Turn-key Milwaukee

14 Replies

Greetings BP world,

I'm learning more and more about turnkey properties and I feel that it's a very interesting niche. I'm wondering if there are any Milwaukee area investors who have some advice on finding reputable companies, or good experiences they've had. Also bad experiences are welcome.

Thank you. 

@Darius Moody

I can't recommend any turn-key companies in Milwaukee. However, if you want to get into the rental game in Milwaukee, you can find many of your own cash-flowing properties that need little to no work right of the MLS. I'm not sure what areas you are looking to invest in, but you can find $40,000 3/1 SFR's in C class areas that will rent for $900 all day long

Originally posted by @Darren Budahn :

@Darius Moody

I can't recommend any turn-key companies in Milwaukee. However, if you want to get into the rental game in Milwaukee, you can find many of your own cash-flowing properties that need little to no work right of the MLS. I'm not sure what areas you are looking to invest in, but you can find $40,000 3/1 SFR's in C class areas that will rent for $900 all day long

Thanks @Darren Budahn, that sounds interesting. Do you have experience doing that?

@Darius Moody

Yeah, I've bought all of my rentals right off the MLS. Buying off the MLS for cash flow can work in Milwaukee, unlike many other markets.

@Darren Budahn

That's great info. Now I just need to get MLS access in my area. But do you often find it easier to buy properties with existing tenants? Or does that create future issues?

This post has been removed.

Darius hook up with a local Realtor and have the Realtor show you what's available.

Focus more on the property itself than if it already has a tenant or not.

A decent property in a decent area is very easy to rent.

James Wise, Real Estate Agent in OH (#2015001161)

@jameswise is right on the money with his assessment. 

You can also see available properties on many websites. They won't be as detailed as the MLS, but they will show you what's out there. Check out Shorewest's website for properties in Milwaukee and WI

Hi @Darren Budahn

If you live in Milwaukee it is easy to identify neighborhoods that are good locations and neighborhoods to avoid.  For those of us out of town, are there specific sections of town that would be safe places to look?  OR is it best to look around for a good RE agent and have them filter out the bad neighborhoods?

Thanks

Joseph Barbaretta

    [email protected]

    It is easy for me to identify the good and bad areas because I have lived in the actual city of Milwaukee for my entire life.  The neighborhoods change very quickly as well.  Good areas border fringe areas which border terrible areas, etc. 

    You can certainly talk to an agent and get their perspective of the neighborhoods as well.  However, if they are not experienced working with investors or if they don't personally invest in rentals, I would take their advice with a grain of salt.   I can tell you about any neighborhood in the city if you'd like.  Just PM me. By the way, there are plenty of very good areas to invest in for rentals in the city of Milwaukee.  

    Just be very cautious of trying to invest out of town.  I have no experience doing so.  However, you can read a whole bunch of threads here on BP about trying to invest out of town for cash flow. I certainly wouldn't try and invest in any C or D areas from out of town unless I had someone who I trusted like family to manage them.  

    Joseph--

    I also forgot to mention that if you are looking for an investor friendly agent in Milwaukee, I would talk to @Ramon Jenkins here on BP.  He certainly can give you good advice. 

    Ramon is the agent I work with so I second him.  He's great to work with.  You can go online and look at properties; personally I also like Shorewest's website.  I found that it's updated very quickly so I consider it reliable.

    However, don't be fooled that you can just buy something from online without ever seeing it in person and always wind up with a good deal.  That's true for any city/state you invest in around the country.  You ALWAYS have to do your due diligence, and possibly get someone on the ground who knows the city to help you.

    Regarding properties with EXISTING tenants -- that can go either way.  You can wind up with great tenants, or you could wind up with horrible tenants that someone stuck in the property just to make it look better to an investor.  I like to meet the tenants in person and get information on them before buying so I can check out their history.

     Thanks @Darren Budahn

    I appreciate the help.  I am currently investing in Indianapolis and have found out that there are definite challenges, but knowing investor friendly agents and contractors help.  If I was going to look for rentals, I'd definitely be aiming for the b to b- range.  I'll definitely reach out to @Ramon Jenkins as well -- to get a feel for what the market is like.

    -Joe

    Joseph Barbaretta

      Originally posted by @Darren Budahn :

      [email protected]

      It is easy for me to identify the good and bad areas because I have lived in the actual city of Milwaukee for my entire life.  The neighborhoods change very quickly as well.  Good areas border fringe areas which border terrible areas, etc. 

      You can certainly talk to an agent and get their perspective of the neighborhoods as well.  However, if they are not experienced working with investors or if they don't personally invest in rentals, I would take their advice with a grain of salt.   I can tell you about any neighborhood in the city if you'd like.  Just PM me. By the way, there are plenty of very good areas to invest in for rentals in the city of Milwaukee.  

      Just be very cautious of trying to invest out of town.  I have no experience doing so.  However, you can read a whole bunch of threads here on BP about trying to invest out of town for cash flow. I certainly wouldn't try and invest in any C or D areas from out of town unless I had someone who I trusted like family to manage them.  

       Great advice Darren, I would also add that realtors are bound by laws against steering clients away from certain areas. Another thing you could try is trulia and look at their crime section.

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