New Richmond WI Area
Hello all,
I am looking to purchase my first rental property near where I live which is around New Richmond WI. I am wondering with what high population growth with this town and the area around it if it is a good start to purchase a townhome that I would be renting out.
If needed any town within a 100 mile radius of there I can venture out to.
Thank you!!
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Here is a response that is not generated by ChatGPT.
You are just a hopskip from St.Paul MN, that is definitley a plus. And your own backyard is always the best place to invest. The home field advantage in real estate is huge, it will make up for a LOT of other factors. And while population growth is always nice, a stable market is just fine. I have been investing in Milwaukee since before it started trending 10 years ago and never had an issue with rental demand. Keep in mind that almost half of the population in the US rents, so there are plenty of people to rent to. When I got started my biggest concern was picking an area that had enough other rentals, so there is viable demand. Today this gives me a good chuckle, because renters are like tourists - they prefer to see not too many of their own kind.
There are 100 good ways to do this. My thing has always been to buy properties that are slightly better than average in location and condition. There are plenty of run down properties in Wisconsin, there is always demand for something that is nice. Its like the old joke you don't have to run faster than the bear, you just have to run faster than your friend. Or rent a nicer place than your competition. And also: people are willing to pay a couple hundred bucks extra, too.