All Forum Posts by: William Newman

BP,

Take a look at this brick beauty! Up for sale is an off- market 18 unit multi-family apartment building located in the heart of the City of Milwaukee.  This apartment features (13) 1 BR units and (5) 2 BR units. With updated mechanicals, on-site laundry, 24/7 video security and key fob entry, this investment is ready to go!

Please see attached marketing flyer with photos and cash flow analysis.

Thank you for your interest and happy investing!

Disclaimer: I do not own this property, nor am I the listing agent. I am seeking a buyer on behalf of owner for the property that is not listed on the MLS. 

Jumbo Victorian 3/3 duplex on Milwaukee's North Side. Close to schools, public transportation and Boys & Girls Club! Lower unit: 3 bedrooms, living and dining room, 1 bath, pantry in the kitchen. Currently rented MTM at $650. Water heater and furnace are less than 5 years old, no known repairs currently needed. Upper unit: 3 bedrooms, living and dining room, 1 bath, pantry in the kitchen, front and back top porches. Currently rented MTM at $650. Water heater was replaced in 2014. Updated kitchens and baths in both units. New carpet in upper unit. Off-street parking via side drive. Electrical was upgraded in 2012. Newer lower front porch and security doors. Property needs replacement/removal of front and rear upper porches. Any other items are cosmetic. 

CASH BUYERS ONLY!

Please PM for details and pictures.

Disclaimer: Please do your own due diligence. House is being sold as-is, and buyer is to pay all closing costs. This property is owned by a real estate agent.

Good morning Chris,

Welcome to BP!!! 

As I read through your post and came across your worries of capital gains, you will be able to avoid this with a 1031 exchange. Please consult with a qualified real estate CPA in regards to accomplishing this matter, as I am no expert. A really quick overview is provided below: 

Thanks to IRC Section 1031, a properly structured 1031 exchange allows an investor to sell a property, to reinvest the proceeds in a new property and to defer all capital gain taxes. IRC Section 1031 (a)(1) states:

I believe that you could go in either direction really, it all depends on how soon you want to jump into the landlord game. Furthermore, you could always enlist the services of a great property management company. In my opinion, both options have great benefits. Passive income is always a plus, and you will gather experience in management at the same time. On the other hand, having the capital to invest in a larger multi-family right away from the sale of your primary residence will provide even more leverage (if the multi is brought properly), and still provide an opportunity to manage more doors if your heart desires.

Hopefully this was helpful! 

Happy investing,

William S. Newman

@Daniel Hanson

Give Town Bank a call. They are a part of WinTrust Community Bank. I have connections there in the commercial lending department. Ranell Washington and Joquin Altoro are great! PM me for their info...

Hi Mike,

I believe that you should not necessarily call it an "application fee", but rather a credit and background check fee. The typical amount is $20-30. I picked that up at the City of Milwaukee landlord training that is held a couple of times a month. Check it out on the city's website.

In regards to the marketing, I would use a combination of both. Yard sign are good for populated areas, but you may get a bunch of unqualified individuals calling/texting. You can simply screen them over the phone and ask the pertinent questions right away that fit your ideal tenant. 

There are many good services noways that help screen tenants. I have never used one personally, so do your due diligence, but I am sure that most reputable companies are comparable. 

Walt Buchanan of State Farm is a great agent. I would also recommend Sherry Yusef of American Family.

Appraisers? Can't help on that one. Sorry!

Shoot me an email if you need more info. 

Regards,

William

Good afternoon Michael,

Welcome to BP!

Good find by your partner... :) Bigger Pockets will provide continuous knowledge and advice from people that truly care about your success. We are all here to become the best investors, contractors, agents, developers and whatever else under the sun that we can be. In addition to reading and listening, make sure to jump out there in tge forums and ask questions. Use the key words that will garner the results that will suit you best.

Last but not least, please reach out to me if you need any assistance in the West Allis markets. I attending school and previously worked in the area, so I am quite familiar with the market and neighborhoods.

Happy Investing,

William

Good morning Avi,

I have used Donn Anderson of Anderson Home Inspection LLC many times in the past. He is thorough and great to work with.

Good morning @Brandyn Dietman,

I completely agree with @Dave Carpenter! Washington Heights is a great area to invest in. The neighborhood is filled with great people, great businesses and a great culture. And I only see it getting better with time. Some areas of WH are better than others, so please do your due diligence. The further south of North Avenue and west of the freeway you go, the better it seems to get.

Let me know if you have any other questions. I grew up not to far from the neighborhood and know it very well.

Good evening Erin,

Welcome to BP!!!!

I would suggest jumping into the podcasts, search for your local REIA, and get out there into the forums and ask questions. I mean, ask about everything. No matter how simple or complex. Self-education is key. Even though you are fairly new to the investing world, make sure to stay abreast of what's going on in your area. It is always helpful to add some sort of value to conversations.

Happy investing and tap all the resources that are offered. BP is understatedly an awesome website. Feel free to reach out if you have any questions.

To our success,

wsn

Good day @Pearline Murdaugh ,

Welcome to BP!!!

Just jump in... I know, I know. You have heard this before, but I will put a slight twist on it. It sounds like you have a very cordial relationship with your investors. Are they willing to provide financing for buy and hold deals for you? I know that you are looking to break into the fix and flip world, but this option may provide even more contacts from contractors, investors, buyers, sellers, you name it. In addition, your personal investors will be pleased that they are getting a return on their money and will probably be even more inclined to show you the ropes. 

You are in the right place and you have a great connection of people here on BP! Jump in those forums, ask questions, listen to the podcasts, but do NOT get stuck in the analysis paralysis like many often do.

To our dreams,

wsn