Invest in the Midwest! My new motto...

Green Bay, Wisconsin
General Real Estate Investing
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Invest in the Midwest! My new motto...

Account Closed
Property Manager · Las Vegas, NV · Member since 2017 · 108 posts · 149 votes

Hello! 

I'm a member of Bigger Pockets and tend to be more active in Las Vegas posts as that is where I've been personally investing for 11 years and I'm also a property manager there. I've recently gotten the urge to invest outside of the sunbelt due to crazy prices, institutional investors and pending water shortages. The great lakes around WI and Upper Peninsula of Michigan (hello Uppers!) are starting to become more and more intriguing to me with all that natural rainfall/snow! 

I'm originally from Milwaukee, WI and know Hales Corners well. I also graduated from the University of Wisconsin Green Bay so looking at opportunities in DePere, Ashwaubenon, Allouez, Howard areas or even Appleton near Lawrence University (my sister went to school there) or surrounding areas. I was also a pharmaceutical rep for Abbott Labs right out of school and know Escanaba, Marquette, Iron Mountain and Houghton/Hancock well.

To be honest Las Vegas has lost it's rental charm! Plus I just read this article and it really makes me think more seriously about water shortages in the sunbelt regions. So here I go on a new adventure...my new motto in "Invest in the Midwest".

I'm looking for a property manager that also does investment/real estate sales. If you fit this bill could you message/connect with me? I'm just starting my research so trying to narrow down which of the cities I listed above I want to seriously consider. 

TIA! 

-Heidi

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Brock Mogensen
Real Estate Syndicator · Milwaukee, WI · Member since 2018 · 1k+ posts · 907 votes
4y

I live and invest in the greater Milwaukee area. I personally prefer some of the tertiary markets surrounding Milwaukee.  Happy to connect you with some agents and property managers we work with. 

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  • Malcomb StapelPro Member
    Investor · Topeka, KS · Member since 2020 · 669 posts · 488 votes
    4y

    @Account Closed  just finished the article, thank you for posting that. Good luck in your search up north, that's a beautiful area. 

    1Reply
  • Andre Crabb
    Investor · Tampa, FL · Member since 2017 · 205 posts · 92 votes
    4y

    Hey @Account Closed , I know the feeling...I left California several years ago searching for east coast investments. And I"m from SoCal so the lack of water hits home!

    I ran the bigger cities you mentioned through some data I've been gathering, and they came out in this order, prioritizing rentals :)
    Let's jump on a call if you'd like to dive into the others...they're different since they're smaller areas.
    Hope it helps!

    Wisconsin cities for rentalsWisconsin cities for rentals

    @Account Closed

    1Reply
  • Steve Donovan
    Rental Property Investor · Green Bay, WI · Member since 2016 · 150 posts · 94 votes
    4y

    Hello @Account Closed ! I might suggest you widen your search slightly south and include Oshkosh and Fond du Lac as well. Both are great smaller cities on Lake Winnebago and offer better ROI on rental properties right now. I'm happy to recommend a couple of property management companies in the area that we partner with, but would prefer to do so privately. Message me if you would like their contact info. Best of luck to you in your quest for NE Wisconsin income properties!

    3Reply
  • Kenneth RolfePro Member
    Boise, ID · Member since 2018 · 57 posts · 39 votes
    4y

    Hello @Account Closed.  She does property management and real estate sales in the southeast part of Wisconsin.  I have not purchased anything through her, but we connected last year when I was looking in the area and she was very helpful to me.  Ultimately I decided to purchase a short term rental in door county which was further north than Corina covers.  I could give you contact info for my agent there as well, she has been very helpful and knowledgeable of the area.  She’s just not on Bigger Pockets or I would tag her as well. DM me if you want to connect about anything else.  Good Luck!

    2Reply
  • Account Closed
    OP
    Property Manager · Las Vegas, NV · Member since 2017 · 108 posts · 149 votes
    4y

    @Steve Donovan Good Morning Steve! Thanks for offering some PM companies. I would like to chat with them if you could pass along some names/emails. I'm going to pass on the cities further south. Part of the reason as I'm less familiar with them but ultimately motivation is more about areas I'm familiar with and would like to show my daughters rather than ROI. I know...not the best investment philosophy but I've already done what I've needed to investment wise in Vegas and now just looking to have fun.

