What about Milwaukee?

T

turnips

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Has anyone any advice on property in Milwaukee? I got stuff about Landmarks on the Lake Condominiums by a company called NVG Residential Inc.
Brochures are impressive but I know nothing about property, though have been intrested and would see America as preferential to Eastern Bloc etc.

Any thoughts?
 
Re: WHat about Milwaukee??

turnips said:
I know nothing about property
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An common piece of investment advice is never to invest in something that you don't understand. It might be pertinent in this context. By all means learn about property and get independent professional advice on what's best for your specific individual needs.
 
Re: WHat about Milwaukee??

you need to find out about the total cost to purchase and the yearly running costs. is this for short term or long term rental. what are the property prices like in milwakee. I agree with clubman u need independent advice and get an understanding of the work involved as it is not going to look after itself even though the sellers might tell you different. look up other development in the area and see if this place is competitive priced. Call other EA's in the area and see what they are offering. How easy will it be to sell. There is a slowdown in the american building trade in generalat present. Prices have been falling of late due to so many properties being on the market in certain locations but this might not apply to milwalkee but u will have to do the research to find that out. you should also consider if the price increases are as good as they are in eastern bloc
Your outlay will be alot higher than buying in poland.
Also, dont buy without going there and seeing the area for yourself. American banks tend only to lend 80% of the purchase price to foreign investors and this also tends to be at a higher rate. AFAIK the fed rate is over 5% so be prepared for a higher int rate than you would get here.
 
do u need a visa or green card
if u went over there u d get better deal
 
I bought a place in Chicago through Castleroc Estates, they specialise in north american property and don't overcrowd their books with every bit of property they can get to offer out, I understand from them that they have visited milwaukee and that they will shortly be launching this landmark building with incentives in Milwaukee, they tend to do good stuff without the fanfare, always worth a look, personally I'd prefer to invest anywhere but eastern europe and the $$ works well for us too..
 
One of the things to watch for in the USA is property taxes, can be very high in some areas. (I don't have any specific knowledge of Milwaukee apart from having tested a lot of its product in my younger days!). Tax issue may not be a problem if you are a big player and can weather a downtime stretch, but if you are a small investor who is stretched to the limit, you may need to have a slush fund to cover the local property taxes. If you are buying, get straight answers on this one!
 
What about Milwaukee? A miserable, run-down, freezing cold city that smells like a beer factory. I had to spend a few days there on business and pray to god I will never have to go back.
 
Ouch ! I had to spend a few windry days recently in Bristol UK and can identify what your comment but as the song says , everyones gotta live somewhere ....
 
Good point Theo Goon.

Stay away from Milwaukee if you do not know the area, but by all means look into investing in property - as long as you have your research done. I cannot stress that enough. And by research don't just look at the brochures, spend time online gathering as much info as possible. Talk to people. What are the rents like? what are the local tax implications of your purchase? etc etc
 
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