Multifamily investment term #1: net operating income - 11/29/09 09:17 AM
We've covered how the Dane County multifamily real estate market has changed, presenting investors with new opportunities that weren't available a few years ago. Due to this clear market shift, we've created a new web site, MadisonIncomeProperties.com, which we've designed to help Dane County investors with their multifamily real estate goals. We'll be adding more content to our site over the next several weeks, including a multifamily real estate search tool, so please check back often as we round out our site.
One of the tools we'll be adding soon is a glossary of investments terms, and we'll begin by covering these terms one-by-one in our … (3 comments)

How some investors are using their cash - 11/28/09 07:25 AM
We recently wrote about 4 brothers who are using their cash to invest in multifamily real estate - a long term approach to real estate investing. Other investors are using their cash in a different way.
We're working with one local investor group that has amassed a large sum of money for short-term real estate investment. The investor group uses its cash to buy distressed properties, which are then rehabbed and sold for a profit. Because this group pays cash for its investments, it can close on a property in a matter of a few days once an offer is accepted. This makes … (1 comments)

Upcoming Dane County home buyer seminars - 11/27/09 09:52 AM
The home buyer tax credit has been extended and enhanced, but in order to take advantage of the credit you must have your offer accepted by April 30th 2010 and your home closed by June 30th 2010. The deadline is not far away considering all of the steps that go into buying a home.
If you're new to the home buying process, you should consider attending one of the upcoming UW Credit Union or Dane County Housing Authority seminars. Both are no-nonsense seminars that provide a good introduction to the lending, inspection and purchasing pieces of the home buying process. With a little education under your belt, … (0 comments)

Two distressed properties, and many more on the way - 11/27/09 08:59 AM
We recently wrote about two duplexes that are worth a look from investors who are seeking to cash flow multifamily properties. Below are two other intriguing properties, one a home and the other a condo.
This 3 bedroom home at 125 N. 5th Street in Madison is priced at $94,900 and almost $60,000 under assessment.

 
This large 3 bedroom condo at 619 Wood Violet Lane in Sun Prairie is priced at $110,000 and over $69,000 under assessment.

 
Both of these properties are lender-owned. And both require some work, so they're a good fit for someone who is willing … (0 comments)

Good deals in a buyer's market (two ways to find them) - 11/25/09 06:43 AM
A few days ago we downloaded from the South Central Wisconsin MLS all of the email addresses for agents with a single family home listing in Dane County. This amounted to almost 1,000 email addresses. Then we sent an email on behalf of an investor letting these agents know what our investor is looking for.
We've received a ton of responses, and they are still coming in. Most of the properties that we have learned about don't fit this investor's needs, but there are a few in our list that we will be looking at more closely.  
There are two … (2 comments)

Four brothers - 11/24/09 06:16 AM
Strangely enough we're assisting two different pairs of brothers with their investment plans right now.
Pair #1 already owns 2 duplexes and is in the process of expanding its portfolio. Last week these two brothers put in an offer on an 8-unit, and we're waiting to see how this one turns out.
Pair #2 is new to the game. These two brothers are looking to buy their first duplex using the money they have saved between the two of them.
Both sets of brothers are at different points in their investment plans, but they are similar in many ways. They are all planners and goal-setters, … (1 comments)

Home video tours have come a long way - 11/22/09 07:38 AM
We're starting to use professional home video tours for our listings because the quality of the product offered by Whirligig Online Marketing is excellent. Video tours are a great fit for homes with quality upgrades and professional staging. They give buyers a closer look at what each listing has to offer. Because of this, we're happy to invest in professional tours as part of our marketing plan.
For example, take a look at the video tours for these 3 new listings (click the "video" tab along the top menu).
1714 Bellewood Drive, 5 BR/4.5 BA, Waunakee Parade Home - $995,000 1407 Blue Ridge Trail, 4 BR/4.5 … (3 comments)

The enhanced home buyer tax credit explained - 11/22/09 06:25 AM
The $8,000 first-time home buyer tax credit has been extended into the year 2010, and now "long-time" home owners who sell one home and buy another are eligible for a $6,500 tax credit. A long-time home owner is defined as someone who has owned and occupied a home as a primary residence for at least 5 consecutive years out of the previous 8 years.
Tax payers who plan to claim the credit need to have a binding contract by April 30th 2010, and must close on their property by June 30th 2010.
If you're planning to take advantage of the tax credit, … (4 comments)

Dane County distressed property sales on the rise - 11/19/09 10:30 PM
The Dane County Distressed Property Index rose slightly in October to .24, indicating approximately 24% of the home and condos sales in October were related to foreclosure. The chart below shows the index has quadrupled since January of 2006.

