Great job Marcus...great information! I own duplexes of the 1920s type and your description was spot on for what you find and face concerning expenses. Fortunately I am a long-term investor in Riverwest (15 years and counting) so have learned that putting $ in these beauties is to be expected but rewarded. For short term investors & out of state investors, however, it is easy to get surprised by a foundation issue, plumbing problems, and wood soffit/fascia that if not wrapped in aluminum--are prone to rot and squirrel infestations in the attics. I have also had to replace almost every roof. Some of the ancient boilers continue to work (inefficiently but without problems) and hardly ever need repairs. Side note: I never buy a duplex that has a side directly backing up to an alley. I learned from one bad experience that 7years after the city replaced the alley, the brick walls began bowing in due to how the alley pavement was grated.
Hey Tim, thanks and I agree - for OOS investors a 1960s shoebox might be better. Not as pretty, but much easier to work on. BTW your name sounds familiar. Maybe I'll see you at the Brew City tonight?
I think the history was a great touch. It really puts into perspective the pros/cons of each building type and allows for a better understanding of the market. I personally think that timestamps would be the extra cherry on top.
Recently subscribed to your channel and I seem to take something of value with every video I watch, so thank you! I just received a job offer in Milwaukee and we'll be moving from Chicago this summer. Your channel has helped me learn a lot about Milwaukee and I'm very interested in financial independence, house hacking, etc. Also, my wife recently moved to the US from Western Europe, so it's nice to hear another European's perspective on the city! We'll likely rent for the first year, but will contact you via your website once we're ready to buy!
Hi Evan, thanks and very happy to hear that! You can always email me at m.auerbach@kw.com - I'll give you a few tips on where to rent. You are not that far, so you can easily drive up here in spring and I'll help you set up a brief agenda for you, places to go etc
Great information to understand the reasons why maintenance cost will be more for the pre 60s duplexes. This is something to consider in my financial analysis. Lived in Milwaukee all my life and now I understand why the duplex differences!
Glad to hear! Was not sure if I am the only one how finds that interesting! I am always happy when I see an old duplex in amazing shape and then being restored true to it's original design (and maybe with a few modern tech upgrades)
Great information. You should mention the lead line issues common in the pre-1950s duplexes. I noticed the water meter you showed had a lead line feeding it.
Oh yes there is so much more to know and expand on, this is just a high level introduction! Water quality and also well water is a huge subject, maybe I'll make a video about that
With your knowledge of the history of Milwaukee maybe it would be good to do a video on the history of redlining in the city, as Milwaukee is one of the most segregated cities in the country?
@@cr-im1lp well, probably that fact that after 5 years your rate starts to float with the market, could go up or down. You probably want to refi anyway after 2 to 5 years, but you don't have to. Rates change slow, you'll see it coming. Also keep in mind you'll pay down your principal balance about 2-3% per year, so after 5 years you have equity just from making your payments. Good chance the market has appreciated as well (not guaranteed, but currently it looks good). But I get it 30 years is peace of mind, I have done that too when I started investing. BTW - one of my lenders does 5% down and no PMI, that is not insignificant. When are you ready for the next one?
I have a question regarding rear cottages. I grew up in a rear cottage off S.11th and Mitchell St. My question being are both dwellings front/rear which sit on the same lot? Usually owned by one owner? Or is the lot actually two on one foot print if you understand what I mean?
I see that once in a while and it is usually one lot / one tax bill. Often the rear cottage was not meant for people initially, but as a workshop or even a carriage house, whatever was needed - people had to be practically thinking. Dividing these lots up in two makes no good sense, the rear needs the access through the front yard.
@@MarcusMKE Thanks...the street side dwelling was a "Polish Flat" and the dwelling behind I grew up in was a smaller bungalow style. We usually used the alley side doorway leading into the kitchen as our main entrance. With my job I still get the privalege to see/enter a lot of interesting homes/property in Milwaukee.
Great job Marcus...great information! I own duplexes of the 1920s type and your description was spot on for what you find and face concerning expenses. Fortunately I am a long-term investor in Riverwest (15 years and counting) so have learned that putting $ in these beauties is to be expected but rewarded. For short term investors & out of state investors, however, it is easy to get surprised by a foundation issue, plumbing problems, and wood soffit/fascia that if not wrapped in aluminum--are prone to rot and squirrel infestations in the attics. I have also had to replace almost every roof. Some of the ancient boilers continue to work (inefficiently but without problems) and hardly ever need repairs. Side note: I never buy a duplex that has a side directly backing up to an alley. I learned from one bad experience that 7years after the city replaced the alley, the brick walls began bowing in due to how the alley pavement was grated.
