Hey guys, I am fairly new to biggerpockets, and have been studying and learning on here for about 2 months, and am finally ready to try and start investing. I live right outside of Madison, and I just purchased my first rental property in Beloit (closing in November), and am interested in getting into the Milwaukee area. I am just looking around to see if there is anyone on here who is active in that area who might have some valuable information and some tips? I don't really know good areas from bad areas, and I am also skeptical about finding a reliable property manager over there. I would be most interested in creative financing opportunities, and possibly partnerships. I also do not know anything of the rental market. My wife and I plan to take a drive over there in a couple of weeks to try to get a better sense of the neighborhoods, and try to understand what the market is like.
If anyone has any useful information that they wouldn't mind sharing, I would greatly appreciate it! You can PM me here on bigger pockets if you want to talk. Thanks!
Welcome to BP and congrats on the first purchase. I would suggest adding your photo on your profile. It will help get you more responses IMO.
What are your goals by investing in Milwaukee? Buy and Hold? Are you looking to buy below market value and rehab? What kind of neighborhood are you willing to invest in? Price point?
I was just trying to get some more specifics from you so you can get some productive feedback. There’s a lot of helpful and knowledgeable folks on BP from Milwaukee.
Feel free to ask about any neighborhoods or properties if you have anything in mind.
I think your skepticism on finding a good property manager is well warranted. I’m sure there are some good ones out there. I don’t know of any myself. I would be very hesitant to buy in lower income areas if you aren’t prepared to self manage. Good luck.
This is a link to the neighborhoods of Milwaukee.
I like to look at up and coming areas and invest around those radius's. I also like the Trulia crime map which does a decent job at depicting the type of area it is, RED being the most high-risk investment area.
I just want to mention something about partnerships that I've learned either being in them myself or hearing others stories. Many times people partner with people to fast forward their education or real estate goals. Before you partner with someone, check their credentials. If you are partnering to educated yourself, make sure they actually have a SUCCESSFUL system because if they don't have one, it will be a lot of distress. I'm not trying to discourage you from partnerships as there are many successful ones that go on in Milwaukee, but just be sure to do your due diligence just as you would before hiring a contractor.
Good luck in your REI adventures. If you need help with a PM, I can give you a referral.
@Darren Budahn Thanks for the advice!
My goals for investing in Milwaukee are to create cash flow, and forced equity, to help fuel and drive my pursuit to financial independence. I am interested in buy and hold, and Brrrr strategy type deals, mainly all residential SFH to 4-units. I would like to be in c+ or b- areas, but will consider everything if numbers work, I mainly just want to stay away from high crime areas. I want tenants who will pay rent, and not utterly destroy my property. I am open to most price points if the opportunity is available, I have low capital, so would need to be more creative with my financing, I am currently working on educating myself, and expanding my network, to help me into creative deals.
Thanks so much for your proactive questions, I appreciate all into I can get!
@Rebecca Holmes, Thanks for the advice! How do you personally go about conducting your research, to find where the up and coming neighborhoods are?
Network with other investors in Milwaukee and gather as many opinions as possible. If you are interested in Milwaukee, I suggest going to as many local meetups that you can initially, REIA, Brew City, AAESW, etc. Networking is the quickest way to learn and get a game plan in place. There are so many different strategies that investors are doing so the more you learn, the quicker that you can select which one will work for the resources you have and your overall goals. I like to follow the footsteps of people I admire and respect that are successful investors. Also, stay on top of current events in the area.
@Kole Kingslien welcome to BP! Are you planning to purchase with hard money, private lending, or conventional lending?
@Kole Kingslien I would be interested in a possible partnership. I'm more are less looking for credit partners.
@Michael Henry I sent you a message, let me know if you got it (I'm not sure how to find my "sent messages" here on BiggerPockets?).
@Ham Merritt I am considering all options for obtaining deals. The most attractive to me would be seller financing, private lending, partnerships, then hard money. The reason being my lack of capital.
@Kole Kingslien all the best to you on your REI journey in the Milwaukee market!
@Kole Kingslien , Hope you are having success in your journey with the Milwaukee area. I would welcome the opportunity to discuss with you any question you may have about the area.
Thanks @Tyler Smith ! We didn't make it to Milwaukee last weekend, we had a family matter come up, but I hope to make it out there soon, so I can check out some neighborhoods. I will let you know if any questions come up.
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