Finding a Fourplex (4Plex) in Appleton, WI for owner-occupy

Buying & Selling Real Estate
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Finding a Fourplex (4Plex) in Appleton, WI for owner-occupy

Ashraf Abbas
Appleton, WI 路 Member since 2018 路 8 posts 路 0 votes

Hello everyone,

I am a newbie looking to start investing in the Appleton, WI market. I would like to start my real estate investing career with an owner-occupy four plex! I realize they are harder to come by in this market.

Is there anyone on here that can help me get started? First and foremost is I need help finding four plex options off market as there are very few on the MLS (all sold). I would like to use an FHA loan to start things off.

Thanks in advance!

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Rebecca KnoxBusiness Member
Specialist 路 Milwaukee, WI 路 Member since 2014 路 1k+ posts 路 1k+ votes
7y

Most definitely have multiple financing options available. I don't know how it is in Appleton, but in Milwaukee, there are cash buyers for apartments---of course, they will re-fi after the buy but in order to get the deal and at a better discount, they are ready to react with either their own funds, a PML or an HML and close in 2 weeks or less.

If you have hired a buyer's agent, you could ask your agent to easily pull you a list of all multi-families/apts in MLS (not talking about active listings, expired, etc)--your agent should know what this means and how to do it). You could also try Listsource or Alesco and the other list places to see if they offer just apartment lists. Once you have the list and your financing in place, try to call them or mail to them.

Good luck in your REI adventures!

Captain Save-A-Home LLC
WebsiteView Page
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  • Scott Van Straten
    Investor 路 Plymouth, WI 路 Member since 2016 路 22 posts 路 14 votes
    7y

    Ashraf,

    First congratulations on getting started in real estate.  Live in 4-plex would be a great way to get started!  I'm an investor a little south of you in the Sheboygan area and if you see a 4-plex on the market it is usually gone with in a day.  So here is what I would do if I was in your shoes. 

    1. Secure financing so that you can make a legit offer quickly.

    2. I would call a few different agents and have them start sending you an email listing from the MLS.

    3. I would ensure the agent you are looking to close quickly.

    4. I would make the offer before seeing the property.  Run the numbers, ensure it will cash flow, ensure you can afford it.  You can make the offer contingent on inspection and can back out then.

    Good luck to you and your investing career.

    1Reply
  • Bryan Byrd
    Member since 2018 路 2 posts 路 0 votes
    7y

    Hi  Ashraf i鈥檓 a  newbie also and my interests are in multi family as well. Have you thought about owner financing and doing a direct mail campaign ?

    0Reply
  • Jordan Connor
    Appleton, WI 路 Member since 2018 路 5 posts 路 2 votes
    7y

    Hey Ashraf, I'm also in Appleton and looking for a Duplex, tri, or quad.  They are a hot commodity right now with the market near the top.  Good luck with your search, I wish I could give you suggestions, but I don't have any right now.  I see that there is a 6plex on Ballard if that interests you at all?

    Jordan

    0Reply
  • Ashraf Abbas
    OP
    Appleton, WI 路 Member since 2018 路 8 posts 路 0 votes
    7y

    Thanks all for the replies! Bryan, I think the direct mail campaign may be the way to go. Jordan, I appreciate the well wishes. I'm going to keep digging!

    0Reply
  • Richard Talbot
    Rental Property Investor 路 Appleton, WI 路 Member since 2016 路 8 posts 路 1 vote
    7y
    @Ashraf Abbas I am new to investing myself and I am currently owner occupying a duplex. I am a real estate agent in the fox cities and there are 4 plexs that do go on the market but go very quick! My biggest suggestion is finding a lender and locking down financing right away so you are ready when something does come on the market. Let me know if I can help or if you are looking for a lender or agent.
    1Reply
  • Rebecca KnoxBusiness Member
    Specialist 路 Milwaukee, WI 路 Member since 2014 路 1k+ posts 路 1k+ votes
    7y

    Most definitely have multiple financing options available. I don't know how it is in Appleton, but in Milwaukee, there are cash buyers for apartments---of course, they will re-fi after the buy but in order to get the deal and at a better discount, they are ready to react with either their own funds, a PML or an HML and close in 2 weeks or less.

    If you have hired a buyer's agent, you could ask your agent to easily pull you a list of all multi-families/apts in MLS (not talking about active listings, expired, etc)--your agent should know what this means and how to do it). You could also try Listsource or Alesco and the other list places to see if they offer just apartment lists. Once you have the list and your financing in place, try to call them or mail to them.

    Good luck in your REI adventures!

    Captain Save-A-Home LLC
    WebsiteView Page
    2Reply
  • Bryan Byrd
    Member since 2018 路 2 posts 路 0 votes
    7y

    Hi Ashraf Rebecca is right position yourself do your research and keep learning keep growing and never give up.馃檹馃檹

    0Reply
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