On a related note, the Mortgage Bankers Association announced today in its National Delinquency Survey that 14.41% of all loans were either in foreclosure or at least one payment past due at the end of the third quarter 2009. That's a new record.
With a rising number of distressed properties and lower prices, we're seeing a lot of interest from buyers who might … (0 comments)

UW Credit Union has joined the DaneCountyMarket.com web site - 11/19/09 06:12 AM
We're excited to announce the UW Credit Union has joined our DaneCountyMarket.com web site. This means our web site users can now search for properties, research the market, check the latest mortgage rates, and apply for a loan all from one convenient online location.
Speaking of mortgage rates, loans for 30 year fixed rate mortgages were available for 4.75% yesterday. You can check out today's rates by going to our home page.
Like us, UWCU is a provider of good consumer information, and soon UWCU will be offering educational articles that will be available from our site.
Have a great day,
Dan Miller, … (0 comments)

Dane County home and condo sales up again in October - 11/16/09 05:23 AM
Our preliminary statistics from the South Central Wisconsin MLS are in for the month of October.
Dane County home sales increased for the fourth straight month on a year-over-year basis. Home sales jumped from 269 in October of 2008 to 332 last month, an increase of 23%.

Dane County condo sales grew for the second straight month. Condo sales rose from 80 in October of 2008 to 114 in October of 2009, an increase of 43%.   

Prices for both homes and condos were lower, as much of the market was focused on taking advantage of the first-time home buyer tax credit. … (0 comments)

Northern Bay Condos up for auction on Saturday, December 12th - 11/13/09 04:54 AM
Five of the Northern Bay Condos on Castle Rock Lake will be put up for auction by Micoley & Company on Saturday, December 12th, at 11:00 AM. Registration for the event starts at 10:00 AM. The minimum acceptable bid will be $95,000 or $125,000, depending on the unit. For more information on the auction, you can check out this link from Micoley & Company.
Lately we've seen a number of condo developments getting serious about moving their inventory, either through public auctions or dramatic price reductions. Condo inventory remains very high. Don't be surprised if we see additional fire sales in … (1 comments)

Dane County housing starts sluggish in October - 11/11/09 06:01 AM
We're almost ready to publish our Dane County existing home sales data for the month of October. October will mark the fourth straight month of increasing house sales (and the second straight month for condos). Clearly the home buyer tax credit is having an effect on the sale of existing homes and condos, especially in the lower end of the market.
However, Dane County housing starts remain sluggish. A total of 49 housing starts were recorded in October, compared to 52 in October of 2008, a decrease of 5.8%. Here's the monthly trend dating back to January of 2005.

Year-to-date, housing … (0 comments)

154 Dane County foreclosures in October - 11/10/09 05:19 AM
A total of 154 Dane County foreclosures were filed in October, up 1.3% from the 152 foreclosures filed in October of 2008. Although only up slightly from last year's total, this October's number represents the third highest monthly total dating back to October of 2008.

For our full foreclosure report, you can check out the economic trends page at DaneCountyMarket.com .
Dan Miller, Realtor, Certified Distressed Property Expert, Keller Williams Realty and DaneCountyMarket.com   
… (2 comments)

You're buying a new home. Should you work with the listing agent? A buyer agent? An attorney? - 11/05/09 06:39 AM
We recently showed in this post why working with a good buyer agent can be a huge benefit to a home buyer. A listing agent can't provide you with the level of service and advocacy that you should expect from an agent in today's market. Remember, the listing agent works for her client, the seller. So when it comes to choosing between working with the listing agent and a good buyer agent, a good buyer agent is the clear choice.
But what about an attorney? We fully support any buyer who wishes to hire an attorney. An attorney provides peace of mind. She brings … (1 comments)

A cool home inspection web site - 11/04/09 06:05 AM
Home inspector Brian Paull from Premier Inspection & Consulting has a very useful web site for anyone who is interested in learning more about home maintenance and the home inspection process. Brian's site includes a description of the home inspection standards of practice and a section on frequently asked questions, as well as information on radon, mold, and many other topics such as energy efficiency, electrical safety, asbestos, child safety, elderly safety and more.
For more useful inspection and testing information, you can check out the inspection and testing resource page under buying real estate at DaneCountyMarket.com.
Have a good day,
… (2 comments)

Dane County multifamily inventory keeps climbing - 11/03/09 06:01 AM
As of October 31st the months of inventory for Dane County multifamily real estate stood at 41.9 months. That's more than twice the inventory for Dane County condos, and almost 5 times the inventory for Dane County homes.
With high inventory and low sales, it's a great time to learn about multifamily real estate. Some sellers are becoming more flexible with pricing, and we're seeing more and more multifamily foreclosures.
If you're interested in learning more about multifamily real estate, please feel free to join us for our FREE workshop at 6PM on Tuesday, November 17th, at Bishop's Bay Country Club.
… (0 comments)

 
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Dan Miller

Madison, WI

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Keller Williams Realty, Madison, Wisconsin

Address: 3 Point Place, Madison, WI, 53719

Office Phone: (608) 852-7071

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