Investor interested in Milwaukee and surrounding areas

Milwaukee, Wisconsin
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Investor interested in Milwaukee and surrounding areas

Brian Huh
New to Real Estate · Fresno, CA · Member since 2020 · 13 posts · 7 votes

Hello everyone, 

I'm interested in building a team (PM, contractor, agent) in the Milkwaukee and surrounding areas. 
Does anyone have a recommendations which neighborhoods to look into? 

I'm looking for multifamily (less than 4 units) where I can add some value to have some force appreciation and raise rents etc. Ideally, I am looking for CAP rate around 10% and higher. I am already pre-approved and have been doing research on bigger pockets and wanted to get started.

Any help or input is appreciated. 

Thanks!

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

I suggest also looking at some of the tertiary markets surrounding Milwaukee.  If you want to target 10+ caps in Milwaukee, make sure to have a solid PM and oversight in place, as you will be dealing in C-D areas.

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  • River SavaPro Member
    Lender · USA · Member since 2022 · 1k+ posts · 1k+ votes
    4y

    Hi Brian- would love to connect as I am very familiar with Milwaukee and specialize in MF units. Sent you a friend reuqest!

    [email protected]
    0Reply
  • Account Closed
    Contractor · NY · Member since 2022 · 15 posts · 0 votes
    4y

    Any thoughts on a 3rd part painting estimating service to help you get an idea of what a fair price is that you should pay in your area for painting work? I am working on putting together a low cost service for this (for real estate agents and their clients around the country) Trying to gage interest if it is something investors would be interested in. Is this something you could see being beneficial for your future endeavors?

    I would have no rooting interest in who gets the project.  Just giving you a realistic estimate for budgeting purposes to ensure you are paying what you should be

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

    I suggest also looking at some of the tertiary markets surrounding Milwaukee.  If you want to target 10+ caps in Milwaukee, make sure to have a solid PM and oversight in place, as you will be dealing in C-D areas.

    2Reply
  • Brian Huh
    OP
    New to Real Estate · Fresno, CA · Member since 2020 · 13 posts · 7 votes
    4y

    @Brock Mogensen Thanks Brock. 

    I am definitely goin to widen my search as I would like to invest in mainly B-C areas if possible.

    And yes I totally agree, I will need a solid team of PM, contractors, and agent. Do you have any recommendations on certain areas? 

    0Reply
  • Brian Huh
    OP
    New to Real Estate · Fresno, CA · Member since 2020 · 13 posts · 7 votes
    4y
    Quote from @Account Closed:

    Any thoughts on a 3rd part painting estimating service to help you get an idea of what a fair price is that you should pay in your area for painting work? I am working on putting together a low cost service for this (for real estate agents and their clients around the country) Trying to gage interest if it is something investors would be interested in. Is this something you could see being beneficial for your future endeavors?

    I would have no rooting interest in who gets the project.  Just giving you a realistic estimate for budgeting purposes to ensure you are paying what you should be


     Hi Matt, 

    Are you developing an APP or service? I would be interested in it? Would it be similar to Angi? (where they connect you with different companies and get a quote)

    0Reply
  • Account Closed
    Contractor · NY · Member since 2022 · 15 posts · 0 votes
    4y
    Quote from @Brian Huh:
    Quote from @Account Closed:

    Any thoughts on a 3rd part painting estimating service to help you get an idea of what a fair price is that you should pay in your area for painting work? I am working on putting together a low cost service for this (for real estate agents and their clients around the country) Trying to gage interest if it is something investors would be interested in. Is this something you could see being beneficial for your future endeavors?

    I would have no rooting interest in who gets the project.  Just giving you a realistic estimate for budgeting purposes to ensure you are paying what you should be


     Hi Matt, 

    Are you developing an APP or service? I would be interested in it? Would it be similar to Angi? (where they connect you with different companies and get a quote)


     Nothing like that.  I am considering just working with realtors, their clients, investors etc that know they will need work done on the properties they are purchasing/investing in but don't know what a fair cost should be. I can tailor it to the local area. I feel it would be helpful for budgeting/putting together pricing/offers

    0Reply
  • Brock Mogensen
    Real Estate Syndicator · Milwaukee, WI · Member since 2018 · 1k+ posts · 907 votes
    4y
    Quote from @Brian Huh:

    @Brock Mogensen Thanks Brock. 

    I am definitely goin to widen my search as I would like to invest in mainly B-C areas if possible.

