All Forum Posts by: Amanda Wirch

You can generally look up crime maps in a town/neighborhood to get a feel for the "types" of crime (i.e. violent offenses verses petty theft).  I like to check those out, plus I look at what types of businesses the area supports or attracts, government work or money being invested into the area, check out neighborhood chat boards or facebook groups and find out what everyone's complaints/concerns are, and if possible, I walk the area myself.  An area with an outflow of older families/retirees and an inflow of young families always interests me, areas that the city is trying to revamp interest me, and areas bringing in more local or boutique style shops ALWAYS interests me...particularly in smaller markets.  

I would take yourself and your own expertise into consideration.  Do you know knowledge of a particular industry/large area company?  Do you have a niche market you would like to attract?  (ie. young families, young professionals, pet owners, millennials...ect.)  What areas of town do you foresee good things for in the next 10 years?  Have you done your research to back that hunch up?  Use your own "insider" information!

Open to anyone from newbies to experienced investors and everyone in between. Be ready to learn from others and share your experiences.  We simply want a place to edify each other and energize our own dreams!

6:00 PM start time and we will shut down (or move to the outside tables) around 8:00pm. Come for all of it or part!

If you are studying a market, look up a town's employment rate history, population growth over the last 10-20 years, do some google searches for large employers such as area hospitals, factories, company headquarters, schools, and colleges.  

If you are looking at specific neighborhoods within a market, thats a little tougher.  Driving it can be good, use google maps too to "walk" it and search for types of businesses, transit, crime rates, etc.  

@Matt J. Kegs falling off the roof....thats one I have yet to handle!  

Sounds like a good set up, with lots of benefits for both sides.  Many parents are supplementing their student's rent/room and board anyway, and those rates probably are pretty reasonable considering some of the alternatives.  Plus most students can't get rentals on their own anyway.  Sounds like a great system you have set up! Thanks for sharing your experience.

That is extremely difficult to say.  Without knowing too much about your specific market, or about those particular properties, I cannot say whether any of the deals you have looked at were worth "taking a chance".  To be fair, an agent does get paid when a purchase is made, so this agent is certainly not in it 'just' for the commission it would sound like :)

If you are questioning the choices on nixing some of those properties, I would suggest adding a property manager to your team.  A property manager (ideally from a different company/team than your agent) can add a lot of insight into current conditions and areas of need or growth in your market.  They would also add a second set of eyes/perspective that may help reveal further to you the issues/concerns with the properties that your agent has, and whether or not they are simply personalized preferences, or a true issue.  

My other question is, does your agent actually own properties?  Also if he has been in the market a long time, is he overly cautious in areas that might be undergoing a shift or change?  Areas that were problematic 20 years ago in a town often bear undo reputation for many years after they start to improve.  He may be trying to pick properties that he would buy, which can be hard to do if you two don't share the same vision or preferences in properties.

That sounds great! I've always wondered how renting by the room goes when you involve a property management company...I assume it depends on the company?  How do the leases handle the shared amenities?  General rules for maintenance and shared care of common spaces?

Thats fair!  In college rentals, I don't know that I would jump onto the LVT wagon...price wise you may not get the bang for your buck due to the high traffic, high wear nature.  I have had good luck with a mid-range laminate click flooring.  It wears well with pet friendly rentals in particular.  I would think it would hold up pretty well to college students then ;-)

I'm making sure I understand the post...did you say you have hardwood, but it isn't scratch resistant?  And that you don't want to sand and refinish?

Honestly, I've rented and owned a variety of flooring.  OLD hardwood (think original stuff from midcentury or earlier) is by far the best value as far as longevity.  The old, hard stuff just doesn't seem to wear beyond the sealed surface.  Newer stuff is just so soft and will eventually chip or ripple if its fake wood.  Could it be worth the money to pay someone to sand and clear coat the original hardwood?  Even if you don't do the work yourself, the longevity you will get from the wood may be worth the expense.

Doolan, I think I looked at that property!  At least, online I did :D  I wasn't familiar enough with Milwaukee to take the leap just yet, but it sounds like a great opportunity, and will serve you well in the next year or two!  Congratulations!  Bay View is a great area too, from what I gather from family members in the area.

As someone with 2 large breed dogs, I can tell you that the way to go is to just charge more rent, and then market directly to pet owners.  I know that renting with dogs is rough, and I am willing to pay significantly more than many for a smaller apartment, simply because they a) allow dogs (multiples, and large), and b) have hardwoods that will hold up to the inescapable "messes" that come with having dogs (yeah, bodily fluids, but also mud, snowy paws, and lots of fluff....)