All Forum Posts by: Svetlana Foley

Ramon and Byron are right on the money.  Bayview is overpriced overall at the moment from the investing standpoint.  WA and south side is where your opportunities lie for buy and holds; however, remember that most investors are looking that route as well.  Do not disregard looking in the city of Milwaukee as well - there is a number of pocket neighborhoods, typically where it is on the border with a suburb, that should give you a good rental and hold the value for a while.

Duplexes typically do not cost more than SFR, but will give you double the income.

Enjoy sunny Cali, as it it raining cats and dogs around here!

Thank you for turning it into a quality SFR! So many investors cut corners, which of course bites you back at some point in the future. Awesome job!

Do not be torn, my friend and absolutely, 100% go with the trade.  You will be learning valuable skills and able to make a living, while gaining knowledge of what to look for in an investment property to decide if you should buy or pass.  As you gain more experience (and save some money while getting paid), you can always pick up RE classes again.  Over 90% of people who take RE classes cannot make it in the profession and have to look for another job.

Real estate agents (like myself) work 100% on commission.  It takes at a minimum 60 days to close (get paid) on a deal, and that is AFTER you found a buyer for your listing/house for your buyer.  In the meantime, there are monthly fees that must be paid whether you are making money or not. Every single expense (marketing, computers, car maintenance, gas for driving 100 miles per day, etc, etc) are 100% your responsibility.  Competition is beyond fierce.

You can make many connections while in the trade.  Partner up with a good agent for your investments while you are learning, and when you feel ready, jump back into RE licensing - the classes will always be there!

6plexes and higher are considered commercial and have different financing rules - there are just a few banks that specialize in commercial properties. Even commercial bankers do not like to loan out money for the city of Milwaukee purchases. You also need to keep in mind that it will be extremely hard to HELOC/use equity for future acquisitions if the multiplex is in the city, for the same reasons, lenders simply do not want to do it. I suggest you start building your portfolio with 4plexes and under, since they fall under SFR loan rules and are much easier to get a loan for, and you will have more options in using built-up equity in the future.

Check out milwaukeehardmoney dot com Sarah is REIA member comes to meetings I believe Scott as well. Reliable, do quite a bit of business here in town

Ted - I am a realtor and work with investors as well. There are a couple of ways to buy wholesale - if it is just a conventional sale (that includes REO, foreclosures, etc), you must have a preapproval/proof of funds. Talk to your lender first, see what you qualify for, and also how much equity you have in your house - you MAY be able to use HELOC with the right lender for the purchase. Another way would be to immediately resell the property at significantly below market value to another investor/RE portfolio holder and make less money, but in much shorter time - you would in essence be selling a note. That would not require funds, but it is a more nuanced transaction. There is a number of hard money lenders in Milwaukee, they all require that you use some of your money as well to have "skin in the game". They will issue a proof of funds letter if you meet their criteria. You definitely want to join local REIA chapter, all HML as well as a few wholesalers are very very active in the group.

You also want to ask your realtor to expand the search outside of just foreclosures, since there are deals to be found on MLS on conventional listings as well (mostly probate, divorce, preforeclosure, short sale, etc), and many times that would actually save you money since the homes would be in functional condition, as opposed to foreclosures, which in portions of Milwaukee require more money to fix them than the purchase price.

Hope this helps, and best of luck on your first deal!

Contact air bnb directly and they will give you the lowdown on what you should be aware of and if there are any special regulations in our area.  Overall it is pretty straightforward process.  Good luck!

I am with Shorewest, feel free to pm for an inverview

Agree with Ross.  Also keep in mind that maintaining the license will run you at least 1k annually since you do need carry errors and omissions insurance in addition to CE and other required expenses.  If you are not planning to practice in other states, no reason to get a license. Also compare the costs and benefits of carrying a license vs hiring a property manager - license makes sense if you have multiple properties, must do cost analysis

If you are still looking try Stephen Foley, 

4433 N Oakland Ave

.  Fair pricing and quick turnaround.