Could the Midwest “Startup Surge” Fuel Price Growth?

Dave:
Would you like regular returns? The Midwest startup surge is altering actual property without end. At this time we’re exploring why the Midwest is attracting consideration for startup progress, stable job markets, and resilient housing, all whereas remaining comparatively inexpensive. You all know this when you hear frequently, however I like numerous Midwest markets for the basics. I make investments there myself and frequently take a look at information for brand new alternatives. And there are numerous Midwest cities fueling job progress and tech growth whereas nonetheless providing a number of the most inexpensive housing within the nation. However is that this momentum only a short-term buzz or is it a recreation changer that might reshape the actual property investing marketplace for years to come back? I’m Dave Meyer, and in at this time’s episode of On the Market, I’m joined by Midwest actual property skilled Dan Nelson and our in-house analyst, Austin Wolff to interrupt down all of the numbers. Let’s get into it. Dan Nelson, welcome to On the Market. Thanks for being right here.

Dan:
Thanks. Yeah, it’s good to be right here.

Dave:
Nicely, I’m glad to have you ever right here as a result of Austin and I take a look at these items very academically. I do put money into the Midwest, however it’s good to have a local and who’s somebody on the bottom speaking about these Midwest markets. So respect that. And Austin, as all the time, thanks for coming again.

Austin:
Glad to be right here.

Dave:
You type of put collectively this listing for us on markets that you simply like, that you simply assume provide good potential, good fundamentals. Inform us the way you went about choosing the markets that we’re going to be discussing at this time.

Austin:
Yeah, so there’s a web site referred to as midwest startups.com and so they prefer to rank all the totally different type of cities and metros within the Midwest for the way pleasant they’re to startups. And why I believe that’s necessary is as a result of if a metropolis is pleasant to startups, theoretically, they need to even be pleasant to companies. Individuals might need to go there, companies may be rising. I imply, that was the type of first information set that I checked out. I truly appeared on the prime 5 cities that they ranked that have been greatest for startups. After which I checked out all the totally different underlying fundamentals inside these cities to see how they may stack up for particularly out-of-state actual property traders. However traders in these cities as properly would possibly profit from this info too.

Dave:
Obtained it. And what does that imply, startup pleasant? Are you able to simply inform us what a number of the metrics are and inform us slightly bit extra concerning the underlying insurance policies or local weather in these cities that make it enticing for companies?

Austin:
So first variable that we take a look at is the precise variety of startups which are began every year inside the metropolis. If there’s quite a bit that’s good, if there’s not quite a bit, possibly not so good. We additionally take a look at the college system simply because sometimes a enterprise desires educated employees. So if companies are round numerous superb faculties, they’ve an excellent workforce to drag from. We additionally take a look at authorities assist after which the tax local weather as properly.

Dave:
Nice. So let’s get into it. What’s our first market right here?

Austin:
Yeah, so I needed to begin on the prime. The primary metropolis that startups ranks as the most effective metropolis for startups is Chicago.

Dave:
Yeah, I heard this. Yeah, we have been speaking about planning the present and I heard this, that Chicago is primary, which is without doubt one of the predominant causes we’re bringing on Dan, who’s an agent in Chicago. So we’ll get his absorb only a minute, however what are the rules that you simply see right here that make Chicago a fascinating place for companies and maybe for investing within the Midwest?

Austin:
So Chicago ranks primary by way of variety of startups in addition to variety of exits. So in case you have a startup there, simply statistically you’re extra prone to have an exit in Chicago than different cities within the Midwest. There’s additionally the very best variety of VCs and the very best variety of capital being invested into startups in Chicago

Dave:
Out of the Midwest. Proper

Austin:
Out of the Midwest, appropriate. Sure,

Dave:
Positive. Okay. And I’m curious, Dan, is that this one thing that you simply hold observe of as an investor and as a agent in Chicago?

Dan:
Yeah, there’s quite a bit about Chicago that’s distinctive, however one of many issues that occurred, I believe it was like 2012, was JB Pritzker began this venture referred to as 1871, which mainly exploded startups in Chicago. It was already a fantastic startup space, however it actually inspired VCs to come back right here, and VCs have come right here and so they’ve had extra success right here than they’ve had within the different areas. Clearly it’s extra inexpensive. Simply as Austin stated, there’s tons of universities round Chicago. It’s additionally a spot the place when you get a university diploma, you’re very prone to transfer to Chicago. So it’s a extremely nice hub for that.

