How many people are from the Milwaukee, WI area???

Member since 2020 · 5 posts · 1 vote

I was just wondering how may people are from the Milwaukee too Waukesha area. Do you like investing in this area. And what is your favorite strategy of investing for this market?

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Marcus Auerbach

Investor · Milwaukee - Mequon, WI · Member since 2010 · 5k+ posts · 7k+ votes

I believe we have roughly about 1200 private investors in Milwaukee who are both intentional and active. This is a very rough estimate as there is no count. Many of them are a member in one of the main organizations we have: the SEW Appartment Association, the REIA and the BREW City group, but there are a significant number who is not a member of either.

I am excluding accidental landlords, who inherited a property or moved out and then rented their old home. This does also not include corporate or institutional investors, who own a large junk of the approximatley 300,000 rental units in the metro area. (side note to new investors and out of state investors: if you are looking at a listing that has been on the market for 267 days, you did not just discover a "hidden gem" - it has been looked at passed up by probably several thousand people, investors or otherwise)

The number of leases signed every month is probably 8,000 to 12,000 - so if you have a unit for rent that is your market; which of course is distributed over several segments. The majority is about $650 to $2000 monthly, the median at about $1200. There is a market over $2,000: mostly under $2500 with good liquidity, but there are rentals up to $5000 monthly, of course with much slower turn over and longer vacancies. While you can expect to sign a lease in the meat and potato segemnt in 1-3 weeks, the ultra lux segemt over $2,500 may take 1 to 6 months to rent.

We have about 28,000 single family homes sold in the metro area. Including condos, 2/3/4 units the number grows to about 50,000. The median price for a single family home in Milwaukee County (not the city) rose 8% in the last 12 months and is now at $175,000.

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Rental Property Investor · Waukesha Pewaukee, WI · Member since 2020 · 13 posts · 1 vote
6y
Daniel, I am trying to get started in these two areas looking for my first investment opportunity.
0 Reply
Dawn AnastasiPro Member
Rental Property Investor · Milwaukee, WI · Member since 2013 · 6k+ posts · 4k+ votes
6y
There are quite a number of people from the Milwaukee and Southeastern WI area on BiggerPockets.
Podcast Guest on Show #29
1 Reply
Tato Corcoran
Investor · Milwaukee, WI · Member since 2019 · 68 posts · 12 votes
6y
@Daniel Wendorf I just closed on my 2nd door in Milwaukee/Wauwatosa.
2 Reply
Daniel Stein
Member since 2019 · 9 posts · 8 votes
6y
I have closed on 2 in the last 6 months in the milwaukee area. A 4 unit and an 8 unit.
Dan
3 Reply
Brent Watanabe
Architect · Milwaukee, WI · Member since 2017 · 28 posts · 7 votes
6y
We're looking to close on a property in Washington Heights fairly soon. Hopefully this is just the start and we get some momentum going into the second half. Want to get another duplex or flip before the end of the year.
1 Reply
Pete Woelfel
Milwaukee, WI · Member since 2017 · 138 posts · 69 votes
6y
We have properties in Nash Park, Kops Park, Wauwatosa and one under contract in Washington Heights. As for strategy, we have only invested in SFH and duplexes thus far with mostly long term renters (have not done any airBnB stuff yet). I like the areas because they cash flow and are close to home for me (Tosa) which makes self managing easier. Does that help @Daniel Wendorf?
2 Reply
Daniel Wendorf
OP
Member since 2020 · 5 posts · 1 vote
6y
Yes that helps me so much. i am extremely new to real estate investing. I have been listing to the BP podcast. and the one reoccurring theme is to networking. so i figured i would just make a post and get a general idea of who or whats out there. Thanks so much.
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Account Closed
Rental Property Investor · Waukesha Pewaukee, WI · Member since 2020 · 13 posts · 1 vote
6y
Also in the Waukesha/Milwaukee area and newer to investing. Looking for any help or mentoring I can get to get secure my first deal; duplex or quad with a 10-12% initial cash-on-cash return hold property.
1 Reply
Marcus Auerbach
Investor · Milwaukee - Mequon, WI · Member since 2010 · 5k+ posts · 7k+ votes
6y
I believe we have roughly about 1200 private investors in Milwaukee who are both intentional and active. This is a very rough estimate as there is no count. Many of them are a member in one of the main organizations we have: the SEW Appartment Association, the REIA and the BREW City group, but there are a significant number who is not a member of either.
I am excluding accidental landlords, who inherited a property or moved out and then rented their old home. This does also not include corporate or institutional investors, who own a large junk of the approximatley 300,000 rental units in the metro area. (side note to new investors and out of state investors: if you are looking at a listing that has been on the market for 267 days, you did not just discover a "hidden gem" - it has been looked at passed up by probably several thousand people, investors or otherwise)
The number of leases signed every month is probably 8,000 to 12,000 - so if you have a unit for rent that is your market; which of course is distributed over several segments. The majority is about $650 to $2000 monthly, the median at about $1200. There is a market over $2,000: mostly under $2500 with good liquidity, but there are rentals up to $5000 monthly, of course with much slower turn over and longer vacancies. While you can expect to sign a lease in the meat and potato segemnt in 1-3 weeks, the ultra lux segemt over $2,500 may take 1 to 6 months to rent.
We have about 28,000 single family homes sold in the metro area. Including condos, 2/3/4 units the number grows to about 50,000. The median price for a single family home in Milwaukee County (not the city) rose 8% in the last 12 months and is now at $175,000.
3 Reply
Ann Belter
Rental Property Investor · Hartland, WI · Member since 2017 · 13 posts · 10 votes
6y
I am a seasoned investor in Waukesha County with over 12 years of experience. I currently own and manage 20 properties (all 4 and 8 units totaling 112 doors) through my business Belter and Associates LLC. I would be happy to answer some questions and do offer coaching through Brew City. Please feel free to reach out to me directly with how I can help.
3 Reply
Frederick Harding
Wholesaler · milwaukee · Member since 2020 · 2 posts · 0 votes
6y
Im a pure newbie with no deas yet in milwaukee wi hay i got a question i need to know witch Title company in MILWAUKEE WI is wholesaler friendly
0 Reply
Daniel Madrigal
Real Estate Agent · Chicago · Member since 2020 · 9 posts · 1 vote
6y
@Marcus Auerbach thanks for posting those stats. Good to know!
0 Reply
Jason BottPro Member
Insurance Agent · Nationwide · Member since 2014 · 2k+ posts · 1k+ votes
6y
There are a ton of Milwaukee investors here on BP. You can always get great feedback from the local investor community....too many to mention!

