Milwaukee, WI Real Estate Deal Evaluation
Today, we will attack the top questions that are often asked as it pertains to prospecting the Milwaukee real estate investment market. Milwaukee public records has one of the easiest and open systems you can find.
Where should I invest?
Where you invest depends on the amount of risk you feel comfortable with and the price range you are trying to pay per property. (A duplex in 53207 is going to be much higher than an duplex in 53225, although both are Green crime map areas.)
Milwaukee has many 'pocket's or sections where good blocks and challenging blocks are very close to one another. The Trulia Crime map does a decent job of deciphering these pockets. Green being the lowest risk areas and Red being the highest risk.
This is also a good site to review demographics and statistics by zip code:
https://www.unitedstateszipcodes.org/
I don't live in Milwaukee but want to invest here. What would you recommend?
Interview and build a relationship with a property manager. A good property manager is similar to a contractor, they can make or break a deal. A great property manager will be able to locate more deals, verify your purchases, manage your properties and do work on them if needed. Start connecting with as many people as possible that have access to deals--real estate agents and wholesalers so you can begin seeing the actual deals that are available.
How do I interview contractors or potential partners?
Check circuit court records which will also include judgment and ask questions where needed. This is the same area that also shows probates, divorces, evictions, etc (see previous blog on using WI CCAP to find leads):
https://wcca.wicourts.gov/simpleCaseSearch.xsl;jse...
We have a system of approval that includes a contractor/vendor application; we ask to list all circuit court cases and an explanation. We also ask for all active LLC names that the contractor is using as well as any past ones. It is important to make sure the person that is signing any contracts is authorized to do so. For LLC registrar information, https://www.wdfi.org/apps/CorpSearch/Search.aspx
To verify contractor licenses: http://city.milwaukee.gov/DNS/Licensed-contractors...
What online tools are available to analyze the deal?
Determine the type of area it is by looking up the address on Trulia. Milwaukee goes by neighborhoods so getting to know the neighborhoods can be helpful. https://en.wikipedia.org/wiki/List_of_neighborhood...
Property Assessments/Code Violations/Building Permits:
https://itmdapps.milwaukee.gov/MyMHome/index.jsp
When asking your agent to pull comparable sales, have them pull all activity including photos instead of selecting just the ones they feel are comparable sales. In Milwaukee, going out 1/2 mile can be a much different area or possibly even a different zip code or city. The great thing is by seeing all the activity, you will be learning more about the area as well.
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Comments (1)
This is very helpful! Thank you!!
Leah Bates, over 3 years ago