    @Andre Crabb thanks for the offer but I will pass. I'm very familiar with the areas I plan to invest in so just looking more to partner with the right property manager/real estate agent.

    @Kenneth Rolfe thanks so much. I will connect with Corina. Door County brings back great childhood memories. I've spent a lot of time there.

    Best - Heidi

    0Reply
  • Jay HinrichsBusiness Member
    Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
    4y
    Quote from @Account Closed:

    @Steve Donovan Good Morning Steve! Thanks for offering some PM companies. I would like to chat with them if you could pass along some names/emails. I'm going to pass on the cities further south. Part of the reason as I'm less familiar with them but ultimately motivation is more about areas I'm familiar with and would like to show my daughters rather than ROI. I know...not the best investment philosophy but I've already done what I've needed to investment wise in Vegas and now just looking to have fun.

    @Andre Crabb thanks for the offer but I will pass. I'm very familiar with the areas I plan to invest in so just looking more to partner with the right property manager/real estate agent.

    @Kenneth Rolfe thanks so much. I will connect with Corina. Door County brings back great childhood memories. I've spent a lot of time there.

    Best - Heidi


    we been poking around the Madison area there is no question that many of the mid west markets mid south and deep south have been over saturated by out of state investors the key now is to find places before the hords OR the turn key operators and their marketing companies find them. ..  I spent my summers in the 60s on Lake Poygan Winneconne area.. fond memories .. I think you see the same scenario that is happening in Idaho and  central and Eastern WA right now  places like Wenatchee that were totally under the radar and some of the most awesome places to live etc people are finding them and rotating north. And of course half of WI and MI goes to Florida in the winter :)  Plenty of water in Florida..
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  • Drew SygitBusiness Member
    Property Manager · Royal Oak, MI · Member since 2012 · 12k+ posts · 9k+ votes
    4y

    @Account Closed 

    You might want to follow the "Deep Dive" series we're doing on our BiggerPockets blog about Metro Detroit cities, City of Detroit Neighborhoods and comparing Metro Detroit to other hotspots investors usually consider:

    https://www.biggerpockets.com/...

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  • Eric James
    Investor · Malakoff, TX · Member since 2017 · 2k+ posts · 2k+ votes
    4y
    Quote from @Jay Hinrichs:
    Quote from @Account Closed:

    @Steve Donovan Good Morning Steve! Thanks for offering some PM companies. I would like to chat with them if you could pass along some names/emails. I'm going to pass on the cities further south. Part of the reason as I'm less familiar with them but ultimately motivation is more about areas I'm familiar with and would like to show my daughters rather than ROI. I know...not the best investment philosophy but I've already done what I've needed to investment wise in Vegas and now just looking to have fun.

    @Andre Crabb thanks for the offer but I will pass. I'm very familiar with the areas I plan to invest in so just looking more to partner with the right property manager/real estate agent.

    @Kenneth Rolfe thanks so much. I will connect with Corina. Door County brings back great childhood memories. I've spent a lot of time there.

    Best - Heidi


    we been poking around the Madison area there is no question that many of the mid west markets mid south and deep south have been over saturated by out of state investors the key now is to find places before the hords OR the turn key operators and their marketing companies find them. ..  I spent my summers in the 60s on Lake Poygan Winneconne area.. fond memories .. I think you see the same scenario that is happening in Idaho and  central and Eastern WA right now  places like Wenatchee that were totally under the radar and some of the most awesome places to live etc people are finding them and rotating north. And of course half of WI and MI goes to Florida in the winter :)  Plenty of water in Florida..

     Jay.....I'm curious. What could trigger you to pause your new home building? Market data? Difficulty selling your own inventory? Other things?

    0Reply
  • Account Closed
    OP
    Property Manager · Las Vegas, NV · Member since 2017 · 108 posts · 149 votes
    4y

    @Jay Hinrichs lots of water in Florida like tropical storms and hurricanes! lol :)

    0Reply
  • Account Closed
    OP
    Property Manager · Las Vegas, NV · Member since 2017 · 108 posts · 149 votes
    4y

    Adding Lakeville, MN to my search too. Looking for a property manager that could help with 3-6 month furnished rentals. Thanks to @Steve Donovan I have the Fox cities covered now. Thanks Steve!

