I'm new to real estate but I've been learning and researching for about 6 months. I'm looking for a property in southeast Wisconsin (waukesha, west allis, even menomonee falls areas) that I can renovate and gain some equity in. I'm hoping to use it down the line for a HELOC and possibly as a down payment on a duplex. I've made a couple offers on MLS listings but I'm quickly realizing that is a terrible way to find a fixer upper.
I just started sending letters and "driving for dollars" but does anyone have other ways to find homes in need of renovation in a market like this? Maybe wholesalers?
Mitchell, off market deal hunting is a different beast than working through the MLS. I think that if you want to have long term success then you need to have a realistic plan and expectations. Let me know if you ever want to connect! We can come up with a marketing plan and strategy together.
More specific to your question,
I personally like the idea of driving for dollars: you get a visual confirmation of stress and the list you build is unique to you. Combine that with a hand written letters to really stand out and get your message across. It may take a few months before you start to see consistent results, however at that point you'll have more properties than you can manage at any point which is a good problem to have.
Also, networking! Reach your social sphere. Figure out where all the grandmas are hanging out and find an excuse to be around them. Put out what it is you're trying to do and maybe someone will notice it. Brew City is having a networking event I believe on May 14th.
Good luck! West Allis is a great place, although I may be bias because I own property here :)
Originally posted by @Sean Kennedy :
Hey dude! I just had a realtor message me about a house he is going to list that was a hoarder house in Waukesha. It might fit what you're looking for. If you want his info before he lists it shoot me a message asap.
I'd love to chat. I sent you a connection request before I saw this actually!