Welcome - my wife are on the north shore as well. Be glad to share our experiences as we are just starting out, with a few homes now, ourselves.
Can't suggest you connect with @Marcus Auerbach highly enough, and for multi-family specific @michael henry "mr duplex" is a familiar face on the local forum.
I wouldn't be too intimidated with self-managing, especially the first... tremendous learning opportunity.
@Stephanie Grady Welcome to BP. I have "Milwaukee" on my Key Word alerts and recognized your name right away:)
BP is a great resource and there are many very active SE WI members, so just start asking your questions and you should be able to get pointed in the right direction.
Please let me know if there is anything you or Joe are specificly looking for today and I'll be happy to share whatever resources I have.
Best of luck to you 2!
Hi @Stephanie Grady ! Welcome to the BiggerPockets family! You came to the right place to learn all about real estate investing! Here are some recommendations for you:
Find and connect with other BP members that are in your area: http://www.biggerpockets.com/meet
Set up keyword alerts to be notified of the topics that interest you: http://www.biggerpockets.com/alerts
Read Beginner’s Guide: http://www.biggerpockets.com/real-estate-investing
Check out BP Podcasts: http://www.biggerpockets.com/renewsblog/category/podcast
Welcome to BP @Stephanie Grady . You'll find a welcoming community here in general, and in Milwaukee particularly.
Best of luck!
Hello back from Milwaukee. Good luck on your journey!
@Stephanie Grady welcome. BP has been a great resource to me the last couple years. It's provided a lot of motivation and information I needed to buy and rehab rental properties. Set up Milwaukee as a key word alert and you'll see a lot of local activity out here. Good luck.
You will find a lot of helpful first time investor advice on this website. Keep reading, listen to a few podcasts, etc and you'll learn a lot.
In regards to Milwaukee specifically, I would suggest you research and determine what specific area of the city you are interested in and focus really deep. Research comps and know what similar type properties have sold for in that area over the last year. Figure out what your purchase price needs to be to make your numbers work and stick with it. As an example, I put in about 8-10 offers on MLS listed properties last year and didn't have a single one accepted. I often found myself 1 of 10+ offers on many of these listings and would come in just short. The listing agents will offer you a chance at a best and final offer, but don't get caught up in the hype if your offer is already at the top of what works for you. It can be discouraging, but stick with what you know is going to work. Work to find sources of off market deals to improve your chance of success.
Thank you all so much for the warm welcome. I would love to chat more @brianhead and @jasonbott. I will connect and direct message you both to chat further.
@Stephanie Grady Some local meetups in Milwaukee are Milwaukee REIA, Apartment Association of SE WI and Brew City REI. I help run Brew City REI and we have meetups the last Saturday of each month (except 3 months in summer where there are no formal meetups, just networking side events). I'd suggest attending at least one meetup of each group to experience it and the nice thing is, there are different members in each of these meetups.
@Stephanie Grady all the best to you on your REI journey.
For what you are looking to accomplish, I would definitely consider networking at AAESW which is the landlord/apartment group and you will meet so many wonderful connections and property managers. I can give you one of the organizer's contact info if you want to go to a meeting for free to get a feel for it. Plus, one of the best REI lawyers heads the group. I am going to be joining this year because I think it's worth it. They keep you up to date on Landlord law.
We actually run the Brew City REI group and coordinate the meetups along with Nicole Pettis, founder of the group. Over the past year, the Facebook group has become exceptionally active with investor friendly realtors, property managers and referrals. Milwaukee is very active on BP but the REI local sub-groups are even better because they will give you more of a well-rounded selection and solid recommendations that locals have worked with (not just out of state investors).
I encourage you to check WI CCAP (Milwaukee Circuit Court records) before hiring any property managers, contractors or other vendors. This is a wonderful free and easy tool to start your interview process.
Good luck in your REI adventures and please reach out to me any time I may be able to help or find someone here that knows the answer.
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