Recommendations on buying out of state rentals?

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Recommendations on buying out of state rentals?

Bob Faulk
Sumner, WA · Member since 2017 · 41 posts · 8 votes

I live in Seattle/Tacoma Washington area and am looking add a duplex property in Milwaukee Wisconsin. The property is in a good area and the price is right. What are some recommendations to rent a duplex out being an out-of-state buyer on the property? I use cozy now on my local fourplex and like the features but I guess I'm trying to figure out how to jump into more affordable markets out-of-state buying and renting! Thanks for any input

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Jason BottPro Member
Insurance Agent · Nationwide · Member since 2014 · 2k+ posts · 1k+ votes
7y
Originally posted by @Bob Faulk:

I live in Seattle/Tacoma Washington area and am looking add a duplex property in Milwaukee Wisconsin. The property is in a good area and the price is right. What are some recommendations to rent a duplex out being an out-of-state buyer on the property? I use cozy now on my local fourplex and like the features but I guess I'm trying to figure out how to jump into more affordable markets out-of-state buying and renting! Thanks for any input

 Bob, get a good PM.

There are several local firms that my out of state landlords work through that I would recommend talking with.  In my opinion, the fee is well worth having local boots on the ground.

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  • Adam Gollatz
    Rental Property Investor · Milwaukee, WI · Member since 2016 · 180 posts · 161 votes
    7y

    Hey Bob,

    Mind sharing where its located? Sounds like you are thinking of self managing from Washington state, is that correct?

    1Reply
  • Jason BottPro Member
    Insurance Agent · Nationwide · Member since 2014 · 2k+ posts · 1k+ votes
    7y
    Originally posted by @Bob Faulk:

    I live in Seattle/Tacoma Washington area and am looking add a duplex property in Milwaukee Wisconsin. The property is in a good area and the price is right. What are some recommendations to rent a duplex out being an out-of-state buyer on the property? I use cozy now on my local fourplex and like the features but I guess I'm trying to figure out how to jump into more affordable markets out-of-state buying and renting! Thanks for any input

     Bob, get a good PM.

    There are several local firms that my out of state landlords work through that I would recommend talking with.  In my opinion, the fee is well worth having local boots on the ground.

    3Reply
  • Bob Faulk
    OP
    Sumner, WA · Member since 2017 · 41 posts · 8 votes
    7y

    Hi Adam, yespecially wanting to at least get all the ins and outs of self managing. I do here and am learning tools that help. I will possibly rehab myself but want to build a network from herevil as quickly as I can. I've remodeled several units of my own now so I'm pretty quick at it however it'd be a pretty involved project to do it out of state. The property doesn't really need a big overhaul, at least that I can tell but I have a friend over there looking at the property for me and giving me a ton of details tomorrow. He's also a real estate agent so he knows a bit more to look for. I've reached out to several people in the Milwaukee area on bp do well see what comes up. 

    0Reply
  • Bob Faulk
    OP
    Sumner, WA · Member since 2017 · 41 posts · 8 votes
    7y

    thanks Jason, would you be able to shoot me the contact info for them?

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  • Adam Gollatz
    Rental Property Investor · Milwaukee, WI · Member since 2016 · 180 posts · 161 votes
    7y

    Cant really offer PM company recs, being that Im local I self manage. My advice would be factor in management to your numbers. That way you can try to self manage in the beginning and if it doesnt work out, you could turn it over to a PM. If you have a fully renovated property in the right area and a friend thats local, id say its doable. 

    When you lock it down, share or message me the address and I'll give you my unbiased 2 cents whatever thats worth.

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  • Jason BottPro Member
    Insurance Agent · Nationwide · Member since 2014 · 2k+ posts · 1k+ votes
    7y
    Originally posted by @Bob Faulk:

    thanks Jason, would you be able to shoot me the contact info for them?

     I just sent

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  • Bob Faulk
    OP
    Sumner, WA · Member since 2017 · 41 posts · 8 votes
    7y
    @Jason Bott thanks my friend
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  • Bob Faulk
    OP
    Sumner, WA · Member since 2017 · 41 posts · 8 votes
    7y
    @Adam Gollatz thanks Adam, good advice
    0Reply
  • Brandon SturgillBusiness Member
    Real Estate Broker · Columbus, OH · Member since 2013 · 3k+ posts · 1k+ votes
    7y

    @Bob Faulk Milwaukee is a pretty decent place to be in the summertime...but it's not really an affordable market compared to many of the stable Midwest markets. What is it that you like about Milwaukee? The last trade area report I read showed a population stagnation...

