Buy and Hold in Milwaukee
Hi BPers!!
I keep seeing pretty good deals in Milwaukee, WI area, zip codes 53216 and 53218. The prices are LOW and the rental incomes are HIGH in comparison. I'm in California, and I'm not familiar with WI what so ever. I would really appreciate someone local confirming this data, and let me know more about the market over there. Thank you, and keep on rocking!!
Most Popular Reply
Personally, the only zip code I would stay away from as an out of state investor would be 53206. Contrary to other opinions, I think the northwest side of Milwaukee provides the best bang for your buck.
I have a duplex and 4 single families that I have acquired within the last six months. You are definitely going for cash flow over appreciation. The average I spent on the single family homes was $30K with average rents of $800-850/mo.
These deals are far from the war zones. No section 8, all off market. As Marcus said, the Trulia crime map is a great asset. I work as a firefighter/paramedic for the City of Milwaukee and see the worst of the worst. The trulia crime map is pretty on point. I also tell everyone I speak with that’s an out of state investor to find a couple deals they like, send the address and have someone local evaluate. Find someone that will give honest advice, preferably no one with skin in the game on that particular deal.
As for PMs, I do my own, but I have heard that the good ones are few and far between. REIS always comes up as a reputable company tho.