Hello fantasic BP folks!
My first post (go easy on me). So to start, I just want to thank this wonderful community for sharing such valuable knowledge. I know learning is only half the battle but it definitely has kept me motivated and excited to pursue a REI strategy to achieve financial freedom.
I reside in coastal Southern California (Costa Mesa) and with the market here, it just doesn't make sense for me to start my REI journey here. I've started to do a bunch of research in out of state investing. I grew up in the suburbs of Chicago, IL in a town called Elk Grove Village before relocating to SoCal 9 years ago. I'm in my early 30s now and wish I were a little smarter with money at a younger age (I'm super jealous of those in their 20s that are already starting their REI journey). Nonetheless I always believe it is never too late to start anything as long as you set your mindset for it. So here I am with roughly $30k in savings and would like to start having my money work harder for me. I have done a little bit of research on some strategies with the goal of early retirement and financial freedom. I'm thinking buy & hold rentals is a route to get there.
I’ve read up on a few different markets (Indianapolis, Louisville, Columbus, Memphis) and the Milwaukee/Racine area has peaked my interest primarily due to a couple things. 1) Proximity to Chicago - I can take a quick drive there when I visit my hometown. 2) Cash Flow Potential - I’ve been practicing with analyzing properties for Buy & Hold Rentals using the BP calculator and am seeing solid numbers. 3) Foxconn - creating job opportunities and hopefully a boost to the local economy. However, I know very little else about Milwaukee. Hoping to connect wIth local experts, agents, investors, PM‘s, contractors, etc. I‘ve read that there are some rough areas of Milwaukee so I‘m targeting areas such as Fernwood, Wash. Heights, Cooper Park, Riverwest, Bay View, to name a few to invest in MFHs. Also have identified a few properties in specific zips.
Also, I’ll be taking a quick day trip to MIL on Friday, Sept 28 and would love to connect with some locals even if over a quick cup o‘ joe. Your feedback and time are very much appreciated.
- Newbie living in SoCal, originally from Chicago
- Have $30K ready to make my money work harder through REI
- Have started researching and looking into Milwaukee/Racine market for Buy & Hold MFH rentals
- Wanting to connect with local experts
Hi Bryan, it looks like Foxconn is going to happen, but you don't have to bet on it - Milwaukee has been doing great for many reasons and it's better to not have a startegy that hinges on one employer. A lot of people believe that access to fresh water is going to be key - after all thats the reason for Foxconn looking at Wisconsin in the first place. There are some areas where you can invest with 30k, but quality neighborhoods will ask a little more. Feel free to PM me with specific questions..
@Marcus Auerbach Appreciate the feedback. I will PM some of my questions. Thanks!
@Bryan Llorente Just wanted to follow up...sounds like you've got a solid game plan with a lot of work ahead of you. I'd be glad to chat about Columbus investing...lots of exciting things happening in the Midwest right now.
@Bryan Llorente Welcome to BP!!! You have received feedback from a solid resource in @Marcus Auerbach . I work in the $30K market so I can give you some feedback on that. However as Marcus eluded to in the above post, $30K for a quality neighborhood, although not impossible, not probable. You will be among the lower echelon of tenant, however there is still the ability to earn a living in that sub market. All the best to you.