All Forum Posts by: Dorothy York

I'm looking to acquire a large number (20+) properties in the Milwaukee area starting in Q3 this year. If you are a wholesaler, I'd like to connect with you to get on your list.

Can't tell you how many of these guys give you mad-high prices for work and don't want to get a 1099 because they don't want to pay taxes on what they earn. As if I am willing to pay them well and pay their taxes and mine.

@Alan Zee I was considering this question of what’s happening in today’s market (low inventories, fierce competition, escalating prices) and wonder if the 2008/2009 downturn is playing a part.

It feels like normal market dynamics are missing from this season. Typically, those who bought during those years through 2012 or 2013 would now be listing their homes for sale as they move up. But a large percentage of the single family homes sold during the downturn went to investors, particularly large REITS. I saw a statistic that said we have the most single family rentals since the 50’s.

I, like many others enjoyed the fire sales of days gone by. But it looks like that era created a new market dynamic that we now have to adjust to. Is this a new normal?

As a PRO member, I feel like I’m already paying for a certain level of promotion of my business. So would not be as interested in subscription-style promotion offerings as I would specialized opportunities.

Disclaimer: I'm not an expert on this particular program, but I recently participated in a session for those of us trying to help people take advantage of it and may have some helpful information for you.

The program is matching funds, but your purchase price counts as part of the matching funds. So if you purchase a property at $20k or higher, you get the $20k for repairs. Like all good things, there are few catches.

1. You must have enough funds for the purchase and rehab between your own funds, bank loan (partner lenders listed on the website), and the forgivable loan.

2. Good news, you get a city employee to oversee you project. Bad news, you cannot do sweat equity, they will solicit bids from 3 city-approved general contractors.

3. That brings us to the hardest catch for people to handle, the process of obtaining and approving the contractor bids is currently taking 60 to 90-days.

Overall, you can't beat free $20k. My daughter took advantage of the program and she is very satisfied with her end result. This program has been around for some time, and she is now at her 5-year mark.

As someone who has spent the last 5-months cleaning up the mess for a client left by a large prominent property management company in Milwaukee, my suggestion is to talk to current and past clients. These companies have memberships in all of the right organizations, but they are literally ripping off their clients. What I found in the shoddy way they repaired things and what they charged their clients should be criminal. I’m not naming names, because I don’t want to be accused of badmouthing my competition, however I will note that I am a reluctant property manager not looking to expand my portfolio under management.

I do rentals in Milwaukee. My experience is that the Sheriff generally calls to execute the writ the day after I file it with them. You can accept responsibility to bring your own movers and not pay a moving company.

One of my investors placed some property with them, but were unhappy with the lack of progress on vacancies and how he had to be involved in every decision. This is only one data point, so you might want to hear from others.

I agree with Dawn Anastasi about the headache rule. I have two properties I can't wait to get rid of for that very reason . I've had them for a while and cash flow has been really, but it's not worth the headache.

I agree with Leigh C same experience. They don't really want a market opinion, they've developed statistics that they want comps to fall within, regardless what the market delivers. It's stressful and too much work for what you get in return. I've also bought into programs that guarantees BPO and listings. I have never gotten either from those services. Good luck collecting on the guarantee because they disappear or change the name.