All Forum Posts by: Clare Pitcher

 Rentcafe: https://www.rentcafe.com/blog/rental-market/market-snapshots...

Based off of the factors listed in the graph: average vacancy days, occupied apartments, prospective renters, lease renewal rates, etc. 

What are your thoughts on the order of this list?

Great questions! If you are brand new to real estate and want to become an investor and self-manage, the best way to learn is to get hands-on experience and learn from an expert. Find the best property management company in your area and work for them. This way you can learn from an expert on how to deal with certain tenant situations. This way, you are getting paid to learn and can ask as many questions as you need to along the way. I would suggest studying for your license while you are working at a PM. Continue to network and learn from those around you who have made it in the industry. Then you can start growing your portfolio and hopefully avoid a lot of the mistakes that first-time investors make! 

Hi Jacob, 

Welcome to Bigger Pockets! There are some great investment opportunities in/near Milwaukee. Our company currently manage about 500 doors in Southeastern Wisconsin. I have noticed that the owners with the most success do not fixate on cashflow but have a more long-term mindset. All good things come with time. We have been in business for about 11 years and the best places in my opinions to invest in are West Allis and Bayview. If you really want to invest in Milwaukee itself, I would suggest Washington Heights or Riverwest, or Harambe. Please reach out if you have an specific questions on rents!

You can go to our website whmilwaukee.com and take a look at our property map which shows the areas we manage in and the areas we do not. 

Quote from @Marcus Auerbach:

This brings back memories! 

My first live-in flip was a distressed 3,600 sqft home, shockingly not old just built in the 90s, but totally shot. I thought my 140k rehab funds were plenty, but I found out the hard way that it would really take $50-$60 per square foot for the interior. 

You do the math.

Plus all the the exterior projects: new siding, new roof, building out eave returns and soffit overhangs to fix the poor curb appeal, un-converting the attached garage, driveway, retaining walls, the detached garage, 144 truckloads of fill to create a front yard, landscaping... 

So outside of licensed electrician, plumber etc I ended up doing as much as possible myself, 5 hours every workday night and sun up to sun down on weekends.

Looking back this was a huge adventure for me personally, it took me 2 years, I learned a lot and it made me a better investor. I did it, because I had no choice, but I would not recommend it.

The pictures below are all (young me) me, including the guy inside the septic system.

 Wow!!! This looks amazing, what a journey!

I currently work for a property management company that specializes in 1-4 units, but I previously worked for a company that specializes in apartment buildings. The main difference is that in larger buildings, you have to manage the tenant relationships a lot more. Additionally, buildings typically have a younger demographic whose parents reach out on behalf of their children, so most of my time was spent managing the parents of the tenants versus the actual tenants. If I were you, if you have a larger sum of money to invest with, I would stay in the 1-4 unit range and look more in A or B class areas that won't need much maintenance or management. 

I recommend GC Realty and Development!! The people that work there are awesome. 

I like long term rentals because there is much less turnover and you can time the market a little better. You are able to have a guarenteed tenant for at least 12 months. With short term or mid term rentals you risk vacancy, especially in the winter since it gets so cold in the winter. It all comes down to your goals for the property, but I think the most important thing is to buy in a good area that will attract good tenants no matter which type of rental you pursue!

Hi Brooks, I think that an MBA would be your best option if you would want to eventually run your own business. Otherwise, some in Finance/accounting would be very useful. Love all the goals you have!!