All Forum Posts by: Sam Erickson

We are a group of investors focused on sharing experiences and helping each other navigate the ins and outs of real estate investment in Milwaukee Wisconsin and beyond. We also connect to other clubs in the Midwest to share ideas, information and opportunities. 

We are introducing our first informational presentation. The nights topic is investing terms, what do they mean and investing rules of thumb and how to use them.  We still have lots of time for chatting and connected with other investors.

The location will be at the Keller Williams Office in New Berlin on the corner of Moorland and National.  3830 South Moorland Road New Berlin WI 53151

Please invite others to the event!

Welcome to the Milwaukee Real Estate Investors Club.

First offer I want to say that I do not own these properties.  I'm a realtor looking for a buyer on this off market deal in Milwaukee WI.

This deal is made up of 5 duplexes all near the St. Joseph Hospital campus on  W. Burleigh. 

There are 9, 2bedroom units.  7 of which are rented for between $650-$700.  One 4 bed also occupied.  Total rent for the portfolio as it sits is around $5,500.

Total property taxes for the whole portfolio: ~$8,180.00

Please let me know if there is further interest and I can send you some old listings sheets from the last time the properties where sold.

*I'm looking to represent you as a buyer.  The deal was passed to me by the agent with the pocket listing.  Will sign a buyer agency agreement, so you know my fiduciary responsibility is to you and not the seller.

There was not asking price given.

@Eric Taylor  Sending the listing information now.

Thanks for the comments @Steven Quinn.  You are correct that they are existing probably 20 years old or so.  They are also in low population area.  Both are located on the same parcel of land (only about 50 ft from one another) and are in a SE Wisconsin town of around 4500 people.

I don't know if each tower its self has multiple carriers on it.  The one tow we negotiated with M3 or whatever that name is. The second tower I negotiated right with US Cellular.

Both towers reached out about 18 months prior to lease expirations and by the time we finished the back and forth and got all the docs signed, probably re-leased 12 months ahead of expirations.

@Levi T.  I'd be interested to hear what kind of terms or lack of terms you put in your offers that make them "non-binding".  Do you mean they are non-binding in the sense that you write in contingencies that give you an out?  Or truly non-binding in the sense that even if the seller accepts you can just walk away no questions asked?

Hi Everyone so I just finished negotiating two separate tower leases in SE Wisconsin.  Each tower was leased to a different cellular company.   Oddly enough (or perhaps it's not)  both leases are now paying $950/month, with 3% year escalators and gave a $5,000 signing bonus to landlord.

I'm curious if anyone else out there has negotiated tower leases and how you did?

I think I could have got the rent up a little higher, perhaps $1000 or $1050 but the tower did their usual "we are going to take it down" and the Landlord was happy with the $950 as it was a 50% increase from what they were getting.

@Diogo Marques thats awesome.  Though I don't sit down daily and write offers (wish I did).  When I do find the time I try to do at least 5 to make it time well spent.

Good luck on the offers!

I use tenant cloud.  Are there better products, yes but all depends on what your willing to pay.  We mainly use it for the online rent payment, as well as online maintenance request.  It has accounting functions and it may be good, I've never used it though.  We still run all the accounting through Quickbooks.

Large Duplex on Milwaukee's South Side. Income potential of $1200 a month or more. Listed to sell with a rock bottom price of $49,900.

Unit 1 is currently rented for $550. Rents could be as high as $650 for this unit.

Unit 2 is currently rented for $480. Rents could be as high as $650 for this unit.  Unit 2 tenant has lived in the unit for over 20 years.

I am acting as the listing broker in this transaction. Please contact me directly and I can supply you with a link to the MLS listing.

Will also be posting another 4/2 duplex, just blocks away from the same seller and at the same list price. Properties could be sold as a package or separate. Address of 2nd duplex 2529 S 9th St. Milwaukee WI 53215.

Large Duplex on Milwaukee's South Side. Income potential of $1100 a month or more. Listed to sell with a rock bottom price of $49,900.

Unit 1 is currently rented for $650.  Rents could be as high as $750 for this unit.

Unit 2 is vacant but was rented for $450. Rents could be as high as $550.

I am acting as the listing broker in this transaction. Please contact me directly and I can supply you with a link to the MLS listing.

Will also be posting another 3/3 duplex, just blocks away from the same seller and at the same list price.  Properties could be sold as a package or separate.  Address of 2nd duplex 724 W Pierce St. Milwaukee WI 53204