To follow up on @Marcus Auerbach comments, in the larger multi family space (5-40 unit buildings) it is very competitive.
The main trend that I am seeing is that my Milwaukee based investors are selling to out of state investors. I have helped on 5 transactions the last 6 months that involved about 300 units.

2 Reply
Jeff Stein
Rental Property Investor · Milwaukee, WI · Member since 2018 · 138 posts · 52 votes
6y
Originally posted by @Daniel Wendorf:
I was just wondering how may people are from the Milwaukee too Waukesha area. Do you like investing in this area. And what is your favorite strategy of investing for this market?

I currently invest in and around Milwaukee. My current strategy is buy and hold. I use REI as a second form of income so this keeps my taxes lower as compared to flipping houses or doing private/hard money lending.
0 Reply
Keith Thomas
Rental Property Investor · Auburn, WA · Member since 2015 · 110 posts · 33 votes
6y
@Ann Belter Hello Ann I was just curious on what kind of cash flow are you getting on these units and are they all turn key or rehab type of purchases. I am looking for areas to invest in that have a better cash flow than seattle. I am new and this would be an out of state transaction until I can build up more capital its a little pricey in the Seattle area.
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Rebecca KnoxBusiness Member
Specialist · Milwaukee, WI · Member since 2014 · 1k+ posts · 1k+ votes
6y
In my opinion, the house hacking, buy & hold and the BRRRR are the most popular strategies in Milwaukee. Ann Belter is a fantastic resource to learn about apartment investing and starting from the ground up. As Jason noted, there are a lot of out of state investors who are buying. Historically, out of state investors and newbies pay higher. I typically discourage people from introducing themselves as a newbie or new to real estate as it often attracts the wrong people and if you are paying cash and it's your first deal and don't know what you're doing, it's often good to pay for your own independent appraisal or have a friend run comps or a BPO that is unbiased and has no financial gain from the transaction. Stewart Title and Land Title are the Title Companies I use.

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Ann Belter
Rental Property Investor · Hartland, WI · Member since 2017 · 13 posts · 10 votes
6y
@Keith Thomas all of our properties cash flow, although some more than others. I manage the properties myself so we do not have management fees which helps keep the cash flow higher. Over the years I have done various purchases from owner occupied, minor to major work needed, as well as turn key. I look for location, cash flow, and upside when purchasing.
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Keith Thomas
Rental Property Investor · Auburn, WA · Member since 2015 · 110 posts · 33 votes
6y
@Rebecca Knox Thanks for that priceless bit of information on attracting the wrong people.

@Ann Belter Thanks Ann for taking the time to respond I appreciate the information.
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