Duplexes in Milwaukee

Duplexes in Milwaukee

Real Estate Investor · Houston, TX · Member since 2015 · 33 posts · 17 votes

Lured by BP podcasts and the writings of various BP members who shall remain nameless I have made the trip to Milwaukee in search of real estate - I have found one duplex near W. Vliet and N. 38th St. - I am set to close on 6/30 and intend to make the purchase - the asking price is around $25k and the current rent is $600/unit - this is a small pocket of mainly multifamily properties located close to but away from "war zones" to the north and east, as far as I can tell. I would strongly suggest to anyone looking at Milwaukee to come to the city and drive the streets - it is pretty clear where the bad areas are. Zip codes are not enough. The area where I intend to purchase has been called a C+ area and maybe a bit better - I'm not sure. The key to this deal and why I may end up regretting it is that it needs work and one of the tenants seems to be a great handyman type who enjoys the work [free rent]. If I can count on him to pull off the repairs, this should be a good deal. If not, I may be stuck. This area is completely different from where I am living currently and I would say extreme caution is needed - probably more caution than I am using. Good to luck to all. Feedback or questions about this deal, Milwaukee, duplexes in Milwaukee, more than welcome - would love to hear about potential duplex deals or SFR deals in Milwaukee or maybe other Wisconsin cities like Madison, Green Bay. Also will be looking again in KCMO when the dust settles on this one.

4Reply
232 views

Most Popular Reply

Shawn AckermanPro Member
Real Estate Entrepreneur · Mid West, East Coast · Member since 2015 · 3k+ posts · 1k+ votes
9y

@Daniel M. Thanks man!  Now if you can make a recording of that so that I can replay for my wife I'd be a happy man😂😂.  thanks for the kind words. I'm always here for you if you get into a jam. 

See this reply in the discussion

45 Replies

Jump to latestLatest
  • Real Estate Investor · Houston, TX · Member since 2015 · 33 posts · 17 votes
    8y

    @Bob E.  Right now I'm handling that - when the place is leased upstairs I plan to turn it over to the contractor, who lives in the area and is experienced at screening tenants, making repairs, collecting rents, etc.  He will be screening tenants and showing the property when the rehab is complete shortly.  Hope all's well.  

  • Queen Creek, AZ · Member since 2014 · 2k+ posts · 1k+ votes
    8y

    @Daniel M. I would highly recommend hiring a professional property manger.  We use Sonya at Prestige property.  PM me if you would like her contact info.

  • Real Estate Investor · Houston, TX · Member since 2015 · 33 posts · 17 votes
    8y

    Thanks @Bob E.

  • Contractor · Los Angeles, CA · Member since 2015 · 887 posts · 323 votes
    8y

    @Daniel M.

    I’ll be in Milwaukee next week in hopes of seeking all that up so when I buy I can mitigate my risks as much as possible. 

    Thank you for your willingness to share and for taking the time to do so. Very informative. Hope all goes well...

    Jorge

  • Real Estate Investor · Houston, TX · Member since 2015 · 33 posts · 17 votes
    8y

    @Account Closed  Good luck and safe travels to Milwaukee ....

  • Milwaukee, WI · Member since 2013 · 384 posts · 109 votes
    8y

    I second @Bob E. endorsement of Sonia of Prestige Property (and Midwest Executive Realty), she's a great resource for Milwaukee investors.

  • Madison, WI · Member since 2018 · 5 posts · 0 votes
    8y

    @Daniel M. This is good stuff. I live in Madison Wisconsin and have considered Milwaukee to purchase duplex or 4 unit. I am totally scared of the war zones and driving it is good idea for sure. I'd be curious to see the pics of the property and the structure of the deal including estimate on rehab and future fixed value.  Thanks!

  • Real Estate Investor · Houston, TX · Member since 2015 · 33 posts · 17 votes
    8y

    @Joe Gentilli III  I will put something together for you.  Madison looks like a good place to invest.  

    @Account Closed  Curious how your trip went and your thoughts about Milwaukee?  Thanks!

  • Contractor · Los Angeles, CA · Member since 2015 · 887 posts · 323 votes
    8y

    @Daniel M.