    0Reply
  • Jay HinrichsBusiness Member
    Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
    4y
    Quote from @Eric James:
    Quote from @Jay Hinrichs:
    Quote from @Account Closed:

    @Steve Donovan Good Morning Steve! Thanks for offering some PM companies. I would like to chat with them if you could pass along some names/emails. I'm going to pass on the cities further south. Part of the reason as I'm less familiar with them but ultimately motivation is more about areas I'm familiar with and would like to show my daughters rather than ROI. I know...not the best investment philosophy but I've already done what I've needed to investment wise in Vegas and now just looking to have fun.

    @Andre Crabb thanks for the offer but I will pass. I'm very familiar with the areas I plan to invest in so just looking more to partner with the right property manager/real estate agent.

    @Kenneth Rolfe thanks so much. I will connect with Corina. Door County brings back great childhood memories. I've spent a lot of time there.

    Best - Heidi


    we been poking around the Madison area there is no question that many of the mid west markets mid south and deep south have been over saturated by out of state investors the key now is to find places before the hords OR the turn key operators and their marketing companies find them. ..  I spent my summers in the 60s on Lake Poygan Winneconne area.. fond memories .. I think you see the same scenario that is happening in Idaho and  central and Eastern WA right now  places like Wenatchee that were totally under the radar and some of the most awesome places to live etc people are finding them and rotating north. And of course half of WI and MI goes to Florida in the winter :)  Plenty of water in Florida..

     Jay.....I'm curious. What could trigger you to pause your new home building? Market data? Difficulty selling your own inventory? Other things?


     its our lending arm..  we do business in 12 states.. we only build in 3 states  :)

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    JLH Capital Partners51 Review
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    0Reply
  • Andreas Thuresson
    Rental Property Investor · Sweden / Fort Myers, FL · Member since 2018 · 20 posts · 3 votes
    4y

    @Kenneth Rolfe I’m interested in hearing more about the Door County investment.

    I'm currently looking for a lake STR in Wisconsin and would love to hear about your investment up there.

    Thanks

    Andreas

    1Reply
  • Marcus Auerbach
    Investor · Milwaukee - Mequon, WI · Member since 2010 · 5k+ posts · 7k+ votes
    4y

    There is a fair chance that I am bias because I operate in Milwaukee, as an investor for almost 15 years and as an agent with a team for the last 7. Maybe it's because of my YouTube channel, but I get more and more calls from people who want to move here because of climate change or financial reasons.

    So far smoke is the number one reason I hear from people, followed by concerns about water, either too much or not enough. But there are also financial reasons. The Midwest is just a lot more affordable, not only for housing.

    I had a conversation yesterday with a guy from Seattle who said he does not want his middle school age kids to grow up in an area where they are forced to move away, because they can't afford to buy a house close to the parents.

    Hurricanes and earthquakes pose another issue; god forbid the San Andreas fault finally causes it's next earth quake, or we have another Caterina. An investor from FL told me that 70% of the mandatory flood insurance is now issued by the State owned insurance company, because the private companies are more and more moving out of FL, the flood  risks are getting too high for them.

    The Midwest still has a rustbelt image from the 70s and 80s, but at least Milwaukee has been quietly reinventing itself over the last 10 years or so. Not with spectacular growth rates, but very solid. Our economy is broad based and not dependent on a single sector, productivity is high, I believe partially because of the cooler climate. I consider myself very lucky to have landed here, it was not my choice at the time, but I consider myself lucky.

    Milwaukee is really the only metro area in Wisconsin with 1.6 million people, Madison is a smaller student town and the rest is pretty rural.

    2Reply
  • Kenneth RolfePro Member
    Boise, ID · Member since 2018 · 57 posts · 39 votes
    4y
    Quote from @Andreas Thuresson:

    @Kenneth Rolfe I’m interested in hearing more about the Door County investment.

    I'm currently looking for a lake STR in Wisconsin and would love to hear about your investment up there.

    Thanks

    Andreas

    @Andreas Thuresson  I would be happy to discuss this further.  We actually close on it on Monday so we’re flying out there to get it all set up and ready to go next week!  Feel free to reach out to me directly.

