All Forum Posts by: Pat Parrillo

Welcome to the site, Joe. I am also new to the BP community. 

I am just getting started and as things get ramped up I am  considering getting my Real Estate License. I think that will be beneficial for you having it right out of the gates. 

Best wishes and Happy New Year!

Looking forward to the event. This will be my first. 

Done and Done. Love the Podcast and just left a rating and review. Listen to it on Stitcher all the time during commute to and from work. Solid Gold! 

@Account Closed 

Thanks for the warm welcome and advice to stay nearby for investing. From all that I am hearing that sounds to be the best plan for me. I would absolutely appreciate the opportunity if a property in your network is for sale and the owner does not want to put it on MLS.

Couldn't agree more about BP being a treasure trove. Looking forward to all that is to come. 

Thanks again!

Thanks for all the fantastic advice so far. Feeling the BP love and excited to take action on the recommendations. 

@Karen M. - Thanks for the heads up on the Land Lording class I will have to check that out. I am a member of Milwaukee REIA, just joined, great resource and group of people and looking forward to future meetings. Is there a site where I can find upcoming BP Milwaukee Meet Up? Or a list of other local REI organizations?

@Paul Timmins  - So much great information and actionable advice. Thank you so much. I've got some exciting work ahead of me can't wait to dig into what you shared. 

@Dave Carpenter - Price range wise I am basing that around what I feel the markets can command in rent. I feel the top of the market in the West Bend area is about $800 per unit for a duplex and $1,600 for a SFH so I am keeping my ceiling around $160k. However, if a really nice unit is available that has higher rents I would say my very top end ceiling would be $200k. Ideally I would love to get into a SFH for $130k or Duplex for $160k. Haven't quite figured out a specific style or size of a home. Do you have recommendations of how to go about narrowing down that criteria? I think it will make my search more focused and successful to do so.

Happy Thanksgiving to all!

Hi All,

My name is Pat and I am a new investor looking to get started in buy and hold rental properties and live in West Bend, WI about 45 minutes north of Milwaukee. I have been reading the BP blog and listening to the podcast on my way to work…love it.

My goal of REI is to build a foundation of rental properties and would like to purchase one property every year for the next 10 or more years.

Originally my strategy was to focus on multi-family properties within a 20 minute drive of my house. Markets include West Bend, Port Washington, Grafton and Cedarburg of interest. After researching properties on MLS there are few multi's that cash flow at the 1% rule or greater in these markets and the several that do which I have toured I have not been impressed with.

I am now broadening my search to include Single Family Homes. In doing so I am struggling to understand what rents would be for SFH in my area. Rent-o-meter and craigslist have been great for setting a benchmark for multi but I am looking for additional sources to vet out what rents would be for SFH.

What would be greatly appreciated is some insight into how to better evaluate cities to invest in and recommendations or thoughts from people from the MKE area about the cities I am considering. Also, how far you would recommend for a first property from your home?

Thanks in advance and glad to be a part of the BP community. 

Pat