Any investors in Wisconsin I could talk to?

Question

Looking at buying my first rental I have about 15k saved up. Just wondering best ways to go about buying a property? What to look out for? Any tips to save money when doing rehab? I'm new to all of this

Shawn Ackerman · Answer

@Travis C Brown I'd suggest focusing your attention on rental listings on different online platforms, reaching out to sellers and negotiating a lease option with a sublet clause  This will likely get you started with a property that would/should not need a great deal of work.  If landlords are marketing vacant units, you could be their solution.  For example, if a seller is listing a rental(just thinking about my market of Milwaukee WI for example) in a duplex for $600 and the other is occupied for $600, then you could essentially do a rent to own with the seller.  Solve their vacancy problem, put a nominal down payment down and find the vacant unit tenant yourself.  You can put a long term agreement together with favorable terms and limited risk.  Otherwise finding sellers who are open to seller financing through working with a realtor, wholesaler or finding the sellers on your own.  All the best!!!

Rebecca Knox · Answer

I agree with the local investors on this thread. Connect with people who are LOCAL to the city you want to invest in. Networking is how you find the right team and many times, who to avoid. Are you looking to invest in Wisconsin and if so what area?  With what you described and if you don't currently own, I'd say start by looking in to house hacking.

Lance Jehn · Answer

@Travis C Brown hello Travis.  I would be happy to give you a second opinion on any deals you find.  I have a number of properties in the area.  Feel free to message me on BP and I can give you my number...if you are interested.

Mark Strobel · Answer

Hey Travis!  I saw your post regarding getting started in the Wausau area.  I'd be happy to talk with you about our experiences in this market.  We are in Weston, but have properties in Wausau, Schofield, Mosinee, as well as Weston.

Brock Mogensen · Answer

Building connections in your local market is essential.  Realtors, bankers, contractors, insurance brokers, etc..  I also invest in the WI market.  I'm happy to help with anything, feel free to shoot me a message.

Corina Eufinger · Answer

@Travis C Brown, there's quite a few good markets in Wisconsin. Some obviously better than others. The "best approach"all depends on what kind of portfolio you want and how you want to make your deals.  Rehab market is booming in Beloit, Janesville, and parts of Milwaukee right now.  Housing demands continue to grow in Green Bay but they aren't a lot of solid BRRR opportunities there (is my understanding).

Start networking in the state, connecting with people on here.  As you develop relationships and truly cultivate them, that will help you save money on rehabs in the long run.

Account Closed · Answer

@Justin Woodworth

40%??? Would you be so kind as to show us the numbers? Please include 10% of the rents for property management.

Just trying to learn here.

Thanks.

Gregory Chadwell · Answer

Hi Travis, if your looking in Milwaukee, I was a lender for over 10 years and currently own and manage my own rentals.   I have connections to get things done affordably too after the fact....

Travis C Brown · Answer

@Corina Eufinger ok I'll look for more people to connect with. I'm so new that I wasnt sure were to start. The bigger pockets books really have done a lot for me.

Travis C Brown · Answer

@Jack Medford the goal is to get some cash flow but also start building long term wealth.

Any investors in Wisconsin I could talk to?

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