Hi BP Members,
My business partner, @Sean Edward O'Brien , and I are looking to expand our portfolio and start investing in Milwaukee, WI. We are wondering if anyone would be willing to give us some advice on the city and a basis to start with (i.e. agents, property management, lenders, etc.). We both live in the state of California and are excited by the opportunity to invest in the great state of Wisconsin.
Thank you all very much!!
My agent is @Marcus Auerbach -- he's a seasoned investor and rehabber and understands the market very well. Highly recommend. Good luck.
I second @Mike Lauer comments
Connect with Rebecca Holmes. She and her partner have a robust wholesaling business in Milwaukee under the "Captain Save A Home" banner. She's usually got some good deals in sound neighborhoods.
Look at the Trulia crime map for neighborhoods to avoid. Most investors stay out of certain neighborhoods in the near west and northwest corridors of the city. You can make a lot of money there if you're willing to take the risk, but it's not an area that an out-of-town investor should look in. A lot of property managers won't even take a property in that area.
What asset type. We purchased a building in December and currently converting it into self storage in MKE. Rebecca is stellar on SF and runs a great networking group. Let me know if you are interested in other assets, we have good connections in MKE if you are seeking commercial.
Thanks everyone. Let me know if I can help with anything. I agree with John; if you are out of state, it is recommended to stay out of RED areas or now, Trulia changed the map so it's the darkest blue shades. Not only will you have issues finding a good property manager but also contractors that will go in the area. The people that we know and work with that buy in those areas are local and either do work themselves or have people they trust helping them. If you are wanting to invest here and live out of town, I recommend interviewing property managers--they are often a one stop shop bringing you deals, viewing deals on your behalf, managing your property, maintaining it and they are a licensed realtor. However, I think very highly of Marcus as well so he would be a great realtor to reach out to although I don't believe he does property management. For lenders, maybe check with People's Home Equity and Diamond Residential. For hard money to do cash buys, try Milwaukee Hard Money, Machi Lending, Tailwind Funding. I also met with Pine Financial at the last REIA and they want to start doing more lending in WI and actually have already been the lender for a bigger turnkey company here. Good luck on your REI adventure and reach out to me anytime I can be of assistance.
Thanks for mentioning Pine Financial Group @Rebecca Holmes! We are happy to chat with anyone looking in Milwaukee and see if we can help!
Thanks for the mention @Jorge Ruiz !
Happy to chat property management in Milwaukee any time.
@Jorge Ruiz when are you coming to Milwaukee, WI?
@Michael Henry was out there in April. Sorry I didn't get to catch up with you. Rebecca did put something together where I was able to meet a number of people from the Brew City REI group. I was hoping you would be there. Lets catch up soon via phone...
All the best,
Great thread! My friend @Liz Greaney and I are also looking into investing in multi-family properties in the Milwaukee area! This would be our first property so we're trying to learn as much as possible beforehand. We're actually planning a trip out there in the end of July and any assistance with good property managers/investors/agents. I would love to connect with @Rebecca Holmes @Marcus Auerbach @Justin Cooper @Matt Maurice @Michael Henry so we can talk more about the different areas of Milwaukee, appreciate everyone's help!
I don't invest in Milwaukee but I am an out of state investor as well. I invest in Michigan. I live in Ventura county. Maybe we can meet up sometime and talk business? My midwest properties are doing very well and I'm sure yours will do!
Once you know the dates you will be down here, we can set up a happy hour in order for you to connect with a multitude of real estate investing professionals as well.
I would encourage you to take @Rebecca Holmes on her offer! I know firsthand- I flew out there in April. PM if you have any questions.
Reach out to me at any time.
Good evening BP peeps. I too am a CA product, but out of town investor. With a partner we have purchased two properties in Racine in the last 6 months (duplex and triplex). I am here now, but unfortunately flying out tonight and didn't have any time to connect with the anybody from Brew City this time around, but will be back in town in October and would love to meet up with the group. Struggling to find a good lender and would love to make some connections.
Thanks @Michael Henry ! I will be sure to reach out!