Best neighborhoods in Milwaukee??

Question

Hi everyone I’m a real estate agent in Northern Virginia right outside Washington DC. I’m looking to start investing in the Milwaukee area I’m looking for multifamily up to four doors under $100,000. Ideally looking to apply the BRRRR method. What are the best neighborhoods in your opinion to start my search?

Rebecca Knox · Answer

100k for a 4-unit would be in 53206 in my opinion. I think in any other area, that's a unicorn these days unless it was a complete overhaul.

$100k for a duplex in West Allis or Racine is a little more realistic.

I would definitely talk to more property managers.

Matt Maurice · Answer

@Mike Mine how did you establish your budget for a 4-unit? For $100k on a 4-family, you are going to end up in some not so desirable parts of town. A brick 4-unit in solid C areas tend to go for $200k+, $100k will likely get you a maintenance deferred property in a D- type area (in my opinion of course).

I second Jeremy's comment, you may want to spend some time interviewing property managers in town to get their experience on the neighborhoods, and more importantly where they will and won't manage.

Jeremy Trad · Answer

Hey Mike!

Glad you're interested in Milwaukee! While I don't know your target numbers, there are a variety of neighborhoods that will fit your budget and provide steady cashflow. I think it would be better to start with your property manager and repair crews. Where do they operate? More importantly, where do they stay away from? I think building those relationships will lead you to the neighborhoods you're looking to invest in. Feel free to reach out if you have more Milwaukee questions! Good luck and happy investing!

Mike Mannello · Answer

@Jeremy Trad thank you for your response and advice. I’ve reached out to a property management company and theyve pointed me in the right direction as far as the areas that I’m looking to invest in as well as crews to do work on the property.

Mike Mannello · Answer

@Brett Kash thank you for your input. Im currently looking at several different neighborhoods. West Allis, Shorewood, Konosha, waskasha, brookefield, new berlin, racine, greenfield, cudahy, west bend

any thoughts on these areas? Ideally looking to purchase below 100k unless its turn key.

Brett Kash · Answer

@Mike Mannello

I would agree you will be in some less than desirable neighborhoods at that price point. If you do go down that road I suggest getting a great PM who already knows how to work in those areas. You’ll have to add significant dollars for property maintenance and turnover costs as well. Good luck!

Mike Mannello · Answer

@Jeremy Trad I’m leaning towards real property management but I have a few others I’d like to talk to before making my decision. Definitely interested in any recommendations

Jeremy Trad · Answer

@Mike Mine, who did you end up going with for PM? I have a few that I can recommend if you'd like.

Greg Scully · Answer

@Mike Mine - When I was looking into new markets I just did a good search of "best neighborhoods in ...". Going a few pages deep into the results begins to show some trends. I cross reference them with the information from other sources and my buying strategy to get a short list to work from. I'd also recommend going there for a market tour to put it all in context.

Mike Mannello · Answer

@Matt Maurice thanks for your input, my budget is what I feel comfortable working with to start. With that budget I may not be able to find certain products in areas worth buying which is fine. Ideally I’m looking for C+ to b+ neighborhoods and properties with deferred maintenance which hopefully will be expressed in the price :)

@Mike Mine how did you establish your budget for a 4-unit? For $100k on a 4-family, you are going to end up in some not so desirable parts of town. A brick 4-unit in solid C areas tend to go for $200k+, $100k will likely get you a maintenance deferred property in a D- type area (in my opinion of course).

Best neighborhoods in Milwaukee??

Best neighborhoods in Milwaukee??

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