I'm thinking about looking into Milwaukee as a place to start investing later this year. Anyone have any experience in the market?
Thanks for the tip!
I'm looking for cash flow rental properties and Milwaukee is a lower cost option than my hometown of Chicago.
You are definitely picking a good market. Cash flowing multi family properties are pretty abundant in Milwaukee. Have you spent any time in Milwaukee at all? There are a lot of great neighborhoods, while also some that should absolutely be avoided. Could be worth it to drive up and check some out for yourself.
The NW side, for instance, scares a lot of investors. However, it still has a lot of decent pockets. Other areas that I've been looking at recently are on the south side, such as Walker's Point. Cudahy and West Allis are also some very promising areas. This isn't comprehensive, of course, but just some quick spots off the top of my head.
There are a lot of active Milwaukee investors who spend a lot of time here on BP, so hopefully some more of them pop in and give there take.
Milwaukee is a very active and close knit community. I think it's one of the best things about our market---the people--I am sure you will have no issue find the resources you need for any questions. Dan, feel free to join Brew City REI Club. It's an extremely active, free local REI forum of 1800+ active investors where we all help each other. If you are prospecting the Milwaukee market, I believe the group would be very helpful to you.
@Rebecca Knox thanks for the tip! I will definitely look into Brew City
@Dan Miklosz if you are looking at opportunities north of the Illinois boarder other potential locations could be Racine, Kenosha or other surroundings areas. I know a few people investing in these areas where there are plenty of opportunities and growth. You can reach out or join the KRREIA on Facebook, it is the Kenosha/Racine real estate group. I’m not trying to push you away from the Milwaukee area as there are plenty of opportunities in Milwaukee, but areas south of Milwaukee have seen many small to massive (Foxconn) sized investments coming into the area and these residents will need housing.
If you end up investing in Racine/Kenosha, let's connect too. At the moment, I am working on a three pack of duplexes in Racine as well. You can definitely still get deals in that area despite the Foxconn speculation.
Milwaukee is a great market with a lot of experienced investors willing to share what they know. Get connected with the Brew City REI Group on FB as Rebecca suggested and try to make it up for a meetup or REIA event if possible to start building those connections. Good luck!
I’ve got quite a few doors in Milwaukee and I’m about to list a 4 unit from a relative next Tuesday
@Dan Miklosz we really like the 53209 and 53218 zip codes. We try and stay away from the high crime areas and we can find some great rental properties in those areas. Property taxes seem to be a bit lower there than other areas in the city which helps with cash flow!