Home Buying in 53212>Question Details

young.ray88@…, Home Buyer in Milwaukee, WI

ow do I locate these rehabable properties in the greater Milwaukee, WI metro area? There are far too many vacant and dilapidated homes in this area.

Asked by young.ray88@yahoo.com, Milwaukee, WI Tue Mar 25, 2014

Would like to begin to address these homesa in a sustainable way, by rehabbing, and then making them available to residents of the community, at affordable prices.

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Answers

3
Hi there,
to piggy-back off of the previous answers, if you're not looking for a Realtor to help you out, I would also suggest watching the sheriff's sales that occur once a week at the courthouse. During my rehab days, we used to go to those every session.

Another tactic I've seen used is the "cold call". If you see a property that you think might be open to your proposal, you simply send them a letter asking them if their house is for sale.

There are lots of different methods. Good luck to you.
0 votes Thank Flag Link Fri Jun 20, 2014
Finding properties is the most difficult part of rehabbing. Once you find a deal there are many other investors that would happily partner with you if money is an issue.

An agent will be able to look at recent sales to find out how much the property would sell for after renovation and is an important part of your team. A good contractor is equally as important. Once you know how much you can, conservatively, sell a property for in the end you can deduct repair cost, carrying cost, and closing cost (don't forget there are two) and you have your offer price.

Price is not the only thing that makes a good deal. Watch location very closely!

Before you build your team, join a local REIA (Real Estate Investors Association) and become educated.
0 votes Thank Flag Link Thu Mar 27, 2014
Finding properties to rehab is really quite easy. Almost any real estate agent can assist you with that.

The more difficult issue is coming up with a financially feasible plan. I don't know anything about your financial situation. First you have to assess how much money you can put in the project and how much you can borrow. You could also work with a group to pool resources on both money and time. Then you will have an idea of what price range and amount of work you want to do and how costly of a project you want to take on.

Then and only then can you look at areas of interest and see if the properties that are avaiable fit into your specifications.

Best wishes on this exciting and very rewarding venture.
0 votes Thank Flag Link Tue Mar 25, 2014
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