    Thanks for the follow up. My trip in hindsight could have been planned out better but nonetheless I felt pretty satisfied about what I was able to accomplish. From what I was able to tell I think MKE is a great place to invest. I was most certainly in for a reality check when I went to see a few properties in the price range I thought I wanted to be in. So I am certainly glad that I went out there. @Matt Maurice his crew at REIS (property management) are really dialed in to Milwaukee and what they are doing as a business. Met a lot of great folks through the Brew City Real Estate Investment Meetup. The network they have going on is really great. Great group to be a part of. I hope this answered your question.

  • Rebecca KnoxBusiness Member
    Specialist · Milwaukee, WI · Member since 2014 · 1k+ posts · 1k+ votes
    8y

    It was great meeting you live! Thanks for spending your time with the Brew City REI group.

    Captain Save-A-Home LLC
  • Investor · Denver, CO · Member since 2015 · 49 posts · 24 votes
    8y

    @Daniel M.

    You seem like a solid guy 

    I would re read what Peter K said above 

    Also you absolutely need to separate contractor from management , 

    Write above sentence 100 times on a blackboard

    Keep us updated 

    Good luck 

  • Contractor · Los Angeles, CA · Member since 2015 · 887 posts · 323 votes
    8y

    @Rebecca Knox 

    The sentiment is mutual. Hope to make another trip in the summer with my wife. Brew City REI Group are some of the realest people I've met so far in REI.

     I would love to go when a group called Imagine Dragon plays at one of the festivals.

    By the way I’m making a move on a duplex. Wish me luck!

    Jorge 

  • Investor · Waukesha, WI · Member since 2011 · 199 posts · 97 votes
    8y

    @Account Closed  If you are here in Milwaukee this summer for Imagine Dragons (and investing...) let me know- I've got several general admission tickets to get into Summerfest.  Would be good to catch up again and see how your buys are progressing.

  • Contractor · Los Angeles, CA · Member since 2015 · 887 posts · 323 votes
    8y

    @Daniel Hanson that would be cool! I'm gonna have to look into it some more.

    Jorge

  • Real Estate Investor · Houston, TX · Member since 2015 · 33 posts · 17 votes
    6y

    @Bob E.  Are you still using Sonya at Prestige?  I was using a handyman who actually says he knows you - small world if true - to do the property management but that did not work out so on the look out for good PM and a good local handyman!  Thanks!

  • Queen Creek, AZ · Member since 2014 · 2k+ posts · 1k+ votes
    6y

    @Daniel M.  We are now using SUV Properties.  What handyman were you working with?

  • Queen Creek, AZ · Member since 2014 · 2k+ posts · 1k+ votes
    6y

    If anyone is interested here is a  Milwaukee Market Update  If you like this then please like him on Youtube.  New guy who is providing some valuable market insight.

  • Shawn AckermanPro Member
    Real Estate Entrepreneur · Mid West, East Coast · Member since 2015 · 3k+ posts · 1k+ votes
    6y

    @Bob E. Good o'le @Marcus Auerbach providing great information as usual.  I see a future in broadcasting for you man!!! LOL

  • Investor · Milwaukee - Mequon, WI · Member since 2010 · 5k+ posts · 7k+ votes
    6y
    Originally posted by @Shawn Ackerman:

    @Bob E. Good o'le @Marcus Auerbach providing great information as usual.  I see a future in broadcasting for you man!!! LOL

    Thanks Shawn - I think I'll better stick with investing than broadcasting LOL. The market updates are geared more towards a general non-investing audience. If there is a place and demand for it I can do a deep dive for investors - I am learning my residential audiences has a 4 min attention span, so I have to keep things high level. Bob, appreciate the link! - Would you see value in a deep dive and what would you be interested in?

  • Brookfield, WI · Member since 2020 · 1 post · 0 votes
    6y

    @Kyle Garro BK Home Inspections owned by Bob Beisber is really good. He’s thorough and very fast. He’ll even let you meet him at the property to go over some things so you know what you’re looking for when you look at houses. He’ll be at the property in the morning and get you the full report by the afternoon.

Join the conversationCreate a free account to reply, vote on answers and follow this thread.