Milwaukee, like many communities across the country, is experiencing a shortage of affordable housing. Out of state predatory investors are taking over entire neighborhoods of Milwaukee. They are buying up large swaths of single-family homes and turning them into permanent rentals. Families of low-to-moderate income (LMI) are increasingly rent burdened and forced to make impossible tradeoffs that limit their ability to experience upward mobility and participate in the American Dream.
Acts Housing is working to disrupt the absentee investor owner business model by outcompeting them for available houses, making those homes available to families with LMI.
Acts Homes buys individual properties and portfolios of properties directly from sellers in both on- and off-market transactions, as well as purchasing tax-deeded properties from municipalities. Once purchased, these homes, depending on demand, can be sold in as-is condition to graduates of homebuyer education programs, or Acts can do necessary repairs and sell move-in-ready homes in improved condition.
This is how Idella Samuels had the opportunity to purchase her single family, two-story bungalow in the Old North Milwaukee neighborhood. After completing Acts Virtual Homebuyer Orientation, Idella met with HUD-certified homebuyer coach, Alex McCune, where she received 1-on-1 homebuyer and financial coaching. Once pre-approved for a home loan, she worked with Acts Realtor Jenean Shorter to find her perfect home. Idella said that the moment she saw her home she knew it was the one for her.
“You just know. I saw two prior to that one, but to walk into this one I was like ‘wow this is me’ you know that home feeling, when it’s there, it’s there.”’
Idella wanted to transition from renting to homeownership but didn’t know how to take the first step. Her Pastor and First Lady gave her the encouragement to start her home buying journey with Acts Housing. Idella decided to go with a rehab – meaning she would work closely with Acts Rehab and Lending to repair a distressed home.
This path is not for everyone, many families are looking for a move-in-ready home. But in Milwaukee, for families who have been losing out to investors whose all-cash bids are more attractive to sellers, purchasing a rehab property from Acts is a great option.
It took a lot of hard work, patience and persistence, but she was able to close on her home on May 22, 2023. Idella explained what it meant to her to be a homeowner,
“It means a lot. To let it be known that I was able to move from renting to being a homeowner and to know that I moved to the next level. That I am part of something and to know that I never stopped believing. Being able to say I am part of the community, it’s great.”
Idella is one of the many families who fully utilize all of the programs and services Acts provides. She started with homebuyer coaching, was pre-approved for a loan from Acts Lending, worked with an Acts realtor to purchase a home that was recently acquired by Acts Homes, and finished her project with a home rehab coach. We believe this is the “special sauce,” and without the combination of resources available under one roof, many families would have a much longer and more difficult path to homeownership, or not end up buying a home at all.
Interested in moving from renting to homeownership? Your first step is to view our Virtual Homebuyer Orientation. Start Here.
