New Investor in greater Milwaukee area

[Pat Parrillo]

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