Hi! I am looking for some advice from pros on how to sell a property to local investors in the Milwaukee area. My wife and I bought a tri-plex to live in a number of years ago. We moved out about 10 years ago and kept the property as an investment. We now have a family and rental properties are the furthest thing from our minds. The house is in decent shape, but needs a new roof and all three units are rented. For those reasons, I don't think it makes sense to list the property with a realtor. I'm looking for recommendations on how to make connections with local realtors. Thanks in advance for your wisdom!
@John Leutermann why wouldn’t you keep and hire a property manager?
If keeping isn’t an option how much will you be asking for it?
All the best,
John, what area of Milwaukee is this property located? If you would want to me take a look at the property to give you my 2 cents, I would be available. I am a Broker, owner and manager.
Listing it will expose it to at least 10 times the number of potential buyers.
As an investor, I'm not at all afraid to buy a property that needs a roof. You could list it for sale by owner or with a realtor, and if it's a good property at a good price, it will sell.
I would reach out to local investors and also several good realtors. I'm sure that you have received letters from local investors if you don't live in the triplex. Maybe contact some of those people and ask what they would offer. In my opinion, the maximum exposure will always come from MLS and therefore, the likelihood to get an optimal offer is higher, however, there are factors to consider such as DOM which probably isn't a huge factor if your cash flowing and of course, commissions. The difference between listing it and selling it off market directly to an investor is price and a quick and usually easier sale. I am currently targeting multi families and have been reviewing sales comparables in several different areas. We are about to buy a 4-unit on the north side of Milwaukee. If and when you do consider selling, I'd love to be able to evaluate the property and potentially make an offer :)
Hi John - a triplex with a good rental history is appealing to many investors even if some repairs are needed, including a roof. Listing the property will definitely give you the maximum exposure, especially to buyers who don't currently consider themselves investors. I'd be happy to meet up and discuss if you're interested, just let me know.
@John Leutermann you will get top dollar if you list your property on MLS. The market is hot!
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