I'm in the middle of searching for my first investment property in the Milwaukee area. I'm looking for a multifamily property with a max price of 150k. Ideally I'd like a 4 door property but 2 or 3 unit i'm open to as well.
From listening to the podcast I keep hearing that networking and talking to other local investors helps you in many ways and since I'm new I'd figure I'd throw out a line to see what comes back.
Here's what I'm looking for help with:
- Is anyone is aware of properties not listed on the MLS that I should be looking at in the area?
- I'm based on out Chicago and will need a property management company sooner rather than later. What are some good ones you've worked with especially for investors with not a lot of property?
Thanks in advance!
@Justin Johnson most investors start by defining a property type/neighborhood/price - with that the target audience becomes a default to the choice of property as the property will choose it's tenants. If you have not done already, I suggest taking a step back and thinking about who you want your tenants to be.
Your choice of audience will define much of your investment experience. There are differences in income, financial stability, wear and tear on the property, lenght of lease and more. A family with kids in a good schoold district will be very different experience compared to a young professional couple, someone looking for affordable housing or a group of college students. Based on your determined target audience you will automatically arrive at a neighborhood, price point and property condition. And based on that you can define your strategy.
As far as property management I don't have much first hand experience as we manage our portfolio in house, but I would recommend you to speak with @Matt Maurice ; he is a great guy and his company REIS has a very good reputation.
@Marcus Auerbach My target market is blue collar families that are above poverty but not high income earners. Ideally I want this to be their home and that will help with vacancy rates.
@Matt Maurice Let's chat this Saturday. What's your cell I'll shoot you a text?
@Tyler Smith Thank you for the recommendation.
Wow! I'm glad to know we're not the only ones. We are in a very similar position as Justin with price and experience. Properties are flying off of the MLS like hot cakes and we are looking at properties in the about the same price range for multi-families or less for single families. We are having trouble getting in and offering before another offer comes in. We have the financing in place and want to make an offer by the end of the week. Any help would be GREATLY appreciated!
Hey Justin - you may want to connect with Brie Schmidt. I know she's a broker and does property management in both Chicago and Milwaukee. Definitely would be a good resource for you.
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