residential, but I'll double check. (The owner is a bank which will also finance).

Unfortunately this location I don't think would be described as one that would attract good long-term tenants. We're talking a run down area with convenience stores, cell phone stops, T-shirt shops, nail salons and even a dreaded store front church (I remember an Urban Planning professor describing store front churches as an indicator that the commercial value was in the lowest tier).

It's very common in the old parts of Milwaukee to find small commercial storefronts which also have 2-4 residential units.

I found a 4-unit which I like purely on the merits of the residential units. I like it enough I may make an offer even if there is some downside to the storefront. The four apartments are occupied. The storefront is empty now, it recently lost a convenience store.

I am curious to hear any pros and cons of this configuration people might suggest.

I just can't get over what a great forum this is, one of the best Internet forums I've seen for any subject, not just real estate.

I am a buy-and-hold landlord though I would like to learn other strategies over time.

One of the great things about Milwaukee is a large swath of the city and inner suburbs are full of sturdily built duplexes. I've always thought what a shame it is that duplex construction fell out of favor, as it offers such a great way for young people to break into home ownership.

I got started by purchasing a duplex in Tosa from my own landlord. I picked up another duplex , and I manage a third duplex for my parents. I plan on adding to my portfolio soon, and am looking at 3 and 4-unit buildings.

Oh, and full disclosure, I actually don't have this much hair, but hey it was an old picture that was handy.