New investor looking for good property management in Milwaukee

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New investor looking for good property management in Milwaukee

Daren Peet jr
Member since 2021 · 2 posts · 0 votes

Hello everyone, 

I'm looking to buy my first investment property in Milwaukee, little nervous about buying my first one. looking for any pointers on what you wish you would've done differently buying your first property, just looking for a duplex to start out.  

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David Mo
Lender · Milwaukee, WI · Member since 2020 · 109 posts · 115 votes
4y

@Daren Peet jr

Hi Daren!

Milwaukee based realtor and investor here. My first investment is my current house hack. My first investment thankfully turned out pretty well. One piece of advice I’d give is to narrow down what you’re looking for by as much as possible. Do you want to focus on cashflow? Stay in c class areas. Want a good mix of appreciation and cashflow? Look in b class areas. Pick 2/3 neighborhoods and really familiarize yourself with what properties are selling for in what condition. Once you have one property in an area, you now have solid rental comps and can continue growing there.

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  • David Mo
    Lender · Milwaukee, WI · Member since 2020 · 109 posts · 115 votes
    4y

    @Daren Peet jr

    Hi Daren!

    Milwaukee based realtor and investor here. My first investment is my current house hack. My first investment thankfully turned out pretty well. One piece of advice I’d give is to narrow down what you’re looking for by as much as possible. Do you want to focus on cashflow? Stay in c class areas. Want a good mix of appreciation and cashflow? Look in b class areas. Pick 2/3 neighborhoods and really familiarize yourself with what properties are selling for in what condition. Once you have one property in an area, you now have solid rental comps and can continue growing there.

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  • Ty AshBusiness Member
    Real Estate Agent · Milwaukee, WI · Member since 2018 · 201 posts · 132 votes
    4y

    @Daren Peet jr

    Hey Daren! Can't wait to see how your investing journey plays out!

    I echo everything that @David Mo mentioned. There are a lot of properties out there and where you look and what you're looking for depends on what your goals are. Another tip for you, keep networking here on BP and in area. Find other investors that are one step ahead of you that you can learn from and provide value to. That will help you level up faster by getting advice from others who have recently experienced what you're likely to go through in the near future. It's easy to get lost in what the top level investors are doing instead of focusing on what the next best step for you is.

    Feel free to reach out any time as you work through the beginning stages of your investing!

    [email protected]
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  • Daren Peet jr
    OP
    Member since 2021 · 2 posts · 0 votes
    4y

    thank you all i will definitely research some of the terms u used and use them as i go forward. 

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  • Rebecca KnoxBusiness Member
    Specialist · Milwaukee, WI · Member since 2014 · 1k+ posts · 1k+ votes
    4y

    Have you determined the areas you want to invest in and/or what price you want to pay for your first one? If you have a price in mind, that can also determine the areas :)

    Captain Save-A-Home LLC
    WebsiteView Page
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  • Gino PassantePro Member
    Professional · Milwaukee, WI · Member since 2013 · 52 posts · 25 votes
    4y

    Daren

    You're doing great on the first step, asking for help and guidance!   ill echo many of the members responses above.  It all starts with your budget, this will dictate the available markets to begin your hunt. The PM company I work with covers large portion of SE WI and assists local and out of state investors navigate the data. Feel free to DM me anytime to talk about MKE real estate, market rents and your 5 year goals for investing. 

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  • Account Closed
    Real Estate Agent · Brentwood, CA · Member since 2021 · 34 posts · 21 votes
    4y

    Hey Daren! Hit up Brock Mogensen at Smart Asset Capital. He's killing out there in the Milwaukee, WI area. Great dude to connect with if you're starting out to invest in the area. 


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  • Brock Mogensen
    Real Estate Syndicator · Milwaukee, WI · Member since 2018 · 1k+ posts · 907 votes
    4y

    Thanks @Account Closed. A great way to start is with house hacking a duplex. Leverage an FHA loan and you are able to get into your first deal with minimal money out of pocket. Once you learn the ropes on your first deal, you will gain confidence in scaling from there.

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