I've read lots of info on this site and i think now is the time for action. I would really love to work with someone in my area who could be my mentor.
There are two areas that i have reading lots about. One is flipping, which i know there are lots of people who are already doing this. The other is tax liens and deeds.
From what i have been learning, there are not too many people investing in tax liens and/or deeds. This is the field in which i feel is right for me. Well at least for now.
My goal is to invest in the tax liens for the interest payed to the lien holder but would also like to buy tax deeds to flip.
I would love to have a mentor that could help me along the way and join in deals with me. Feel free to contact me whether in the area or not.
Thanks to all
Welcome to BP, Orlando!
I do some investing in Milwaukee, and I know there is a local real estate investors association (Milwaukee REIA) that meets in Brookfield once a month. My partner went to the last meeting and said there were over 100 investors there, so perhaps this is a good place to do some networking and perhaps find someone who has the experience you're looking for.
Also, BP is a great resource and there are a lot of "virtual" mentors here!
I am also in Milwaukee, WI. I have never been to the Brookfield meeting.
Hey @Orlando Centeno - I hear Milwaukee is a great place to invest these days! I know very little about tax liens, but I believe there is a good book on the subject by Larry Loftis called Profit by Investing in Tax Liens
Keep in touch!
I don't think Wisconsin offers tax liens.
@ErikReichertz, Wisconsin tax deed
Held at Milwaukee County Courthouse ( downtown )
FYI - I never personally purchased a tax deed or lien
Maybe attend a few Milwaukee county tax sale auction
and watch how things our handled
Make sure you do your due diligences
Wi is a deed state.
Milwaukee is kinda weird on how they do they tax deed sales. Milwaukee cnty actually sells all their deeds at what they consider fair market value. From what i've seen, usually around 60-80% lower than what zillow.com assess the value.
Been looking into IL counties since i'm close and interest starts at 16% and its a bid down interest state with a min of 5%(correct me if im wrong). Most of their counties have two sales a year, so theres a possiblity to can make 32% back on your money in a year.
AZ tax liens also been catching my eye they can be done online and relatively easy. Just registered on the state treasurer page and took a practice auction.
When I lived in WI we did some deals in Milwaukee I learned from a few of the bigger investors to avoid like the plague the area between highway 100 to the north and 43 to the south and 894 to the west.
The key is to invest outside those areas they are a lot safer. That is unless you invest along the lake corridor or in the central business district in commercial. I know if you know the city you will say wait that's over half the city?! Just my opinion. I mention this because its the only area of Wi you can get homes for practically nothing at tax sales.
I have been doing a lot of tax deed sales since i left WI and moved to the Ohio river valley area. Indiana has been good to me. I also get cheap land and homes in West Va. I know another guy that does well in Tx. Pa and Arkansas have some deals too. I believe some of the plains states and southern states are good as well. I never hear people talk about this type of investing on the west coast?
I have traveled a lot to go to tax sales and feel like its the best value for your dollar when it comes to sfh or land. I quit buying foreclosures for the most part after I learned how to invest in tax deeds.
The exception would be larger multi units or commercial.
Hi @Orlando Centeno ,
First of all, welcome to BiggerPockets!!! This website is great and full of knowledgeable people who are in the business. I am a newbie from Milwaukee as well, and I have been o a few REIA meetings. That is definitely the first place I would recommend for you to start. There are many investors there who may be willing to mentor you.
Thanks William thats helpful.
Funny you mention that Kay. I recently signed up on their website and planning on going to the next meeting if possible. If not i wll be there on feb 25th.
Man i love this site! Thx to all.
@Orlando Centeno - I'm not sure what going on feb 25th -
To my knowledge their local rei meeting
always on 2nd Tuesday of each month
What I enjoy is there monthly breakfast meetings
( typically the 3rd Wednesday or Thursday of each month )
Reason - smaller group talking about local issues ,
concerns, and what working or not
-> due diligence before hiring a local mentor
I believe this their structure ( monthly / weekly )
2nd - Tuesday a lot of networking
3rd - Wednesday/Thursday breakfast meeting (smaller grp setting)
4th week - I have never attend so far
( questions / concerns short meeting )
@Jenkins Ramon I was wrong on the date. Its actually the 26th of this month.
Its an event called:The Milwaukee REIA presents Real Estate 101 & Strategy Sessions! just making sure im in town that week before i register for the event, and thx for the info
Yes its on the 26th. I plan on attending that meeting as well.
Welcome to BP, Orlando. I am new to the website and REI in general. I had heard about the REIA meeting but hadn't attended one. I think I may try to make the feb 26 meeting. Its good to see another investor in the Milwaukee area
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