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  • Rachel Luoto
    Lake Oswego, OR · Member since 2015 · 174 posts · 115 votes
    7y
    Hi Bob, I’m also in Washington and use cozy to self manage rentals here. Recently started buying out of state in Memphis... please get a reputable (and communicative) on site property manager! We are having to evict an inherited tenant, and it’s great having property management that knows the local laws and to facilitate that process.
    3Reply
  • Bob Faulk
    OP
    Sumner, WA · Member since 2017 · 41 posts · 8 votes
    7y
    @Brandon Sturgill hi Brandon, thanks for that input!! Which markets do you see better opportunities in?
    0Reply
  • Bob Faulk
    OP
    Sumner, WA · Member since 2017 · 41 posts · 8 votes
    7y
    @Rachel Luoto that's great...how long ago did you buy in Memphis? Btw are you guys in any kind of meetup or in any Mastermind group?? Just curious. Your in motion so I'm sure you have much to provide by way of experience
    1Reply
  • Marcus Auerbach
    Investor · Milwaukee - Mequon, WI · Member since 2010 · 5k+ posts · 7k+ votes
    7y

    @Bob Faulk welcome to Milwaukee. A great group to join is the Brew City on FB. Generally you should know that Milwaukee is a bit complicated and often misunderstood. Neighborhoods change from block to block and you need to know what you are looking at - for example: it is correct that Milwaukee propper is stagnant in population, but if you look at Milwaukee metro it is not. You could almost call it inter-city migration - driven by school districts, property taxes and crime rates - growth and appreciation fluctuate a lot around the city.   

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  • Bob Faulk
    OP
    Sumner, WA · Member since 2017 · 41 posts · 8 votes
    7y
    @Marcus Auerbach thanks Marcus, I'll be looking for a pm out there and any other quality people to add to the network of people needed to service the property as an out of state buyer. Do you have any recommendations. I'll check out that Facebook page also. Do you also have rentals out there maybe you'd be available to connect by phone? Thanks again
    1Reply
  • Rachel Luoto
    Lake Oswego, OR · Member since 2015 · 174 posts · 115 votes
    7y
    Originally posted by @Bob Faulk:
    @Rachel Luoto that's great...how long ago did you buy in Memphis? Btw are you guys in any kind of meetup or in any Mastermind group?? Just curious. Your in motion so I'm sure you have much to provide by way of experience

    @Bob Faulk thank you! I am a part of the REAPS organization, and volunteer at my local branch in Kitsap. A friend at that meeting had bought there, sight unseen, so our network gave us a resource to use through our process.

    I dislike formal setups like Masterminds and Mentorships - I prefer just building real relationships with the people I meet :)

    1Reply
  • Aaron Stuiber
    Real Estate Consultant · Milwaukee - WI · Member since 2018 · 142 posts · 73 votes
    7y

    @Bob Faulk

    Gato City Properties is a great resource for PM / leasing but they work mainly with larger complexes. There are a few really good Facebook Groups specifically for Milwaukee investors and like Marcus said Brew City REI is a great group that has alot of resources including contractors and PM's.

    1Reply
  • Bob Faulk
    OP
    Sumner, WA · Member since 2017 · 41 posts · 8 votes
    7y
    @Aaron Stuiber that's funny I literally just got on brew city rei on Facebook this morning. I met a guy out there that buys in rougher areas and handles the property management on his own because most of his clientele don't really have checking accounts. I also found several other contacts and am getting set up with brewery credit union because they are a primary lender with that type of property. Anyway, I always enjoy talking real estate if you have any additional input. Thanks again
    1Reply
  • Rebecca KnoxBusiness Member
    Specialist · Milwaukee, WI · Member since 2014 · 1k+ posts · 1k+ votes
    7y

    Working with many out of state investors, my advice is the same as Jason---start with getting an honest and experienced property manager--they will have all the other resources you need. If the property is in a good area, you should not have an issue finding one. Many excellent property managers here are more selective about the areas they will manage. 

    Also, thank you for joining the Brew City REI Club--we hope you find the group useful. If you visit Milwaukee, I can also plan a networking or pop up event at another member's project.

    Good luck on your REI adventures.

    Captain Save-A-Home LLC
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    2Reply
  • Account Closed
    Vacaville, CA · Member since 2018 · 7 posts · 3 votes
    7y

    Hi Bob!

    I'm from the northwest (Portland, OR), and I'm investing in Milwaukee as well. 

    I'd love to talk further with you and compare notes. I'll DM you as well. 

    I have an offer on the table that has been accepted, and I'm going through the inspection report today. The deal should close by the end of January, if it all goes well. 

    0Reply
  • Bob Faulk
    OP
    Sumner, WA · Member since 2017 · 41 posts · 8 votes
    7y
    @Scott Eissfeldt that's awesome. Give me a call when your available. I don't know how to post my phone number on this thing but you're more than welcome to give me a call I'd love to chat about it! I'd enjoy talking to you about what I've learned and a few of the contacts I've made. Maybe we could work toward finding a deal together out there!! Talk to you soon my friend!
    0Reply
  • Michael Henry
    Real Estate Consultant · Brookfield, WI · Member since 2014 · 873 posts · 350 votes
    7y

    @Account Closed feel free to reach out to me if you need an experienced real estate broker and Boots on the ground. I might be able to help if problems come up.  

    0Reply
  • Calvin OzanickBusiness Member
    Property Manager · Janesville, WI · Member since 2017 · 707 posts · 297 votes
    7y

    Bob,

    I currently manage rental properties in Janesville, WI. This is about 1 hour 15 minutes to the west of Milwaukee. If you are looking in the Wisconsin/Midwest area. I would highly recommend moving west of the city. This is simply because costs typically run much higher in those areas. If you would like to see some sample deals of ones we have recently done in Janesville, please let me know!

    Wisconsin Property Managers4.7412 Reviews
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