Investing in Kenosha - first time buyer from Chicago

3 Replies

Hi there!  

I'm brand new to the BP forums but happy to be here.  I am 25-years-old and looking for my first real estate deal so that I can get the ball rolling towards financial freedom.  I would like my first deal to be close to home so that I can be more involved in the process of going to look at properties, but I live in Chicago and am not too excited by the real estate market here given that the supply is increasing (lots of new construction), the demand is decreasing (city population declining) and Illinois is just going down the tubes financially (some would argue that the state is already way down the tubes).  As such, I was looking at some cities relatively close to Chicago so that I could get out there to take a look at some properties on a free weekend.  I saw that Kenosha was experiencing a pretty nice trend in rental rate increases and thought that it could be a good place to start.  A few questions for all you smart folks out there:

1) What do people know about investing in the Kenosha area?  I've done a bit of reading from some other BP posts and it seems like I just need to be careful on the exact area due to crime rates but any other insights?

2) Do people have any good property managers that they use/have used in that area?  Although I am looking for a property close-ish to home I don't know that I want to be going out there frequently to manage it. 

3) If I'm looking for a bank to finance a loan should I be looking in the state in which I live or the state in which I'm investing?

4) Any other tips for someone looking to invest out of state?  Things I need to watch out for?

I look forward to the advice and insights!  Thanks so much!

-Michael

@Michael Rosenson welcome to BP!

If you have any financing questions, I lend in both IL and WI and I work with many local investors here in Chicago that invest in WI because the numbers make more sense.  Happy to help answer any questions you might have.

There are many things to look out for, make sure that you do your homework on the people that you want to work with (realtor, lender, other investors, wholesalers, property manager, tenant, etc).  That will be the difference from a great experience to a bad one.

Best of luck!

We are one of the largest lenders in Wisconsin and have local connections there.  Happy to help connect you with agents, property managers, and get you some of the local intelligence you're looking for, as per above.  Agreed that you will want to answer a lot of these questions prior to jumping in.  Feel free to PM me!

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