New to real estate - getting into Multifamily in MKE

[Adam Gerstmeier]

Greetings!

After years of reading books and listening to podcasts, my wife and I decided its finally time to move the ball forward and explore pulling the trigger on investing.  

Initially I am thinking a fourplex is an appealing property type, but I'd love to connect with some current multifamily owners to find out your personal experiences in this arena.  I have a young family, and my day job is pretty demanding, so I wont have a ton of time to personally put in sweat equity.  This means relying on good contractors, property managers etc.. to help with things which obviously adds a layer of complexity to getting good deals done.

Additionally, I've done some cursory reviews of MLS properties, and it comes as no surprise that, after some rough rental calcs and investment calcs, show there isnt too many properties that jump out and scream cash flow. Shows I have a lot to learn to find some BRRR and off-market properties to improve value.

If there is anyone with experience in the Milwaukee area willing to share some lessons learned I'd love to touch base.  I live here and grew up around here, so while familiar with the geography, have a lot to learn when it comes to the RE side of things.

Thanks in advance for your help and I look forward to contributing to the community

Best regards,

Adam

[Rebecca Knox]

Most 4 units and above sell off market. We just wholesaled two 4-units at $350k that appraised AS IS at $400k a couple of weeks ago. I'd suggest start connecting with as many real estate agents that are also investors and credible wholesalers but also property managers---property managers like PMI, Welcome Home Milwaukee and City Wide will actually also do the rehab portion. You might also consider single family buy & hold as many investors in our market like how passive they are after stabilizing.