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All Forum Posts by: Gregory Chadwell

Gregory Chadwell has started 1 posts and replied 217 times.

Post: New Member - Newbie Investor

Gregory ChadwellPosted
  • Real Estate Broker
  • Milwaukee, WI
  • Posts 236
  • Votes 74
Quote from @Chelsea DiLuzio:
Quote from @Marcus Auerbach:

@Chelsea DiLuzio welcome to Milwaukee! House hacking is financially a no-brainer and no city in the US (including Chicago) has more duplexes than Milwaukee. The downside is that you have to share your home with a neighbor and since most of our duplexes are upper/lower configurations you will usually hear them a little - at least know when they are home. That said having the right tenant goes a long way. There are a few things to watch for: if you are a nurse and work night shifts and your tenant has kids that make some noise, it may not be a good situation. You can find a lot of information about Milwaukee real estate on YouTube including the most of the neighborhoods and also house hacking.

Thank you Marcus! I have watched a couple of your YouTube videos and found them extremely detailed and informative when it comes to the Milwaukee market and investing. Your approach to finishing the basements in order to extend the number of years a tenant stays in that unit makes perfect sense! Definitely something I will keep in mind for my first property.

 Hello Chelsea and welcome to Milwaukee. I work all over Milwaukee county for my day job and also have rentals for over 30 years.  If you would like to connect or ask question, feel free to reach out...

Good luck!

Greg

Post: What are the best Real Estate Investing meet up groups in/ near Milwuakee, Wisonsin?

Gregory ChadwellPosted
  • Real Estate Broker
  • Milwaukee, WI
  • Posts 236
  • Votes 74
Quote from @Clare Pitcher:

Looking for some quality real estate investing meet-up groups in/ near Milwuakee, Wisconsin. Thanks! 

The RPA Rental Property Association and Milwaukee REIA are two i attend...

Post: Air Bnb Room / Milwaukee, WI

Gregory ChadwellPosted
  • Real Estate Broker
  • Milwaukee, WI
  • Posts 236
  • Votes 74

Hello fellow BV neighbor. Traditionally I rented my apts. usually to families or roommates.  Interesting concept Id like to see if that works out for you in the end... It may require different insurance too..

Post: Finance Question for Rookie

Gregory ChadwellPosted
  • Real Estate Broker
  • Milwaukee, WI
  • Posts 236
  • Votes 74

Some people use their IRA to fund fix and flip's and keep the profit in them tax free. Be sure you do it right and talk to an expert. The last thing you want it to trigger income taxes from accidentally cashing out.

Post: Buying a quadplex

Gregory ChadwellPosted
  • Real Estate Broker
  • Milwaukee, WI
  • Posts 236
  • Votes 74
Quote from @Jay Hurst:
Quote from @Jeremy Torres:
Quote from @Patrick Drury:

@Jeremy Torres
In terms of what's a good offer you would need to check with an agent or do some research on your own of looking at comps in the market. If you plan on living in the property FHA could be a good route to go. Just keep in mind the MIP doesn't come off the loan like normal PMI at 25% equity. Also since it's a 4-unit it would need to meet the sustainability requirement.

Thank you I’ll probably do 5% down so I can avoid the PMI.   

Conventional loans with 5% still require mortgage insurance. It is cheaper then FHA mortgage insurance, and you can potentially drop it in the future without refinancing unlike FHA.

However, if the FHA interest rate is lower, I would still go that route and if rates drop refinance  however keep in mind FHA has PMI for life 

 Here you go

Post: Help with adding to my profile

Gregory ChadwellPosted
  • Real Estate Broker
  • Milwaukee, WI
  • Posts 236
  • Votes 74

I went owner occupied either conventional or FHA. 3-5% down at the time you only had to live there 1 year and then you can move out or move on. Maybe a lender can chime in and see if that's still the case

Post: Why are a lot of MFH being sold with rents under market

Gregory ChadwellPosted
  • Real Estate Broker
  • Milwaukee, WI
  • Posts 236
  • Votes 74

I base my rents on the condition of the unit and the competition.  I keep mine a little below market to prevent turnover.  

Post: Can I buy a property without being physically present for any part?

Gregory ChadwellPosted
  • Real Estate Broker
  • Milwaukee, WI
  • Posts 236
  • Votes 74

Being a lender for 10 years, all is that we required from the title company and the lender is that a notarized close was to take place.  I've seen already that the lender overnight's the docs and they buyer had to take them to get notarized.  But in most cases the title co will reach out to a notary closer and add their fee to the closing stmt.   Still alot cheaper than a plane ticket :) 

Post: Hi I'm Karmine!

Gregory ChadwellPosted
  • Real Estate Broker
  • Milwaukee, WI
  • Posts 236
  • Votes 74

Good job 4's are the way to go! 

I usually deal with b-c class.  Slightly under market rent and less likely to move out and buy a house.