Milwaukee Advise

[Haim Fleminger]

Hello to all, For the past year I've been studying REI books, listening to BP podcasts, lurking on the BP website and so much more. It's now time for me to move forward and determine "farm" area for buy and holds. Zip 53222 looks interesting. Can anyone share their experience investing in this area? Tips? What to look out for? Thanks!

[Mike Lowery]

I live in this zip code and I feel that there are a lot of elderly people living in this neighborhood which means there will be a high turnover over the next 5-10 years. With that said, you are on the border of many great suburbs and close to shopping, outdoor activities and freeway/transit access.
I think there are potential for deals in this area. There are several properties within block of me that are on MLS for less than $80K. There are three properties across the street that are for sale for over $115K so those properties will drive the market rate and make it more realistic to estimate ARV. There is a Meijer and strip mall with good restaurants and businesses nearby including a Whole Foods that helps garner renters, owners to the area.
On the flip side, it is close to some C neighborhoods and riff raff. My hope is that future owners in this area are investors that treat their investments like a business and young, working couples or small families. If this is what the neighborhood transitions to, it will be a very good area to invest in. I have lived in this area and owned in the Bay View neighborhood also and I think the right product in this location could produce similar rents as the 'hipster' Bay View location.
Just my $0.02. If anyone would like, drop me a PM and/or colleague request. I would be more than happy to scout properties in the neighborhood as I'm out and about quite often. Or help out in any other ways. I know I will be looking for my first property in this area.