All Forum Posts by: Clare Pitcher

Welcome Joseph! What communities are you looking to invest in? If investing out of state, I recommend building a team you trust including a realtor, property manager, lender, and insurance agent, and maybe even a mentor who has invested in the same area. Best of luck!

This is awesome! Congrats and best of luck. Will you be self-managing or hiring a management company?

Super excited for this event! Be sure to stop by the Welcome Home Milwaukee Booth. 

Everyone has stated some very important points! To make it easy for the owner we typically add this sippet to the onboarding email: 

- "Please add us as additionally insured to your insurance policy. This should be a simple request to your insurance agent, but feel free to include us in the email to them in case they have questions. Copy and paste below to make it super easy. 

Need insurance? We know a few of those. A) Hey Insurance Agent, I'm hiring COMPANY NAME to manage my rental property. Please add them as additionally insured to my policy. Their address is XXXXX  53214b) Great Insurance Agents - NAME - EMAIL of insurance agent"

For a tenant, you can let them know that renters insurance is very cheap and they can easily bundle it with their home and auto for only a few extra dollars month to protect their items if anything were to happen i.e. natural disaster .

Hey Harish,

I work for a property management company in Milwaukee and we work with many out-of-state investors. Here are some reasons out-of-state investors love the Milwaukee market: 

- Affordability: Compared to larger metropolitan areas, Milwaukee offers relatively low property prices, making it easier for investors to enter the market.

- Strong Rental Market: The city has a robust rental market due to a diverse population, including students, young professionals, and families. This demand helps ensure consistent occupancy rates.

- Economic Growth: Milwaukee's economy has been growing, with a mix of industries such as manufacturing, healthcare, and technology. This economic diversity helps stabilize the housing market.

- Revitalization Efforts: There are ongoing efforts to revitalize neighborhoods, improving infrastructure and amenities. This can lead to property value appreciation over time.

- Quality of Life: Milwaukee boasts a vibrant cultural scene, great parks, and access to Lake Michigan, making it an attractive place to live, which can boost property values.

- University Presence: With several universities in the area, there’s a steady influx of students, contributing to demand for rental properties.

- Tax Incentives: Wisconsin offers various tax incentives for real estate investors, which can improve the overall return on investment.

Overall, Milwaukee presents a mix of affordability, growth potential, and a strong rental market, making it an appealing choice for real estate investment.

Hi Erin, 

I work for a property management company in Milwaukee, Wi, and here are some thoughts to consider: 

Vacation rentals- 

Pros: Higher Income Potential due to tourists, Flexibility, Shorter Tenant Commitment

Cons: Inconsistent Income depending on demand and time of year, More Management Required, Wear and Tear because of constant turnover

Long-term rentals- 

Pros: Stable Income, Lower Management Effort, Predictable Expenses, Less Wear and Tear

Cons: Long-term commitment (this can be pro or con depending on the tenant), Market Dependence 

The choice between vacation rentals and long-term rentals largely depends on your financial goals, management capacity, and the property’s location. Because you are just getting started, I think long-term rentals would give more stability as you are navigating the rental market. Let me know what other questions you have! 

From a rental perspective, the rental price would not increase with this addition. But, as others have stated there will be more interest from tenants. It is better than having one bathroom as long as the layout allows for an extra half bath I say go for it! Are you planning on leasing the property yourself/self-managing?

Hi Tomer! 

Our company, Welcome Home Milwaukee, focuses on managing single-family homes and duplexes in the Milwaukee area. Investors love Milwaukee because of its affordability, strong rental market, and economic growth. Building up a good team is incredibly important if you are not local. We work with various out-of-state investors. Please reach out as I would love to learn more about you and your property! 

 Sean, can you elaborate on this?

Crystal, 

Congrats on acquiring a new property! I agree with Adam on this one. Self-managing from a different state is extremely difficult, especially in states where the law favors the tenants. I would recommend doing your research and finding a company that has great reviews or try and get a recommendations from owners who utilize PM companies in the Colorado Springs area. Goodluck with everything!