Dave:
Yeah, I imply Chicago has a lot infrastructure. I suppose the factor that you simply hear about Illinois on the whole is that inhabitants is declining. Is that one thing that issues you, Dan, or that you simply discover in your underwriting or your investing?

Dan:
So there are some things about Chicago that scare individuals exterior of the town make investments, and that’s one in every of them. The fact is the individuals which are transferring out of Chicago typically are older and transferring to hotter shoppers, and there’s extra older individuals than there are youthful individuals proper now. So any metropolis the place it’s a colder space and so they’re migrating out, you’re going to see that. The opposite factor is almost all of individuals which are transferring in are faculty educated and nearly all of the individuals which are transferring out are usually not. So you’re seeing a brand new rental base that has extra money, that typically has extra white collar jobs than what’s been the case in Chicago. So that they’re prepared to pay extra and so they’re in search of greater items than what individuals did up to now.

Dave:
Alright, and also you stated there are different issues that scare individuals off. I think about there’s numerous narrative about crime in Chicago. Is that one other one?

Dan:
That’s a giant one. After I come on a podcast like this and I speak about this, traders in Chicago get so mad at me as a result of it’s a secret. So many individuals are afraid to come back Chicago, they don’t understand what a fantastic setting is and numerous locations within the Midwest. So yeah, when you simply take a look at uncooked numbers, it’s a giant metropolis. After all there’s numerous crime, however whenever you take a look at per capita, it doesn’t rank very excessive. Once you hearken to a number of the information, you’ll assume persons are driving up and down the road taking pictures Uzi out the window to everybody. And anywhere the place there’s extra poverty, there’s extra crime, and the place there’s much less poverty, there’s much less crime.

Dave:
Yeah, that is smart. And Austin, are you able to inform us slightly bit about a number of the main industries which are driving a number of the fundamentals in Chicago?

Austin:
I would love to level out finance as one of many main industries. Chicago is a large finance hub and there are numerous nice jobs in finance in Chicago. Is probably not the main business, however it’s definitely prime three.

Dave:
Dan, in your expertise in Chicago, what’s the transfer for traders? What are methods that work at this time?

Dan:
Yeah, so Chicago is a humorous place as a result of we don’t have numerous emptiness. Our emptiness price is forty fifth within the nation for a metropolis that’s third or fourth in inhabitants, however there’s nonetheless a good quantity of provide. So after I speak to individuals in Chicago, they’re native, they’ll say, man, there’s nothing in the marketplace. After I speak to somebody from California or anyplace exterior, they go, oh my God, I can’t imagine what number of properties in the marketplace. How are there properties which have 45, 60 days in the marketplace? What’s mistaken with them? So there’s numerous alternative right here, notably when you focus in that two to 4 unit house as a result of Chicago was arrange a spot for immigrants to maneuver right here and hire. There was no thought of possession. Initially when Chicago was constructed, you have been going to maneuver right here and also you have been going to hire.
So that they constructed all these two to 4 unit properties. But in addition after World Struggle ii, all these individuals got here again and folks had single household properties and all these troopers got here to Chicago and there’s no place to take action they began renting out their basement. So that they have these type of home made ADUs all over, however they’ve been tearing these down in areas which are gentrifying. So that you would possibly go, oh, they’re taking a single household residence and so they’re changing with one other single household residence, however the brand new Sam household residence doesn’t have somebody renting within the basement. So we’re continually dropping rental as part of it. So if you will get into that market and get that two to 4 unit property, you have got a singular property with a really low emptiness price.

Dave:
Usually talking, is it doable to realize not less than break even cashflow with a few of these offers?

Dan:
Yeah, I imply all the pieces depends upon the place you look and there’s that lever that I do know you speak about on a regular basis, Dave, which is would you like straight on cashflow or would you like straight on appreciation? And each stage of that exists in Chicago. Chicago is a metropolis of neighborhoods and each neighborhood has its personal distinctive factor. So there are areas the place it’s very easy to cashflow, after which there are different areas the place there are straight appreciation performs and most of the people form of choose that center floor the place they’re going to cashflow slightly bit at first, however over time they’re going to see that improve dramatically, however they’re additionally going to get that appreciation on the property.

