@Marcus Auerbach thank you for sharing this info. I am trying to expand my portfolio and am researching the best markets with with cashflow potential. I have a property outside of Boston, MA and it is just too expensive to do anything in that area at the moment. I have been analyzing multiple properties and have read the books. I know what needs to be done, in theory. However, a part of me has this nagging fear of going through the same experience as your friend. Unlike them/the person that called you asking for agents in the area, I am willing to (and rather) pay for a property in a better neighborhood in need of some cosmetic work. I am in the process of networking with agents, PMs, and contractors to have a team in place.
Your post has been a reminder to me that doing the proper checks up front (reaching out to agents, PMs, and even contractors) and listening to the people that live/know the area before jumping on a deal saves a lot of heartache in the future. I’ll look into the Milwaukee market and reach out to you if it seems like something that would fit my criteria.