    2Reply
  • Michael Paling
    Rental Property Investor · Gwinn, MI · Member since 2016 · 174 posts · 103 votes
    4y

    @Account Closed I'm just getting into rentals in the Marquette area, and I've lived in Houghton and Iron Mountain as well. I have family in Iron Mountain, so I'll probably end up searching around there once I've got a better business foundation. 

    The options for property management companies in the yoop are pretty slim (aka, next to none). I've got a friend who invests around Marinette/Menominee and they have a PM there. There's one company in Marquette, but they stick to just Marquette city and I don't know if they're taking on new places. 

    I'm happy to chat about the U.P. more if you're interested. 

    2Reply
  • Account Closed
    OP
    Property Manager · Las Vegas, NV · Member since 2017 · 108 posts · 149 votes
    4y

    @Michael Paling Thank you! I just messaged you. I'm interested in Marquette as it's such a beautiful city. I'll be curious to hear what you discover as you begin investing in Marquette. That was always my favorite city when I travelled through the U.P!

    0Reply
  • Gregory Chadwell
    Real Estate Broker · Milwaukee, WI · Member since 2015 · 299 posts · 90 votes
    4y

    I've been an active income property investor here for over 30 years. Also i have my Real Estate Broker's license for approx 10 years now.    Milwaukee compared to the rest of the states is still quite a bargain.  We also are experiencing a short supply however if you look in the right place with the right search criteria you can be successful. Places like: Vegas, AZ,FL, CO are in my opinion extremes as far as market swings. Welcome home if you invest here and we still have non stop flights to Vegas via southwest! 

    1Reply
  • Bob E.
    Queen Creek, AZ · Member since 2014 · 2k+ posts · 1k+ votes
    4y

    @Account Closed  We have had good returns in Milwaukee so far.  Cleveland can also be a decent market.

    3Reply
  • Colton Hahn
    Specialist · Member since 2021 · 322 posts · 273 votes
    4y

    We buy in the midwest exclusively, glad to see others coming around to the area. We got about 6k doors and aren't slowing anytime soon :)

    2Reply
  • Brock Mogensen
    Real Estate Syndicator · Milwaukee, WI · Member since 2018 · 1k+ posts · 907 votes
    4y

    I live and invest in the greater Milwaukee area. I personally prefer some of the tertiary markets surrounding Milwaukee.  Happy to connect you with some agents and property managers we work with. 

    4Reply
  • Patrick DruryBusiness Member
    Real Estate Agent · Columbus, OH & Cleveland OH · Member since 2021 · 1k+ posts · 2k+ votes
    4y

    @Account Closed
    I would recommend looking at Columbus OH. You can get good cash flow and solid appreciation at the same time. Columbus has a lot of job opportunities and population growth. Especially with Intel coming to Columbus as well as Hyperion, which is a company that makes hydrogen fuel cells. Columbus is home to the HQ of Chipotle, Wendys, White castle, L-Brands, and Hunnington. Columbus is also home to OSU, which constantly develops real estate, employs lots of jobs, and attracts students from the US and internationally to attend. On top of all of that, it boasts one of the best college football teams Ohio state buckeyes, which is very well known and has a cult following, and attracts a lot of people to the games. If you don't care about appreciation at all you should look at Cleveland OH. Cleveland has a bit higher cash flow than Columbus in exchange for the appreciation.

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  • Phillip Dwyer
    Real Estate Agent · Henderson, NV · Member since 2011 · 1k+ posts · 550 votes
    4y

    @Account Closed. I was just back there last week. I grew up near Wisconsin Dells. That might be an area to consider as well. I think you could pull people nearly year around for STR (Dells summer attractions, hunting seasons, fishing, and winter sports). There's plenty of traffic from Chicago. Flights are a little more difficult, but it's not that bad. I've been doing very passive looking myself. I've noticed that some of the lake communities have rental restrictions, so watch out for that.

    1Reply
  • Nicholas MischPro Member
    Investor · Broadview Hts, OH · Member since 2016 · 310 posts · 280 votes
    4y

    Cleveland and Akron Ohio are great areas to invest. Great deals still exist here!

    1Reply
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