Hey Tim, thanks and I agree - for OOS investors a 1960s shoebox might be better. Not as pretty, but much easier to work on. BTW your name sounds familiar. Maybe I'll see you at the Brew City tonight?
Loved the history lesson! I've often walked around Milwaukee and wondered why there are so many duplexes.
Me too! I am normally not a history need, but I started wondering why they built them this way! Glad you like it!
I think the history was a great touch. It really puts into perspective the pros/cons of each building type and allows for a better understanding of the market. I personally think that timestamps would be the extra cherry on top.
Recently subscribed to your channel and I seem to take something of value with every video I watch, so thank you! I just received a job offer in Milwaukee and we'll be moving from Chicago this summer. Your channel has helped me learn a lot about Milwaukee and I'm very interested in financial independence, house hacking, etc. Also, my wife recently moved to the US from Western Europe, so it's nice to hear another European's perspective on the city!
We'll likely rent for the first year, but will contact you via your website once we're ready to buy!
Hi Evan, thanks and very happy to hear that! You can always email me at m.auerbach@kw.com - I'll give you a few tips on where to rent. You are not that far, so you can easily drive up here in spring and I'll help you set up a brief agenda for you, places to go etc
Thank you for this history! Very interesting and now I feel very informed when looking at the options around Milwaukee!
Glad you liked it Leah! What are you looking for? You can always email me: m.auerbach@kw.com
Great information to understand the reasons why maintenance cost will be more for the pre 60s duplexes. This is something to consider in my financial analysis. Lived in Milwaukee all my life and now I understand why the duplex differences!
Informative video! Loved hearing the history of everything.
Glad to hear! Was not sure if I am the only one how finds that interesting! I am always happy when I see an old duplex in amazing shape and then being restored true to it's original design (and maybe with a few modern tech upgrades)
Great information. You should mention the lead line issues common in the pre-1950s duplexes. I noticed the water meter you showed had a lead line feeding it.
Oh yes there is so much more to know and expand on, this is just a high level introduction! Water quality and also well water is a huge subject, maybe I'll make a video about that
With your knowledge of the history of Milwaukee maybe it would be good to do a video on the history of redlining in the city, as Milwaukee is one of the most segregated cities in the country?
Well done.
Thanks Marc! I jammed a lot into this one lol! Which part did you like the most?
I really enjoyed the history and in-depth comparison of each type of duplex.
@@marcmcsorley9108 great to hear! You made my day, I thought maybe too much history!
Great video!!!! I need to use a 5/1 arm for my next house hack instead of the FHA loan. It seems like such a better option, what is the catch?
@@cr-im1lp well, probably that fact that after 5 years your rate starts to float with the market, could go up or down. You probably want to refi anyway after 2 to 5 years, but you don't have to. Rates change slow, you'll see it coming. Also keep in mind you'll pay down your principal balance about 2-3% per year, so after 5 years you have equity just from making your payments. Good chance the market has appreciated as well (not guaranteed, but currently it looks good). But I get it 30 years is peace of mind, I have done that too when I started investing. BTW - one of my lenders does 5% down and no PMI, that is not insignificant. When are you ready for the next one?
I have a question regarding rear cottages. I grew up in a rear cottage off S.11th and Mitchell St. My question being are both dwellings front/rear which sit on the same lot? Usually owned by one owner? Or is the lot actually two on one foot print if you understand what I mean?
I see that once in a while and it is usually one lot / one tax bill. Often the rear cottage was not meant for people initially, but as a workshop or even a carriage house, whatever was needed - people had to be practically thinking. Dividing these lots up in two makes no good sense, the rear needs the access through the front yard.
@@MarcusMKE Thanks...the street side dwelling was a "Polish Flat" and the dwelling behind I grew up in was a smaller bungalow style. We usually used the alley side doorway leading into the kitchen as our main entrance. With my job I still get the privalege to see/enter a lot of interesting homes/property in Milwaukee.
@@frankv7774 that makes sense. Do you work for the city?