All Forum Posts by: Matthew Meunier

@Colin J Parks welcome Colin! No better way to make your money work for you while you sleep then to invest in real estate. Good luck on your journey as you get started. If you’d like, feel free to reach out as I am a local agent, property manager, and investor in the Milwaukee area. Lately, West Allis has been my target and have acquired several of my own assets + assets for clients in the past 120 days.

@Adam Gerstmeier Congrats on taking the first step to making this a reality, and posting on here to start the most important step for yourself; building a network. What a time to begin. I'll tell you from experience, remain patient. Most MFH deals are done off market these days. Anything that hits the MLS doesn't make too much, especially pre 1960 build. When someone has to factor in management with the high debt service, MKE has quickly escalated to a 5 CAP, no cash flow market.

While you may stumble across one that shows promise, there's a lot of other feet clunking together to create a bidding war on the same deal! Finding a network of people who work off market deals, or partnering with others to put up cash offers will be the name of the game for 4 unit or higher assets. My focus with clients is MFH and few and far between have hit MLS in MKE that isn't in a super rough area or needs more capital than one may care to apply. Sweat equity in these types of properties will be your key to success. I've found success in the Cudahy and West Allis markets for MFH. I've also enjoyed great returns and findings outside of MKE county; Sheboygan County and the Fox Valley.

Some other food for thought, the shortage of supply is nation wide. I listened to a great podcast today put on by Walker Dunlop who hosted Diana Olick and Ivy Zelman. They spoke of the MFH market, SFH and SFH Rental market, interest rates, and supply. Lots of discussion on the shortage, and how the amount of capital going into SFH developments by 2022 & 2023 will finally make a dent in the supply issue. Although a shortage will still be prevalent, lots of great discussion was had on how this benefits the SFH rental market. Those who can't buy a house or afford it will adjust and rent. Does that not speak BRRRR opportunity or what?!

Be adaptive, network hard, work with multiple people, and consider strong investing partnerships. I myself am looking to do this more than ever moving forward, with a pipe dream of purchasing plots of land with enough walkability to build small SFH developments or a package of 2-4 unit assets and sell/manage. Best of luck on your journey, and reach out if you'd like to connect more!

Also, probably a sidenote for a different post that I could create, myself and my wife are interested in searching STR‘s in some of these more year round destinations mentioned. A particular area that we've become interested in would be the gulf side for Florida. Spent some time in Naples over the Christmas holidays and like the fit.

Thank you everyone for weighing in. Yes, we do expect there to be seasons of peaks and valleys. One of the partners family’s owns a condo out in the Snowmass Village which sparked the idea. We’ve gone out there on a few occasions to board and also check it out in the summer for hiking. While we haven’t done a thorough analysis yet, we have ran some speculative numbers on price ranges within the 300 to 600K range for a purchase price. Looking for more info however on realistic daily rates that could be charged and traffic/timing for peaks.

Hello BP Community! A group of investors and myself are looking to diversify into the short term rental market. Our focus is an STR out in the ski resort areas of Colorado. In particular, we'd like to focus our attention near Aspen Snowmass or the Breckenridge areas. This is new territory for us all, and are looking to network with others who are already doing this type of investing. We anticipate restrictions for AirBnB use in some of these condo communities, which is why we need your help to learn more and how best to set this up! I look forward to connecting!

@Rebecca Knox not running one myself but served on a board for a period of time that focused on housing for special needs adults and children. The executive director turned her house into an adult family home and went thru the ADA rigamarole. Might be a good contact if you’re looking for insight. Let me know.

Hi @Josh Anderson - congrats, and welcome to BP! If you're looking out in Madison, I recommend connecting with @Jack Medford, great guy and very knowledgeable about what's going on out there. Handful of people in MKE who can help you with informative conversations in a number of investing type/asset classes. I'd be happy to lend you some time to see what you're looking for, why you got started, and how we may align with an investment down the road. I'm a real estate agent focusing on investment properties in the commercial and multifamily space in MKE, do a bit of wholesaling, and manage property as well. If you'd like to connect, feel free to reach out!

Thanks for the mention @Jack Medford. Lots to think about and understand when investing OOS and congratulations @Alexander Ballesteros for taking the first step in accomplishing your RE goals by doing research and asking for help. What you intend to accomplish in WI or IN (or anywhere for that matter) will hinge largely on your investing strategies and team(s). I’d be happy to share some insight on the areas and strategies I find myself spending time in. Feel free to send me a message with more info. @Rebecca Knox is a great resource as well as she has created multiple investment/resource groups in Milwaukee. Check out the Brew City REI Group on Facebook for starters. Best of luck!

@Brian Wilson as others have said, I would definitely keep your options open. I am in agreement however that if you are a cash flow investor, that needs a management company, and your metrics are 10% or more for a cash on cash return (CoC), Milwaukee is not the place for you. Margins are much better further south or further north of the county. Example: my first 4 family investment was in Sheboygan. Since I have a background and work in management aside from being an agent, I manage this myself (I reside in Milwaukee county) but could easily hand off to a manager and still cash flow $1000+/month. I house hacked with FHA so my CoC returns are an anomaly to the traditional investor. At 20% down plus the capital I've put into it, I'd still return 20%+ on my cash. You won't find that here in Milwaukee based on higher priced assets, and the additional expense you'll find with a management company, as I'd assume you'd want/need.

This being said, your investing strategy could easily change this. Rehabs or BRRRR's can produce these numbers. While requiring a little bit more upfront marketing, a lot of investors have success with this type of investing in Milwaukee. It's not to say that a buy and hold strategy doesn't work here, it's just few and far between as the market is extremely competitive and sellers aren't dummies. Multifamily is a hot commodity and people know they can get a premium since there's hardly any inventory. SFH's fare better pending location and up front rehab costs.

Again, this is all based off what type of investor you are. As an agent working with many investors around the area, we find deals that work and typically out operate proformas - but the big picture is the appreciation growth and 3-5 year plan to possibly maximize a sale and flow profits into the next deal. I’d be happy to provide more examples upon request.

Cudahy, Jackson Park, Lyons Park & other SW West Allis propers have a lot of old properties with new faces being given as long time owners sell. Can I say up and coming? Perhaps not. But Cudahy would be one I’d watch benefit most from all the development Bay View and Walkers Point has seen.