Hey there everyone,
My wife and I are just getting into the investment market, looking to become buy-and-hold rental property owners for multi-family properties. Just an initial in-depth search on Zillow, MLS, BP, Auction.com..etc, we have noticed that there are not so many properties that we could get that would give us a good cash flow. Just curious if this is generally what people are seeing in the Wisconsin market and whether or not anyone is having success out there.
Hi @Andrew Thomas Rich ,
I see you are in the Oconomowoc area. I have been looking for properties for the last several months and am in the same boat you are. There are not that many deals out there that make sense. The biggest thing is what you consider "good" cash flow. Most of the people on BP that I have seen aim for $100-$200 cash flow per door. I have found some properties that cash flow like this but are on the west side of the state. Although I would like to get a nice cash flowing property making more than $200 per door, I may end up looking for a live in flip as there are quite a few homes that are in need of work close to where I am. Now getting the asking price down to were I would need it will be the hard part.
Thanks for responding @Jared Baker .
No kidding right? People are paying over asking price right now for homes that they don't really want to live in. It is kind of a waiting game, but I definitely agree that the live 'n flip is probably the way to go right now. We are currently fixing up our house now, looking to move out in the next few years and just rent it out but we were kind of looking for getting an income property sooner! Just so hard to find anything. As you said, $200 per door is ideal but probably not as realistic in this real estate environment. This area is just going through the roof. I think I would settle for $100-$150 if it was the right deal cause atleast you are starting your portfolio and building equity as time goes on, but still, availability is key and just not seeing it. Thanks for responding and wish the best of luck to you!
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