Hi, I am an oos investor looking at some sfh in Beloit area, zips 53511. I have general questions on the neighborhood. Is crime a concern? The numbers seem interesting, it seems its possible to achieved 1.5% rule. How is the local economic trends? I have been reading good things about the economic revival in Beloit-Janesville area. Typical eviction and vacancy rates would be good to know also. Overall just looking to see what someone who is investing there things about the potential of that area for cash flow. Thanks!
My husband and I have 2 3/1 single family Properties in Beloit. There are some great opportunities in the area and you can definitely make at least 1.5%-but it is hard to find property in any condition. Crime is a problem and is concentrated in a certain area but many of the neighborhoods are somewhat depressed. We have been looking for duplexes/triplexes but have honestly not been able to find any that are even in decent condition. To be honest, many people from out of state hold these properties and have not taken care of them. We have looked at properties in the winter with cardboard in the windows that nobody is fixing. One woman had a bed against an outside door because the landlord would not fix the lock.
That being said, the area is turning around. Someone has bought the GM plant in Janesville and it is only an hour or so to Racine where Foxconn is going in. I would not be surprised if building does not start booming in that area as well.
Account Closed I think Beloit is a great rental market if you know what you are looking for. I currently own about 70 rentals in the and have a Real Estate team helping others invest get in the market as well. If you are interested in working with my broker to help you find deal both on the MLS and off, please let me know and I can send you his contact information. There are also a couple management companies & banks that I use that are Out of State investor friendly. We can help you get a better feel for vacancy rates and price points based on the locations in the city you are looking at.
Thanks a lot for the replies Chris and Kathy. Chris, your podcast was inspiring, Care for a chat sometime?
Are you still looking? I would be happy to chat with you. Many years of experience. Currently, have 200+ doors under management. Doing 5 deals a month in Janesville-Beloit.
Create Lasting Wealth Through Real Estate
Join the millions of people achieving financial freedom through the power of real estate investing