All Forum Posts by: JJ Bliss

Good afternoon,

Anyone know what legal action I can take in Milwaukee, WI as I fired my property manager and he is not Transferring our tenant's security deposits either back to us or to our new property managers?  Is this just straight theft and do the tenants need to sue him since it's their money or can I?

Thanks,

JJ

Hey Matt,

I shot you an email and I definitely look forward to a discussion!  I just got back to Chicago from closing my 5th portfolio in Milwaukee since February.  The deals have ranged from 4 properties (10 total units) to the largest being 20 properties (28 units).  Anyway I can help or if you are looking to partner let me know!!! 

Congratulations @Brie Schmidt !!! Thats a great feeling and I wish you the best of luck. If you need help finding off Market deals in Milwaukee let me know. I have about 100 properties under contract.

Hi @Brie Schmidt and @Andy Chu ,

I do a lot of off market deals with CAP rates in the high teens and low twenties in Milwaukee. Off the MLS if you purchasing over an 8 unit building it is becoming more and more difficult to get over 10 CAP. Now if you are looking at 2-4 unit buildings there are still a decent amount of opportunity. I live in Chicago but invest in Milwaukee because of these high returns. I can buy a $90k 4 unit in Milwaukee that nets $900 a month profit. At a 80% LTV I am pushing 50%+ cash on cash return here. I am not able to find anything similar down here.

Hi @dawn anastasi,

None to sell but just wanted to hear if/how people are doing it. I have turned my focus to buying multiple properties at a time this year as I just finished one deal at the beginning of the month and looking for advice, networking opportunities, partnerships, etc.

Anyone buying portfolios or groups of multi-families in Milwaukee at one time or interested in it?

@Account Closed Nailed it on the head. I just refi-ed out of a hard money lender with a portfolio lender so I just needed 80% LTV and I had only heldd the properties around 4 months. The 6 month hold is not a hard rule on refi-ing but if you bought a property distressed and want the appraisal to reflect the updated property then you may have some issues. Some lenders have internal rules that under 6 mo or even a year they will take the lesser of appraisal or purchase price. This means you may only get to refi off the original purchase price. There are many quality investor friendly banks in Milwaukee and shoot me a private message if you need any contacts.

Thanks @ryansteele I hopefully will make the next meeting!

Hi @James Syed @Cliff Mccue I am targeting multi family properties 2-4 units that are good long term holds for monthly income. I have recently been working on portfolio buys where I can buy multiple properties at once. The ROI I have found in Milwaukee has me dabbling in that market as well (high rent/low purchase price). I have a good friend who owns 80 properties up there and runs a management company. I would be in 50/50 equity split partnerships on individual multi families here in Chicago and portfolio projects.in the Midwest.

Hi Brianna! Thanks for reaching out! I am looking at connections of any type. I currently own 4 duplexes and 1 four unit and looking to continue to build. My goal is buy and hold of rental properties to grow the residue monthly income I would be interested in partnering in deals, find ways to help others as well as just discussing the industry and sharpen my knowledge. I am very interested in creative lending such as using self directed IRA money, portfolio loans, hard money as well as conventional lending. What are your goals?