Hello BP community,
I'm a 23 year old budding real estate investor beginning my career here in Milwaukee, Wi searching for a duplex to owner occupy . I'm using the VA to finance and I was just checking the site to see if there were any local Milwaukee investors willing to advertise any of their personal properties (duplexes) and or willing to give advice on where to find near turn key deals for a good price
Thanks for any help
Hi and Welcome to Biggerpockets @Dallas Evans
Hi and welcome to BP @Dallas Evans . For Milwaukee, the MLS lists many duplexes. To get MLS access hook up with a buyer's agent who can give customize a search portal for you. You can also find them on the BP marketplace, Craiglist, and on the Milwaukee REIA site, as well as the Milwaukee BP Meetup site, also the ConnectedInvestorExchange marketplace. There are also wholesalers on BP, and agents who may have other pocket sources. And don't forget driving around neighborhoods, or direct mail if that is your thing.
Once you have found some sources that work, if they are online, save the links and run the search every day. You are bound to start getting a good feel for the market and see something that peaks your interest as well as looks good on paper calculations. Then just schedule a walkthrough with your agent.
Hey @Dallas Evans , welcome to BP! It seems I am in a similar situation to yourself and I have taken some of the steps that @Daniel Hanson has mentioned (which I believe is spot on). If you haven't already, make sure to set up keyword alerts to notify you about deals in the Milwaukee area. Best of luck!
Hey thanks for the replies. I am set up for alerts from 2 different agents for duplexes in my price range. I plan to owner occupy then rent out the unit I occupied and hopefully expand more. What type of property were your first 2 investments? And how long did it take to get the 2nd one?
All welcome to reply and share experiences vast or shallow
Hey @Dallas Evans Welcome to BP! what areas are you looking to purchase your Duplex?
Shawn, the area isn't as important to the actual numbers for me but I do want to stay out of the inner city. Menomonee falls, west allis, Waukesha and more are all desirable destinations but the deal just has to make sense for me. That's why I figured networking might be a better solution than the traditional route.
@Dallas Evans - my first property was the single family in Waukesha that my family lived in. First investment property was a foreclosed duplex in West Allis bought in 2009 at what looked like a $90k discount. I then sat for a few years on the duplex and when we moved out of our single family in Waukesha rented that out. If you are focused on real estate, you can certainly move a lot faster than that. As I'm ramping up and building systems, my current rule is that my latest purchase has to be rehabbed and rented before offering on a new property so I don't get overwhelmed by the to-do list.
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