All Forum Posts by: Joshua R.

How is the 52305 zip code? I have seen a few properties in that area. Does anyone invest within that zip code? I saw a few places between walnut and Vliet. I ran an analysis and there is definitely cashflow potential I just want to get an idea for the tenant demographic I should expect and the safety aspect.

That is really good to know I think the posting I just looked at said Riverwest and the property was very west of Holton.

@Darren Budahnit sounds like I was a little off with my search location wise. Thank you for confirming the more desirable boundaries to look within the zip code. Can anyone comment on the River West area zip code 53212? I have heard it is up and coming but I wanted to know if there are any boundaries I should be wary of.

@Dan C.I was looking at a few properties west of downtown boundaries around 35th and state and 35th and Clybourn St. 

Thank you very much for all the Insight! @Ramon Jenkinsto answer your questions utilities were estimates. Electric and Gas will be paid by the tenants. I will pay for water and heat. Originally my model did calculate for property management at 8% of all rental income but I removed that from my analysis due to the first year I will be residing on the property. @Darren Budahnthat's what I am thinking regarding financing. I am pretty new to the area and I am trying to get as much help as possible with gaining an idea of better neighborhoods and the questionable ones. I still need to do my drivebys of the different properties to get a feel for the surrounding areas. @Dave CarpenterCan you please provide me with an address for one of your properties in the 53208 Zip Code? I would like to see how that area is and have a reference point. Again thank you all for the feed back and insight with this. I really appreciate the help!

A lot has happened since my last post. I am not going to go into the details of the new circumstances, but long story short I now live in the Milwaukee area for work. It is very random how things happen but everything happens for a reason. Since being in the area and making my relocation known on BP I received a warm welcome and great advice getting started out here. (Big Shout Out to Sam Erickson). The plan is still the same. I want to own multiple 2-4plex (5 if possible on my loan) cash flowing properties. I plan on using an FHA loan amounting to $250,000 and residing on the property for the first year and reinvesting profits back into the property to improve the units. I would like the property to be in a safe area since I will need to reside there for at least a year. I am looking to have at minimum $200 in cash flow per door. Here are a few properties I am looking at and would like to gain some feedback on these particular deals. (I will use real Zip Codes with fake addresses). Any advice on the Zip Codes and analysis would be greatly appreciated.

Property #1

123 Main St, Milwaukee, WI 53215

Ask Price: $99,000

4 plex:

Net Rent Income is $1800

Owner Vacancy: -25%

Mortgage Payment: $437/month

Property Tax: $165/month

Insurance: $83/month

PMI: $67/month

Maintenance and repair Savings: $200/month

Utilities: $250/month

Year 1 Cashflow: $148/month, $1,776 annual

Year 2 (Once Fully Occupied) Cashflow: $598/month, $6252.60 annual

Property #2

2244 W Newhouse Ave, Milwaukee, WI 53215

Ask Price: $125,000

4 Plex

Net Rent Income: $2265

Owner Vacancy: -25%

Mortgage Payment: $552

Property Tax: $208/month

Insurance: $104/month

PMI: $84/month

Maintenance and repair Savings: $200/month

Utilities: $250/month

Year 1 Cashflow: $300/month, $3609 annual

Year 2 (Once Fully Occupied) Cashflow: $867/month, $9,284 annual

Property #3

444 N 123 St, Milwaukee, WI, 53208

Ask Price: $134,900

5 Plex

Net Rent Income: $2450

Owner Vacancy: -20%

Mortgage Payment: $596

Property Tax: $225/month

Insurance: $112/month

PMI: $91/month

Maintenance and repair Savings: $200/month

Utilities: $250/month

Year 1 Cashflow: $486/month, $5832 annual

Year 2 (Once Fully Occupied) Cashflow: $976/month, $10,396 annual

Property #4

5454 N 23 St, Milwaukee, WI, 53208

Ask Price: $59,900

3 Plex

Net Rent Income: $1800

Owner Vacancy: -20%

Mortgage Payment: $294/month

Property Tax: $100/month

Insurance: $50/month

PMI: $40/month

Maintenance and repair Savings: $200/month

Utilities: $250/month

Year 1 Cashflow: $302/month, $3624 annual

Year 2 (Once Fully Occupied) Cashflow: $896/month, $10,011 annual

Please provide any feed back to the Analysis and any advice on the Zip Codes that you may have. I really appreciate all the help and input as always!

Thank you for the recommendation as well as for the neighborhood advice. I will Google Paul Vitulli and see if I am able to connect with him. I started scanning for places a little bit on Redfin but I definitely want to go out and see the areas and  hear the recommendations an agent that is familiar with the area with have.

Are there any investor friendly agents that anyone would recommend? I would like to get out and see what options I have and what I should expect.

That's great to hear about the options. I definitely will take a look at the crime map to get a better idea of what I'm working with! Thank you very much for the tip I really appreciate it. 

I recently relocated to Milwaukee for work and I am looking to purchase a multifamily 2-4plex in Milwaukee as my first real estate investment. I plan on using an FHA loan to finance the purchase. I am new to the area. I wanted some input on Zip Codes I should be wary of when looking for properties and neighborhood advice. I work downtown in the 53202 Zip code. In an ideal world I would like to stay close without having to put too much distance between my job and my living arrangement or sacrificing safety. However, with this being the first investment I am flexible and willing to add to my commute if it is a great deal! A flexible $250,000 is what I would be looking to spend. Any input or advice would be really appreciated. I have a deadline of October 12th to purchase my first great deal so the pressure is on!