Picking a good investment property

[Megan Johnson]

Hi all! I am a current duplex owner in Waukesha, Wisconsin. I lucked out with buying this first property from a family friend where I knew there was no problems, renters were stable, and it was a good deal. My next buy will be the typical market purchase. What websites do I look at to find multifamily properties, what do I look for in the property physically, etc.? 

[Rebecca Knox]

Hi Megan,

I would suggest building a relationship with a trusted and investor experienced realtor---there are many that are investors themselves. Premier Point Realty is pretty much a brokerage of local investors/agents and Homestead Realty also has many investor agents. Additionally, you may want to reach out to local property management companies as they often have clients that are selling or might consider it at the right price. The things I pay attention to when evaluating deals is the age of mechanicals, roof, windows, and any basement or concrete issues as those are the priciest repairs. Other things that I consider is off street parking and if the property has no basement which is typically unfavorable in WI. Lastly, if the property is rented out, verification of leases and I may require Estoppels to be completed prior to closing which has the tenant signing off on what's really going on with their lease/payments/outstanding maintenance/who takes care of what. 

Good luck with your REI adventures. My husband and I run a couple local real estate investor clubs (Brew City REI & WI Contractor Clubs) as well as our real estate investment company, Captain Save A Home LLC. He is also a licensed agent with Premier Point Realty. Reach out anytime we can help.