Advice for long distance investing in Milwaukee

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Advice for long distance investing in Milwaukee

Devyn Caraballo
Passaic, NJ · Member since 2019 · 48 posts · 7 votes

Hi BP Family! Hope all is well!

I'm looking for any advice on investing in Milwaukee. I'm in New Jersey and looking into Milwaukee market because prices in NJ are just too high to cash flow. Primarily, I'd just like to know what is the area like and what the trend\culture is looking like. Is it family oriented or more for young professionals where you can rent by the room? Is there a lot of new bars, restaurants, etc. being built? 

Any advice will be GREATLY appreciated. 

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Brock Mogensen
Real Estate Syndicator · Milwaukee, WI · Member since 2018 · 1k+ posts · 907 votes
5y

Milwaukee has great areas and bad areas, like most bigger cities.  There are some trendy areas like Walkers Point that are where lots of young professionals are moving to.  I'd recommend visiting the city and connecting with a good PM in the area before buying your first deal here. 

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  • Benjamin Beyer
    Real Estate Agent · Milwaukee, WI · Member since 2019 · 16 posts · 3 votes
    5y

    Milwaukee (MKE) is very diverse. Some areas are family oriented and some are more for young professionals. MKE is well-known in the Midwest for a good nightlife, bars and breweries, which is why it is nicknamed, "Brew City". Prices in MKE are just as diverse from 100K all the way up to 400K for a multifamily. I would suggest finding a local real estate professional to assist you in your search.

    1Reply
  • Nathan Regina
    Rental Property Investor · Milwaukee, WI · Member since 2020 · 21 posts · 11 votes
    5y

    @Devyn Caraballo Hi there! Milwaukee is really a group of burroughs verses one big city. Areas to research are Harambee, Riverwest, Bay View, and many others. Milwaukee is very hit or miss, a lot of houses have major foundation issues and I rarely have seen basements that could ever be finished. I closed my first deal a month ago and that was after touring around 40 to 50 properties. Let me know if you need help. I would just Google “Milwaukee Neighborhoods” and go from there.

    1Reply
  • Devyn Caraballo
    OP
    Passaic, NJ · Member since 2019 · 48 posts · 7 votes
    5y

    @Nathan Regina thank you for the input! Those foundations issues is definitely something I'm going to keep an eye out for while searching. 

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  • Rosa Sugo-Golden
    Investor · Pewaukee · Member since 2019 · 20 posts · 1 vote
    5y

    Hi Devyn! Milwaukee is very nice city. As they told you: very diverse and segregated. Some houses are really really cheap but there is a reason for that. I remember when I read this no to long ago: Milwaukee, San Francisco and Detroit Top the List of Places Where Black Homebuyers Are More Likely to Be Denied a Home Loan
    I will suggest to look Milwaukee east side and the corridor MKE to Madison. A lot of families commute every day and seems that that area is growing and thriving.

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  • Brock Mogensen
    Real Estate Syndicator · Milwaukee, WI · Member since 2018 · 1k+ posts · 907 votes
    5y

    Milwaukee has great areas and bad areas, like most bigger cities.  There are some trendy areas like Walkers Point that are where lots of young professionals are moving to.  I'd recommend visiting the city and connecting with a good PM in the area before buying your first deal here. 

    2Reply
  • Marcus Auerbach
    Investor · Milwaukee - Mequon, WI · Member since 2010 · 5k+ posts · 7k+ votes
    5y

    Milwaukee is an amazing sandbox to play for investors: you can find a neighborhood for any strategy in the book, from the challenged parts of the inner city to the multi million dollar masions on Lake Drive.

    When my company moved me to Milwaukee in 2007 it was the most boring city I could think of. Not much has happened since the last boom in the 1960s, except slow decline.

    This started to change about 5 years ago: development happens mostly along the lakefront (looks like an ocean if you have never been to Milwaukee) and in the surrounding belt of wealthy counties. About 6 billion dollars have been invested in the downtown lakefront area allone over the last five years and it shows.

    I am working with more and more relocation clients and when I ask them they say Milwaukee is cool, they like the vibe. An abundance of fresh water, a moderate climate, no major threats from natural desasters. You can watch some videos about the Milwaukee market here. 

    We invest in single family homes in the suburbs, better school districts, higher rents, about $1600 on average now. I used to travel a lot internationally for work and needed a very passive investment, which I found in SF.

    Brook is giving you the right recommendation, Milwaukee is worth a trip!  

    2Reply
  • Matt Maurice
    Property Manager · Milwaukee, WI · Member since 2014 · 113 posts · 144 votes
    5y

    As per the usual, I couldn't agree more with @Marcus Auerbach!

    Freshwater, sports, culture, entertainment, trails, lakes, and population during COVID is going up! We have all the amenities of a big city without the negatives of one.   Let's see you get from one end of Chicago to the other in 15 minutes... 

    If you can deal with a little cold & snow, it's a nice trade for no hurricanes & earthquakes.

    1Reply
  • Calvin OzanickBusiness Member
    Property Manager · Janesville, WI · Member since 2017 · 707 posts · 297 votes
    5y

    I am located about an hour west of Milwaukee in Rock County, Wisconsin. I would argue the Janesville and Beloit market are posed even better for REI. The job growth over the last 3 years has made this market perfect for out of state investors. The county-wide vacancy rate is below 2% and companies like Amazon, Dollar General and ABC Supply have created a great economy here. I would love to spend some time on the phone in the next week to see what you are looking for and how I could best help you!

    Wisconsin Property Managers4.7413 Reviews
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    1Reply
  • Rosa Sugo-Golden
    Investor · Pewaukee · Member since 2019 · 20 posts · 1 vote
    5y

    I am looking for properties to flip. but only Waukesha Pewaukee Delafield and Oconomowoc because is near were I live. And it is a great market so far.

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