Up to this point I have been staying local in Salt lake city investing
I am looking to begin investing in/near Milwaukee
What are some good areas to start hunting for 2-4 units?
What about 5+ units?
Any new and upcoming areas that might be good to look at ?
Welcome to the market!
It depends on what you are looking to spend for your purchase price. There are a lot of great duplex’s and 4 units all over the city that make for great rental properties. Areas north of Hampton Ave on the north side has some good properties and with good rents.
as for up and coming areas, I would keep your eye on West Allis. I feel that is definitely a good market to be buying in right now. I’ve seen a lot of developments happening and restaurants expanding to that area. Rents are starting to come up and the properties are in pretty good condition. The values are definitely rising so cash flow seems to be slimmer but as it grows I think the rents will continue to come up with it.
if you ever want to chat more feel free to send me a message!
What kind of neighborhoods are you looking for? In a 5 minute drive through Milwaukee county you can se $50k homes and $5M homes on the lake shore... For your standard 3/2 SFH you can find a lot to n Oak Creek/Franklin area. Tons of small multi family all over. You can look in Kenosha and market to Chicago people that want to leave Illinois but not their job.
Welcome @Cole Giandinoto ! In Milwaukee it's not uncommon to be in a decent area, drive 4 blocks south, and get to a bad pocket. That's why becoming familiar with the areas you invest in is extremely important. What's your budget looking like? A lot of people believe that West Allis is up and coming...me included. Duplexes here can range from 150 - 250k. Wauwatosa is next door and also a great place. It all depends on what your goals are. Cash flow? Appreciation?
Assuming you are willing to put the work (or in your case $$ into) a serious BRRRR here's how I rank markets right now in Wisco.
1. Racine 2. Beloit 3. Kenosha 4. Janesville Honorable mention is Milwaukee County. It has more red tape than the areas mentioned BUT it has designated opportunity zones that may be useful if you are open to that. (If I'm being honest Beloit housing rules aren't a walk in the park but I find them less annoying than Milwaukee.)
Agreed. Even with janesville prices above where they were a few years ago, still a great deals. City definitely favors the big guys and the tenants but also arent as bad as i hear with many other cities. Local rental property association works hard to maintain the relationships :)
Thanks for the insight!
Thanks for the insight David
Ok will do!
Just connected with him
Milwaukee area has some good cash flow opportunities. May not see as much appreciation as SLC with the growth going on there. I personally prefer some of the tertiary markets surrounding Milwaukee. West Allis, Cudahy, Wauwatosa, Brookfield..to name a few. There are some good opportunities for small multifamily in those areas.
The most desirable neighborhoods in Milwaukee (probably the East Side and Bay View) have become unreasonably expensive in this current market. I just saw a house on Zillow from Bay View that sold for $75k in 2019 that's now being listed for $700k! I grew up on the northside though, so I feel like I have a good feel on what areas you'd want to avoid and what areas have good opportunities. I'd look anywhere west of 76th street and north of Burleigh on the northwest side. Lindsay Park and Arlington Gardens would be good examples, and I've even seen some duplexes from those neighborhoods listed recently.
What data do you have to support your statement regarding West Allis?
I am in the Milwaukee real estate investing arena and have operated Captain Save A Home LLC with my husband Nick Knox for the past 8 years. We also run Brew City REI Club and Wisconsin Contractor Club which are forums on Facebook. If you are planning on visiting the area to prospect, we are having a real estate investing networking event on May 13th at fellow investor's Adam/Steve place, Freight38, 838 S 1st at 6pm. This is a free event and a great way to network and learn strategies from other local investors, investor realtors and contractors. https://www.biggerpockets.com/...
There are many areas to invest for duplexes---what are the prices points you're looking to spend? That often helps narrow down the neighborhoods. For 4-units+, connect with wholesalers and property managers as well. I would say your best bet for 4+ units is far northwest side and some southside. I agree that Bay View and East Side are really pricing themselves out of the investor pool but Walker's Point, Clock Tower and Clarke Square which are neighboring might be good options. It really depends on your risk tolerance, strategy and price.
For realtors who are also investors and have been in the business for awhile and know how to determine if a property will be a good rental, I would suggest Premier Point Realty which literally is a brokerage of investors, Homestead Realty (Nicole & Mike Borowski or Phoebe), Marcus Auerbach, Daniel B Milwaukey/Modern Milwaukey Realty, Saharah Ali (Sahara Sells) or Michael Baron who also owns PMI Property Management. If you're considering West Allis, reach out to Welcome Home Milwaukee--Ed Riggenbach, Matt Maurice or Lisa Loesel--Matt & Ed are EXPERIENCED investors in the West Allis community and have multiple businesses in West Allis...Besides Welcome Home Milwaukee Property Management, they also operate MKE CoWork which is a co-working space in the heart of West Allis. If you're investing out of state, would definitely recommend a good PM. I am happy with City Wide Rentals & Property Management but if I didn't use them, I'd use Mike at PMI or Ed/Matt at Welcome Home Milwaukee. Good luck on your REI adventures!