Dave:
Nice. Nicely thanks for explaining. I simply assume it’s necessary as a result of numerous occasions once we speak concerning the Midwest, the attraction from many individuals is the potential for cashflow and completely agree that it’s as much as every particular person what their technique is, the place they need to fall on that spectrum of cashflow versus appreciation. However numerous the explanation we’re speaking about Midwest markets at this time is as a result of it’s laborious to search out money on the southeast and the west and the Midwest, typically talking, presents higher alternatives for that. And it feels like Chicago may need these choices developing extra on why Midwest markets are heating up. We’ll be proper again. Welcome again to On the Market. I’m Dave Meyer right here with Dan Nelson discussing all of the methods the Midwest is booming. Alright, Austin, it appears like a second market right here in your listing is Minneapolis. Inform us about it.

Austin:
So Minneapolis, relating to startups particularly, it ranked quantity two and it truly had numerous similarities to Chicago. It had numerous variety of startups, numerous variety of exits and vc, numerous capital there. By way of the tax local weather, it’s not so pleasant. It’s truly related or worse than Chicago, which is fairly fascinating and much like Chicago, when you take a look at the metro space, not the precise metropolis of Minneapolis or St Paul, however the broader metro space, the gathering of counties that make up this space, it has nonetheless skilled basically job loss and inhabitants loss. Not by a lot, however it’s nonetheless not on the peak the place it was once in 2019 and possibly January of 2020. So I discover that fascinating, however what me much more is the general appreciation in Minneapolis is definitely larger over the previous 5 years than Chicago for the metro space, not the precise metropolis itself. I believe Chicago had a 27% median worth improve over the MSA as an entire, whereas Minneapolis had a 36% median worth improve over the MSA as an entire. So I discovered that to be fairly fascinating. I truly don’t know why it could have the next appreciation than Chicago, however that’s definitely one thing to check out.

Dave:
Alright, properly I imply Minneapolis to me, it’s a type of sneaky markets that has all these big firms. I believe goal’s primarily based out of there three M’S primarily based out of there. There’s numerous Fortune 500 firms which are primarily based out of Minneapolis, and in order that mixed with startups, I can see job progress occurring there. Now you stated that tax scenario is worse in Minneapolis, is that simply company taxes?

Austin:
Yeah, it is without doubt one of the least pleasant states relating to taxes for firms.

Dave:
What concerning the scenario with revenue taxes or property taxes? Dan, you would possibly know this, however I believe Chicago has tremendous excessive property taxes, proper?

Dan:
Nicely, it depends upon the way you take a look at it. So my reply is not any. When you’re shopping for a single household residence, then you definately’re going to see fairly excessive property tax, notably when you enhance the property, the town form of places their thumb on the size for 2 to 4 unit homeowners as a result of they know that you simply’re simply going to move it on to the renter. So that they hold them artificially low. Now it’s important to battle your taxes to know you could battle your taxes each three years in Chicago, however you’ll have numerous success when you personal a two and 4 unit property. I’ve had mine go down as a lot as half. Oh, wow. Yeah, so there’s numerous alternative there, however most individuals don’t. So that they don’t perceive alternative they’ve. However when you had a single household residence and a multi-unit sitting proper subsequent to one another and so they have been just about the identical property, the taxes on the one household residence are going to be larger even than a 4 unit property.

Dave:
So Austin, do you have got any sense, I do know you don’t make investments there your self, however from what I perceive, Minneapolis is a reasonably costly market, notably by Midwestern requirements. Is that this a spot you could get cashflow? What’s the transfer for traders?

Austin:
Simply primarily based on the median home worth and the rents there, it’s arguably going to be slightly tougher to search out cashflow in Minneapolis than different Midwest cities, however the appreciation was slightly larger as properly. So yeah, laborious to say, however appreciation’s going to be slightly larger than cashflow, let’s simply say that.

Dave:
Alright, properly, there clearly are traders who need to focus totally on appreciation, so Minneapolis might be a great marketplace for that. Dan, I do know you’re in Chicago, however do you have got any ideas on the Minneapolis market on the whole?

Dan:
Yeah, so the factor that Midwestern cities have in widespread is that there’s numerous land and there’s only a few large cities. So persons are drawn to these greater cities. Even when you’re in Kansas, you’re going to be drawn to Wichita, which is a smaller metropolis in comparison with different issues. Or Kansas Metropolis, you’re going to be drawn by that. And in Minneapolis it’s the identical factor. You’re surrounded by numerous plain states. So a part of the explanation you’re seeing that appreciation is lots of people have moved there from the smaller cities. There’s nonetheless a restricted quantity of property in Minneapolis in comparison with one other Midwestern sized city.