    And yes I totally agree, I will need a solid team of PM, contractors, and agent. Do you have any recommendations on certain areas? 


     Smart Asset Realty. I can connect you if you'd like, just send me a dm

    0Reply
  • Calvin M Harris
    Wholesaler · Member since 2022 · 18 posts · 1 vote
    4y

    Hey Brian

    I would like to connect.  I have really good deals in Milwaukee.

    0Reply
  • Charles ClarkBusiness Member
    Real Estate Broker · Milwaukee, WI · Member since 2020 · 306 posts · 209 votes
    4y
    Quote from @Brian Huh:

    Hello everyone, 

    I'm interested in building a team (PM, contractor, agent) in the Milkwaukee and surrounding areas. 
    Does anyone have a recommendations which neighborhoods to look into? 

    I'm looking for multifamily (less than 4 units) where I can add some value to have some force appreciation and raise rents etc. Ideally, I am looking for CAP rate around 10% and higher. I am already pre-approved and have been doing research on bigger pockets and wanted to get started.

    Any help or input is appreciated. 

    Thanks!

    Bom dia Brian, I hope all is well with you. 

    Milwaukee is like most major cities. It has markets within markets. Having a solid team on the ground will ensure that your properties cash flow. Finding an agent or lender is a good start because they can point you in the right direction for the rest of your team. With so many contractor apps now a days it is a little bit easier to find them if a problem arises. Also, using PM apps has been a game changer for me. I currently use DoorLoop to manage the 34 units around the surrounding area of Milwaukee. The app allows my tenants to put in maintenance requests with pictures and notes. This gives me the option to see if I need to hire a handyman or a specialist to fix the issue. More importantly with the app, I am able to collect rent online. Allowing my tenants to pay by ACH, debit card or credit card from their phone has saved me time, effort, and money. I no longer chase down tenants for rent. Less than 5% of my tenants pay by check and those get mailed to me. Managing from a distance has become easier due to technology because you have the ability to connect with your tenants, contractors, realtors, lenders, insurance agents, and any one else you need to manage your rental units. I manage my entire portfolio from my phone. You could not do this 10 years ago. 

    If there's anything I can assist you with, please do not hesitate to contact me.

    Beleza,

    Charles Anthony

    [email protected]414-719-6090
    Raise the Standard RE LLC55 Reviews
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    1Reply
  • Brian Huh
    OP
    New to Real Estate · Fresno, CA · Member since 2020 · 13 posts · 7 votes
    4y

    @Rebecca Knox

    Thanks so much for the information and referrals. 

    I'll be reaching out to some PMs to see if it will be a good fit. This will also give me an idea on the realistic rents in the areas to calculate my COC correctly.


    I'm pre-approved currently so my goal now is to build a team of PM, Agent, contractors and Handyman. 

    I'm interested in MF, but also open to SFH if the numbers work. If you come across deals, let me know.

    Thanks!

    1Reply
  • Brian Huh
    OP
    New to Real Estate · Fresno, CA · Member since 2020 · 13 posts · 7 votes
    4y

    @Charles Clark I think I'll probably need to hire a PM mainly as I am an out of state investor. But maybe I can do a combination of using the application for some of the tasks. Thanks for the info!

    1Reply
  • Drew SygitBusiness Member
    Property Manager · Royal Oak, MI · Member since 2012 · 12k+ posts · 9k+ votes
    4y

    @Brian Huh

    You should be building a team to maximize your probability of success!

    While building your team, it's important you understand the motivations of everyone on your team.

    Sourcing: whether agent, wholesaler, flipper, etc. many only have a vested interest in a transaction. You want to find ones that are vested in developing a long-term business relationship with you. Otherwise, they will screw you for their own compensation.

    Property Management Company (PMC): No one else on your team should be as vested in a long-term relationship with you as a PMC. They will have to manage whatever you buy on a daily basis until you sell the property or terminate them. You need to find a good one though, that is honest & competent. An honest PMC's incompetency will still cost you.

    Inspector: You want an unbiased and competent professional that will properly do their job and document it.

    Contractor: Finding contractors that don't cut corners and overcharge is EXTREMELY difficult. Even if they are referred, you really don't know until AFTER they've done a job. The other 3 above should be able to provide referrals, but don't blindly trust anyone!

    [email protected]248-209-6824
    Logical Property Management4.9459 Reviews
    WebsiteView Page
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