All Forum Posts by: William Newman

@Ronald Jones - Right. All I can do is ask. Don't think myself out of making actions. Just dive in and see what happens.

@Bill S. - Thank you for your post. You're correct. Just trying to see all angles I could possibly play. The property is in a great area and depending on the terms, the passive income would be great to have

Hi @Ronald Jones. Thank you for the advice. Is it out of line to ask the seller how much he owes on the property?

@Wayne Brooks,

WOW!!! Thank you... I didn't even think about that. Blinded by the fact of attempting to purchase the property with little or no money down, it never dawned on me that the terms might be awful!!!! The property could be sucking the life out of the owner. Ok. I see that I need to first contact the owner, see if he is willing to do a SUB2, then check the terms and see if I want to do a SUB2.

Thanks guys... Keep it coming...

@Timothy Riley,

Thank you for the advice. You are also true. Why haggle over something that I have not seen yet?

Very, very true! Thanks @Bill Gulley. I will contact the owner today and explain my proposal.

If he does go for my terms regarding financing, what should I do about the price?

Good morning BP,

I am interested in buying a 4-unit building in the suburbs of Milwaukee, WI. It is currently FSBO for $210,000.
1st - I think the owner priced the property at least $20,000 over market value. I am estimating the value at around $180-185K. So where should my starting point be for my offer?
2nd – I would like to propose a subject to existing financing clause into the contract. Should I wait until I see the property and evaluate if I even want to purchase the property, or should I inform the owner immediately that I would like to perform the “subject to”?
I did conduct some due diligence. The tax records are in the owner’s name and they state that he lives in one of the apartments in the property, but the listing also contains a telephone number for Denver, CO. (Hopefully this will increase his motivation) Public records leads me to believe that he is quite elderly.
Thank you in advance for all inputs and suggestions.
William S. Newman
NIT Realty
A Limited Liability Company

@Nicole Pettis,
That is so inspiring. I too feel the same. House flipping is what I think I was put on this earth to do! I too am looking for my 1st flip. After listening to BP podcast, reading books and jumping into the community, I said to myself, IT IS TIME TO TAKE ACTION!!!! I have began networking with local neighborhood association leaders, homebuyer specialists and not to mention all the wonderful people on BP. Please keep us all informed step-by-step. I think I am closer to finally finding the funding for my project and I will keep everyone informed as well. We should start a blog, “I Live in Flipping Milwaukee”… lol
I would say good luck, but you don’t need it!
P.S.
Paint color – I would go with a beautiful siding of neutral color, if that is in the budget. Have you seen @ Tucker Merrihew’s website? His finished products are some of the most well-done flips that I have ever seen. His site is TTM Development Company. That is where I will draw my ideas from.

William

Good afternoon Kyle. Thank you for the greeting. I am looking forward to connecting personally with everyone that is in Milwaukee that are BP members. See you around the site.

Welcome to BP @Beth McCullough!!! Glad to have you here. BP has been great. Make sure to listen to the podcasts. They are super informative, entertaining and funny. I too am a new investor.

I have lived in the Milwaukee metro area all of my life. Not sure how long it's been since you've visited, but some area have changed, for better or for worse. I believe that the market is ripe with potential. Duplexes are readily available. The areas around the colleges(UWM,MSOE) have great rents. East side neighborhoods do well also with all the shops in the area. I know you stated that investing in Milwaukee might be down the line, but take a look at the MLS when you have some time. I think this will help you get a good feel of the type of properties that are available and prices.

Best of luck to you,

William

@Arthur Banks,

The responses from @Dan C. and @Ginger C. are dead on. As a former renter, I was always looking for garage spaces or underground parking. Adjust the rent accordingly and include it in the lease agreement.