I'd like to invest in Milwaukee. I'm attracted to the high cap rates I see in Milwaukee.
I have some money set aside, and I have a pre-qualification letter from a bank in Madison. However, I'm open to different financing if there's a better way.
My strategy will be to buy and hold. I'm open to minor rehabs, but living in a different city makes me nervous about rehabs. I'm new to investing outside the city where I live. I'm also fairly new to real estate investing.
I'd love to connect with a great property manager, real estate agent, and possibly general contractor in Milwaukee, and I'd like some advice on neighborhoods as well.
It would be fantastic to travel to Milwaukee and connect with this team of people in a few weeks (or less) as well as look at properties while I'm there.
Is it realistic that I could identify a few properties and make an offer in a about a week from that first visit?
I've read through some similar posts on Milwaukee, too:
Thanks for your time, and I appreciate any advice, suggestions, questions, or comments.
@Scott Eissfeldt I live in Milwaukee and although I have not invested in this area yet, I have also been forming a strategy - I have some capital, as well as the desire to make something happen. May be worth chatting and I would be happy to answer any questions you have about the city to the best of my ability! Thanks! undefined
@Scott Eissfeldt careful with the high cap rates - remember all 3 sources of income.
@Scott Eissfeldt Did you ever make it down to the Milwaukee market?
Everyone, thanks for all the help!
@Shawn Ackerman - I made it to Milwaukee, and I put an offer on my first duplex there. The deal is scheduled to close on January 25th.
@Garrett Fox - I should have contacted you while I was there recently. The next time I'm there, I'll send you a note.
I'm pretty excited. I'll make a post to the "success stories" section when this closes. Thanks again!
@Scott Eissfeldt that is awesome man!! Congrats on getting uour business started in MKE. If you are ever looking for some advice, I’m here my man!! Always remember to persist and you will WIN!!
@Scott Eissfeldt congrats! I'm looking to pick something up in MKE in the next 1-2 months. Would love to hear about your experience. Good luck on the close!
@Scott Eissfeldt I’m looking forward hearing the details once everything falls into place! I’ve been doing some research in Milwaukee and might be making the jump myself. It’s tough finding cash flow in and around Boston.
So much love for the Milwaukee market, it’s such a blessing to see so many investors having great luck here. Not every investment is perfect but the amount of opportunities in Milwaukee keep growing everyday.
@Derek White Awesome to hear you’re interested in Milwaukee. There’s a lot going on here compared to many other markets where the cost to enter is much higher. Best of luck! Send @Michael Henry a DM if you’re looking to connect with a solid realtor/ investor from Milwaukee.
Congrats @Scott Eissfeldt ! I have heard good things about Milwaukee and it improving for investors. Foxcom moving there is commonly referred as a attraction of jobs for younger generation.
If you end up planning a visit to Milwaukee, let us know and we can plan an REI happy hour too.
Well some things to help with numbers and your roi in getting a house in milwaukee. is add extra if you plan to pay the water bills as they add the plowing fee on there and not your already higher property taxes then other places in wisconsin
At least two accepted offers have fallen apart, and even more didn’t make it that far. Right now, I have one accepted offer on the table. It is supposed to close on April 10th.
Part of me feels superstitious about posting it as I don't want anything to go wrong. Obviously, that is silly, and I appreciate the request for an update.
This process has taken much longer than I've expected. I've made mistakes, and I'm also learning a ton. I know future purchases will take much less time. I wish I could write or explain the learning curve as well having perspective on risk and reward, but there are great books and resources on biggerpockets about that.
After a deal fell through where I felt like I didn't have all the information I needed early enough, I spoke and emailed with a ton of people. I needed someone to speak my language and work for me. I found that with Aaron Stuiber and Vera Residential Real Estate. They understood my plan, and they are lean enough to be able to do things the way I like. For example, they can bring a contractor when they check out properties to have a better idea of the costs up front, and there are less surprises. They also understand this isn't the only property I'd like to buy, and they have also come up with great suggestions along the way. Michael Henry has been great as well. They know what BRRRR is. I highly recommend Aaron and Michael.
I'll be in Milwaukee for a few days before closing on April 10th. It's not done, yet. However, my confidence level is much higher with this deal. Thanks for the support, and I look forward to sending more successful updates in the future.
@Rebecca Knox How about that happy hour?
@Scott Eissfeldt if you let me know good dates, we can plan a happy hour where you can meet many real estate investing professionals all at once. Mike Henry & Aaron are fellow Brew City REI Club members as well--you're in good hands.
@Rebecca Knox thank you! I sent a DM with more details.