Any Racine/Kenosha/Milwaukee WI investors?

Question

Hey community!

Any RE investors in Racine/kenosha WI who have been investing in the area for a while?  I am curious to see how investing here has paid off in the long run.  How has the market here reacted with the national market over the cycle periods?  Have returns been steady through the recession?  Grew up here and would love to start making a footprint.  Lots of lower income area with prices trying to climb with the market but the economy doesn't seem to be allowing people to purchase so aggressively.  Newbie here so thanks for the insight and thought!

Cody B

Amy Oltendorf · Answer

@Cody Barrett That sounds like a pretty good deal. I have a couple of duplexes in the West Allis WI area, which is right next to Milwaukee. I still am pretty much a newbie, as I only bought my 2nd duplex last summer, however, I have owned my other one almost 9 years now. I'm currently looking for my 3rd, and I have noticed the market picking back up. I also currently work with a realtor, and the ones I want to get in and see are tenant occupied, where the tenant runs the show, so I can't even get in there to see them! So frustrating. Regardless, I think if your numbers seem right, which it sounds as if they do, keep going, and I'm sure you will get better with each property you aquire. My current owner occupied duplex, the tenant is $100 shy of picking up the entire mortgage, (principle, interest, taxes) so my next one I would like a bit better return. Good luck to you!

Sendhil Krishnan · Answer

That's awesome! Good find. I'm looking at duplex right now in Milwaukee. Details to come if i pull the trigger on it myself.

Corina Eufinger · Answer

My role in the Kenosha/Racine area is property manager (I own 12 in rock county). I manage 85 in the Kenosha area. Kenosha is experiencing a growth in housing needs due to incoming jobs. There are still some decent deals to be had in the areas of zips 53143 and 53142. Racing is definetly a buyers market right now but the housing demand isn't there yet. If you are interested in some handy man specials I may have some leads for you. Send me a PM.

Justin Kling · Answer

I live up by Gifford School in Mount Pleasant. I invest out of state for buy & hold but recently flipped a duplex in Milwaukee with a partner. I'm not familiar with the rental market in the area but it seems that houses in my subdivision are selling well now that Gifford is being expanded  to also be a middle school starting this fall.

I'm always up for meeting & talking real estate. Happy investing!

Cody Barrett · Answer

Thanks so much! You too! Sounds like you have some great opportunities to get creative with what you already have acquire more and more as time goes.  I was thinking about getting my license so that I have access to the MLS and to maybe use it as leverage during networking events.  I also feel like I need to learn so much more but I feel like a lot of it just comes from experience.  I can't wait for property number 2 and the experience Ill gain from it.

Thanks again @Amy Oltendorf

Good luck to you as well!

Andrew Royce · Answer

I live in Milwaukee on the south side.... I see so many duplexes up for sale butt I know I can't get a HML  for them due to the neighborhood they are in.....  Would love to help anyone looking for investment opertunitys on projects like these.....

Cody Barrett · Answer

Hey everyone! @Brett Britten great to meet you as well! I am just starting out myself and created this LLC to manage my first duplex located in Racine, right off HWY 11 and Taylor Ave.  My strategy is for this LLC to manage the properties that I obtain and then I will put each property into its own LLC as long as I can get the mortgage and deed under the LLC's name. So R.C Property Solutions will be the manager.  I would like to buy and hold multi family units and develop some solid partnerships to expand across the state/Midwest.

@Corina Eufinger nice to meet you! That is fantastic!! You have a nice size portfolio to take care of, I can't wait to find some more solid deals.  I work in Kenosha for Chase Bank as well and it the downtown area in the Summer time seems to be jammin! I truly have no clue who to call when it comes to minor maintenance so what a wonderful offer! Thanks sooooo much!!! Ill PM you.

@Sendhil Krishna Hey there! Milwaukee is an awesome market because of how diverse it is.  Very old neighborhoods built perfectly into the big city of Milwaukee.  My Uncle owns property in Pennsylvania and just purchased a duplex to house hack in Milwaukee to move closer to us (family)... Ever since that I have noticed some really great opportunities but the market is getting better and I am finding a lot of retail prices on the MLS for multi's, especially duplexes... There are members on here that really know the Milwaukee market so much better than me though.

I did pull the trigger in Racine on a duplex.  Listed for 129k a year ago. Dropped to 98k and I picked it up for 89.5k in March of this year..  Older home but it will cashflow a little over 100/door after mortgage and expenses..  But I manage myself so I keep a little more.  I did investor financing with 25% down.  (which now killed me lol) Mortgage is 631.25 with taxes and the upper pays that and then some while the lower goes towards operating expenses and profits...

Sendhil Krishnan · Answer

@Cody Barrett

I've just started looking into Milwaukee myself and have been speaking with Nathan Platter at Midwest Equity Partner who specifically invest in those areas. I can't speak for the markets but let me know if you pulled the trigger on anything there...

Brett Britten · Answer

Cody - nice to meet a fellow investor in Racine. I've been properties in Racine and Kenosha for the past few years. I currently own four single family homes in Racine and a duplex in Kenosha. I'm looking to grow my portfolio and thinking of moving more of my time into RE. I see you have a property solutions company? What segment of RE are you involved in?

Any Racine/Kenosha/Milwaukee WI investors?

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