Dave:
Yeah. Two issues I need to point out too is lots of people I believe after they take a look at information for markets, take a look at state stage migration and stuff, which to me is totally ineffective. It doesn’t actually matter, and try to be taking a look at particular person markets. For instance, in Chicago, I believe I learn one thing not less than throughout the pandemic that individuals have been leaving the market Chicago, however numerous them have been simply transferring to the suburbs, proper? Exterior of Chicago. That is true of numerous locations. You see this in New York too. Persons are saying, oh, persons are leaving New York, however then the suburbs of New York are actually proper now the most popular housing markets within the nation. And so it’s essential take a look at particular person dynamics. It’s not simply what’s occurring within the particular person metropolis. So I believe that’s in all probability, to Dan’s level, a few of what’s occurring in Minneapolis is that there are locations that people who find themselves transferring from different locations within the Midwest there.
The opposite factor that’s fascinating, I don’t know an excessive amount of about it, however I do know St. Paul, that is proper throughout the way in which from Minneapolis, did implement hire controls. And so from what I’ve heard, that may be a a lot much less favorable if you wish to be in this sort of basic space. St. Paul’s a much less favorable space for landlords, whereas Minneapolis is a little more landlord pleasant. All proper. Let’s transfer on to our third market, Indianapolis. That is one we speak quite a bit about on the present, however Austin, inform us why, in accordance with your analysis on startup and enterprise local weather, Indianapolis is within the prime three.

Austin:
Yeah, so Indianapolis truly has quite a bit much less large exits than Chicago or Minneapolis, however it truly ranks primary for assist. The federal government there actually desires companies to develop in Indianapolis and Indianapolis actually is the financial engine for all the state. The federal government may be very total enterprise pleasant. That being stated, the tax setting, quantity two, greatest tax setting within the Midwest. Total, these curious primary was Sioux Falls, South Dakota, Indianapolis as a metro space has skilled inhabitants progress, 6% inhabitants progress over the previous 5 years and 9% job progress over the previous 5 years. And when you simply take a look at the town, the town has truly seen a inhabitants loss. However like we have been saying earlier, when you take a look at all the outer suburbs, they’ve all grown. I’ve heard this being referred to as because the donut impact, the place individuals begin to depart the internal metropolis and so they go for the outer suburbs, and there are extra jobs being added into these outer suburbs. Like Carmel, for instance, is including numerous finance and insurance coverage jobs in that place particularly. So there are much less startups there and the college system isn’t nearly as good as Chicago, however now we have Purdue College about an hour away from Indiana. So numerous good aerospace, numerous good laborious tech training occurring on this particular market.

Dave:
Indianapolis, the good factor is that it’s comparatively inexpensive. The median residence worth right here is 275,000, 150 grand lower than the nationwide median. So there’s numerous issues that individuals like. Dan, do you have got any ideas on Indy?

Dan:
So I grew up in Fort Wayne, Indiana and I’m in Indianapolis, one other sizzling market. Yeah, yeah, completely. What’s additionally occurred in Indianapolis, which I’m certain Austin has seen too, it’s form of a sports activities mecca. So the NCA’s headquartered, numerous issues are headquartered. In addition they, there was a city proper exterior Indianapolis referred to as Carmel that sued for the appropriate to not enable Airbnbs and the state stated, no, no, it’s your land. You are able to do no matter you need with it. And that’s form of what Indiana is, is like, it’s your house, you do what you need with it. So there’s numerous freedom in that

Dave:
Space. They’ve quite a bit occurring there. So yeah, it’s positively a really fascinating market. It’s one in every of these markets that you simply continually see as quickest rising within the Midwest, and there’s quite a bit occurring there. My query all the time about a spot like Indianapolis, is there constraints on provide? Is it simply going to continue to grow out and out and out and out? And for me as an investor, that makes it tougher to determine the place to put money into a market like that, however I’m certain individuals who perceive the market with extra nuance than I do can determine the place to purchase. And even when you’re an out of state investor, when you work with a great investor pleasant agent and dedicate your self to studying it, I’m certain you may determine it out as properly. All proper. We do should take a fast break, however after this we’ll come again with extra Midwest markets proper after this. Welcome again to On the Market, we’re right here with Austin Wolff and Dan Nelson speaking about good Midwest markets, not less than in accordance with startups and job progress. And the way in which Austin has executed a few of his evaluation. We’ve talked thus far about Chicago, Minneapolis and Indianapolis. Austin, what’s our fourth market?

