Relocating to Milwaukee area from IL (apartment, foreclosure, rent)

[artfulseamer]

We are a mid class white family relocating to Milwaukee area we don't know the neighborhoods so if any one can guide us to a search area that would be great. Right now we are looking for a forecloser type home that we can purchase for 40,000 or under one that is livable and we can fix up for resale at a later date. I personally want a farm so the long term out look is for that. We would like to stay with in an hours drive of downtown Milwaukee. I don't want to move to an area where we will offend others for moving in. I have horses so then long term needs to be out of city...lol. Thanks for any help any one can share.

[ccjarider]

Am I reading this correctly?
1) You want to be within one hour of downtown Milwaukee
2) You want a place where you can keep horses
3) You want to purchase for $40,000 or less?

These are not compatable goals in the metro Milwaukee area.

[artfulseamer]

Sorry no what I ment was we are looking for something in the 40,000 for my husband to live in until I can join him once our home in IL sells. Once IL sells we will put up the Milwaukee home as well and then look for a farm and bring the horses up. I WILL be looking for a small farm in the future about an hour or so out of Milwaukee. Sorry for the confusion...lol that would be nice but I know impossible. I figure once he starts living there for a while we will get to know the area better and decide where the last move should be, but in the mean time he wants to out right purchase a place so he doesn't have rent or 2 mortgages to pay per month. Hope that is clearer sorry my bad.

[city414]

Originally Posted by artfulseamer

We are a mid class white family relocating to Milwaukee area we don't know the neighborhoods so if any one can guide us to a search area that would be great. Right now we are looking for a forecloser type home that we can purchase for 40,000 or under one that is livable and we can fix up for resale at a later date. I personally want a farm so the long term out look is for that. We would like to stay with in an hours drive of downtown Milwaukee. I don't want to move to an area where we will offend others for moving in. I have horses so then long term needs to be out of city...lol. Thanks for any help any one can share.

u might be able to fund a foreclosed house if you search in the right places but to have horses you may have to live out in farm areas around the edges of milwuakee country to the north or even in ozaukee county north of the old mall on N. 76th st

www.foreclosure.com

[ccjarider]

hmm - my thought is that you husband is better off renting if timespan is 2 yrs or less. Costs and hassle of selling in what is going to a years long - slow market, would be a money losing proposition and not very fun in my opinion.

Especially if you just got done selling the IL home.

You are probably better off trying to find desparate seller or landord who would rent to you at a good price. Put the $40,000 in a secure investment (tbil, tax defferred money fund, etc). this would earn a little interest for you. Pay the rent out of the $40,000 every month.

Anything in an area that has a chance of resale would be over $40,000.

You could go into the core of the city, but good luck selling at later date. Your time frame is too limiting for this plan, in my opinion.

[43north87west]

Originally Posted by artfulseamer

We are a mid class white family relocating to Milwaukee area we don't know the neighborhoods so if any one can guide us to a search area that would be great. Right now we are looking for a forecloser type home that we can purchase for 40,000 or under one that is livable and we can fix up for resale at a later date. I personally want a farm so the long term out look is for that. We would like to stay with in an hours drive of downtown Milwaukee. I don't want to move to an area where we will offend others for moving in. I have horses so then long term needs to be out of city...lol. Thanks for any help any one can share.

I'm going to weigh in on this also. $40,000 is going to put your husband in a hideous area, and quite possibly, in a risky situation. Someone with $40k in liquid assets doesn't belong in a $40k house in a dangerous neighborhood. People will notice.

For $700/month he can rent an apartment with underground parking in a nice, safe, convenient area.

Keep the $40k, trust me. Even if he prepays for a year rent at a time, the investment is much "Better" than betting on a $40,000 "home" (read: dump) to appreciate $1 over two years. I have done the math on rent vs. own because I move a lot and have lived from coast to coast. The best purchase I made in the last six years, was no purchase at all. As a result, I'm in the best financial shape of my life: Cash rich and ready to buy any time I feel that the market has truly crapped out and I'm getting a good deal (IMO, that time has not come yet).

For $40k, you can't even buy a lot in a decent area of the city, and perhaps most of the nice suburbs. With a structure on it, even more unlikely.

However, as always, there are exceptions. Just hope you are the one to find THE exception, because I have never seen this before.