Hey all. I was hoping to get some advice from everyone at BP. Being new and not having my finances in order quite yet to pull the trigger, I'd like to take this time to educate myself about buy and holds, which is what I'd be doing for the most part, and get out and start learning the marketplace. At this point, I havent found a mentor in the area yet, so I'd like to know what you guys/girls suggest?
I know open houses and agents can be good ways to get started on analyzing deals, but how do you go about contacting them without them thinking you're just wasting their time since at this point I'm really not ready to buy?
Also, if anyone is in the Southern Wisconsin market I'd LOVE to talk to you over coffee or lunch sometime.
If you’re ever near city of Milwaukee send me private message.
Maybe try locating nearest REIA club near you.
Example: search biggerpockets for Janesville to locate other members
Good luck moving forward
I'd recommend reading Equity Happens by Robert Helms and Russell Gray. It's one of the best books on buy and hold I've read. Also, I listen to a lot of podcasts and would recommend checking out the BP podcast and Creating Wealth.
Presumably you're planning to invest in your hometown or nearby. One great way to learn the area is to be active in it. If you're into an active lifestyle, drive to a neighborhood and then jog or bike around it. Do a different neighborhood every week and pretty soon you will know the market quite well.
If you're not as active (like me) then getting out and going to restaurants, bars and shops makes for a good excuse to drive through new neighborhoods. If I'm going to a new city I always check TripAdvisor for places to eat...usually the best places to eat are located close to the best places to live.
@Justin Kling Thanks, I'm going to look into "equity happens" as soon as I'm done with this post. It will be nice to find a great book exclusively on buy and holds.
@Michael Siekerka Great tips! I know the neighborhoods well because I've lived here almost my entire life, although I'm just now starting to really pay attention to the differences of asking price and rent price between the different neighborhoods. Also, I never made the connection of great food comes great neighborhoods, but at least in my city that is absolutely true. Thanks again for the advice. One question though, is there any decent way to go about calling on a property to find out expenses to do a "mock" analysis? I'd just really like to get some practice analyzing deals even though I can't be serious about buying quite yet. Or maybe there is a better way altogether? What would you suggest?
Another good book is Investing in Duplexes, Triplexes, and Quads by Larry Loftis. It's a little outdated as his examples show buying property with 10% down, but it's a great book showing how the numbers can get really big, really fast. It opened my eyes to what is possible with real estate investing.
Here's the amazon link:
@Justin Kling Thanks again for the recommendation! I've actually seen that one on amazon before and even have it on my wishlist. I've been reading as much as I can but I just can't keep up! Not a bad problem to have I suppose.
Looking through your profile, I see you've found your way to the milwaukee area meet ups? I've heard of it through biggerpockets but have yet to make it up to one. Is it worth the hour and a half drive to get up there?
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