Austin:
We bought Pittsburgh, Pennsylvania.

Dave:
Okay. I like Pittsburgh. I’ve talked about it quite a bit, not less than on this present and on BiggerPockets actual property. However inform me extra.

Austin:
It’s very inexpensive. It’s comparatively simpler to search out cashflow in Pittsburgh than you might in different cities throughout America. It additionally has extra large firms than Indianapolis, after all, much less large firms than Chicago or Minneapolis. I don’t assume that’s a shock to anybody, however it’s additionally ranked quantity two for its college ecosystem. Once more, Chicago’s primary. There’s numerous educated employees popping out of the college that startups would possibly discover precious or firms would possibly discover precious. And once more, it’s inexpensive. It’s truly extra inexpensive than Indianapolis. The median residence worth is $238,000. In the meantime, it’s skilled a 36% five-year worth progress. So it’s nonetheless appreciating 36% is a giant quantity, however it may be inflated as a result of the worth was comparatively low to start with, however it’s nonetheless appreciating, which is all the time good to see. The one factor I don’t like about it’s it’s basically skilled about zero inhabitants progress for the reason that pandemic. In order that’s my solely ding in opposition to it, however it’s extra inexpensive and it’s ranked quantity two so far as universities are involved. So it has numerous professionals for it as properly.

Dave:
Do you know that there’s a survey that they do yearly to rank probably the most inexpensive housing markets on this planet? And Pittsburgh was primary final yr, and I believe is repeatedly primary on this planet.

Dan:
Wow.

Dave:
As a result of Pittsburgh, it has comparatively excessive incomes in comparison with the price of residing there. Like Austin stated, median residence worth, 238,000, that’s very low-cost for a big metropolis like Pittsburgh, however it’s additionally one of many type of epicenters of robotics in the USA, which personally I might wager on individuals graduate with good jobs and there’s additionally good manufacturing jobs. So I believe Pittsburgh’s fascinating. There’s flat inhabitants progress, in order that’s all the time curious and one thing that as an investor you need to hold a watch out for. However whenever you see stuff like that that there’s simply good jobs and it’s comparatively inexpensive, that not less than intrigues me. Dan, what are your ideas on Pittsburgh?

Dan:
Yeah, and Pittsburgh is a type of sleepy cities. When you’ve by no means been there, you consider it as like a metal city actually. However it’s a good looking space, it’s very hilly, and when individuals find yourself there, they do discover it to be very enticing. And clearly you talked about Carnegie Mellon. Carnegie Mellon is a extremely distinctive college and that almost all universities try to show you to study one thing and Carnegie Mellon is making an attempt to show you to assume and construct and be artistic, and that’s why a lot innovation comes out of there.

Dave:
Alright, so that’s our fourth market that we went by way of. Austin. Inform us concerning the fifth.

Austin:
Yeah, quantity 5, now we have Columbus, Ohio Basic, clearly. Yeah, many traders love Columbus, Ohio. It’s inexpensive. It’s comparatively simple to search out cashflow. You might have numerous large firms transferring in. It’s truly ranked quantity 4 by way of the quantity of massive firms there. I imply, you have got numerous large tech firms constructing workplaces there. Now we have a chip manufacturing plant transferring into the world, in order that’s actually enticing. What I don’t discover enticing is the tax local weather. It’s higher than Chicago or Minneapolis, however it’s ranked quantity 47 out of 64 on this listing, so the underside half. However that being stated, it’s nonetheless seeing inhabitants progress. It’s seeing job progress is similar to Indianapolis. There are companies transferring there, and it’s nonetheless comparatively inexpensive at, now we have a 312 median home worth with a 59% appreciation over the previous 5 years. So stable fundamentals right here,

Dave:
It’s inexpensive, however I truly went there to contemplate investing there, and I simply discovered that the potential progress was already actually baked in. That was my concern, was that we weren’t seeing the hire progress and the hire costs that may justify a number of the costs. So when you’re out there, I’m certain you are able to do properly and if you wish to be affected person, however for me not less than, I felt like I used to be overpaying for issues there. I completely might be mistaken, however it simply felt like as soon as they introduced this chip plant, individuals have been simply shopping for up all the pieces like loopy and it felt laborious to search out worth in Columbus, although you’re completely proper, the basics are robust, the market’s going to develop, the financial system’s going to develop. I’m certain individuals will inform me within the feedback that I’m mistaken, however that was simply my expertise that after I went to Columbus, myself, Dan, have you ever been there?

