All Forum Posts by: Jeremy Trad

@Scott Schultz I was wondering a similar question. Any tips on registering to do BPOs?

Very cool! What lender did you end up using? You mention they're a commercial lender, do you have a portfolio loan with them or just doing one offs?

@Codi Clausen

Depends on their schedule. Usually 2-3 days. Report gets sent out early(before 7a) the next morning after it gets fully reviewed by Dave, the company owner.

@Codi Clausen,

Where are you looking in Milwaukee? Different PMs tend to specialize in different areas.

 Hey Codi,

As @Jason Shoemaker mentioned, Milwaukee Homesite has a great crew! I found that they're a little on the pricier side, but they include a LOT of bonuses(Recall checks, mold warranty, etc.) I've always been very pleased when my clients have used their services.

@Matt Quock welcome! Glad you decided to dive in! BP has a great community. Feel free to reach out if you have any questions about multi family investing in Milwaukee. Wish you the best of luck in your investing career!

 Hey Tony,

Foundations in and around Milwaukee are always fun. Grading and downspouts are the number 1 cause of the troubles, but it sounds like you're past that point. Check out GSI Foundations; they do honest work at reasonable prices. I've had investor clients use them for projects ranging from drain tile to a full excavation project. Reach out and let me know how it goes! Good luck!

~Jeremy

Hey Tramaine, glad you reached out! Seems like you have a pretty good understanding of the process, but could use a Milwaukee tune up. As an owner occupant, you're going to be limited to 1-4 family units. Anything 5+ is immediately commercial and no longer eligible for owner occ loans. Regarding 2-4 unit properties, some FHA programs go as low as 3.5% with additional reserve requirements, though 5% is much more common. If you intend to buy as an investment property(non-owner occ,) it's more common to need 20-25% down. Many decent 4 unit properties in Milwaukee generally range from $175-275k depending on location, which means a 5% DP is between $8,750- 13,750. Additionally, it's good to have an extra grand or two set aside for costs along the way, plus some set aside for any immediate repairs(amount depends on the property you eventually purchase.) Regarding your girlfriend, I probably would attempt to qualify solo if possible so that she's eligible for another property sooner rather than later, but it really depends on your situation. I would recommend connecting with Rob Lessner of Union Home Mortgage to discuss those different avenues. As far as the shopping timeline, where are you currently living? Is there any pressure or deadlines to move? That would be a big determining factor as to when to start looking. Feel free to message me directly if you have more questions.

~Jeremy

Really depends on what and where it is... I'm quicker to avoid some parts of the city where as others justify digging a little deeper to see if there's something there. Where were you doing most of your driving?

Hey @Jason Bott,

Would you mind sending me his info as well? I tend to work smaller multifamilies closer to Milwaukee (generally 2-4 units, which are technically "residential", though I would like to grow into 6,8,12,16s etc), but am always looking to network with similar specialists.

Thanks in advance!