Dan:
Yeah, so clearly they’ve Ohio State College,

Dave:
Which is nice.

Dan:
Stunning

Dave:
Campus.

Dan:
It’s a fantastic college and likewise lots of people keep in Columbus from the college. It’s a fantastic faculty. So that you do get these type of younger individuals beginning out. Yeah, I truly do sometimes have any person that claims, I’ve a property in Columbus is doing nice. I’m making an attempt to purchase one other one. I’m probably not discover something. So that they undergo the agent finder and attain out and look in Chicago. In order that has occurred to me as

Dave:
Nicely. Yeah, yeah. That’s to not say you could’t do it simply as an out-of-state investor, I discovered it slightly bit laborious to search out one thing. So just a few issues to contemplate, however once more, actually robust fundamentals there. Alright, so these are our prime 5. We do have a pair different ones we simply need to point out right here shortly for individuals. Austin, are you able to simply inform us shortly, we gained’t go into element what a number of the different mid-west markets are?

Austin:
Yeah, quantity six by way of 10 work. Detroit and Arbor, Madison, Wisconsin, St. Louis and Cincinnati.

Dave:
Okay. Nicely, Detroit is all the time so polarizing individuals. I’ve actually by no means been so I don’t know a lot about it, however it’s tremendous polarizing. However Ann Arbor is a market that simply appears to be rising like loopy. I believe it’s one other place laborious to search out cashflow, however there’s a lot tech funding going into that market. That’s a fantastic appreciation market. Dan, do you have got any ideas on any of those? 5?

Dan:
Yeah, I believe Detroit is a superb metropolis, however it’s difficult due to the inhabitants and what’s occurring there. However to me it’s a extremely enjoyable metropolis. However yeah, Ann Arbor is nice and likewise the world round Ann Arbor can also be a fantastic place to put money into, not simply within the metropolis, however at the same time as you begin to go many miles exterior, there’s nice alternative there.

Dave:
Superior. Nice. Nicely that’s good to know. Yeah, I’ve been investing in southern Michigan myself. I believe there’s numerous fascinating stuff there. One other instance of a state that has very low inhabitants progress, however when you take a look at these pockets, they’re actually attracting numerous younger individuals in inexpensive markets. So positively one thing to contemplate. Austin, any ideas on these final 5?

Austin:
Yeah, the one factor that issues me concerning the Detroit MSA and the St. Louis MSA is the inhabitants decline. However once more, there are pockets the place individuals need to transfer to and there are solely so many homes inside these neighborhoods. So actual property is hyper-local. Do your analysis on which neighborhoods may be a great match for you.

Dave:
Alright, properly earlier than we get out of right here, I’m going to make you every choose one in every of these markets. Dan, you’re not allowed to select Chicago as a result of that’s dishonest.

Dan:
Okay.

Dave:
Dan, what can be your choose when you weren’t in Chicago, which of those markets would you want?

Dan:
Yeah, I might give attention to Ann Arbor and it could be the southern space, not essentially proper within the heart, however round. Search for alternative on the market. Once you consider Ann Arbor, the place the College of Michigan is, you consider college students, however there’s loads of those that aren’t college students there to give attention to. And when you’re in search of short-term rental, I believe Indianapolis is a superb place to look to.

Dave:
Superior. What about you, Austin?

Austin:
I might select Indianapolis. I actually just like the 9% job progress. It’s actually enticing to me.

Dave:
Alright, properly I might choose Madison, Wisconsin simply because I hear that has actually prime quality of life and I imagine in that and investing and by no means truly been there. However I like numerous the basics of that market. Alright, properly Austin, thanks a lot for doing this analysis. We respect you being right here.

Austin:
Glad to be right here. Thanks.

Dave:
And Dan, thanks for diving deep into Chicago and giving us a few of your insider recommendations on being a Midwest agent. We respect it.

Dan:
You wager. Completely.

Dave:
If you wish to dive deeper into these subjects, make certain to take a look at biggerpockets.com for extra sources. And as all the time, we’d love your ideas, drop a remark, share this episode and tell us the way you’re getting ready for no matter lies forward. I’m Dave Meyer and also you’ve been listening to On the Market. We’ll see you subsequent time.