Newbie willing to listen to anyone and everyone
Member since 2019 · 4 posts · 3 votes
Newbie willing to listen to anyone and everyone
Most Popular Reply
Rebecca KnoxBusiness Member
Specialist · Milwaukee, WI · Member since 2014 · 1k+ posts · 1k+ votesThere is a Green Bay REIA.
Have you checked with your local banks and credit unions yet to see what they are saying you will need to buy your first multifamily? When I got in to real estate, the thing that surprised me was how little you may need for a down payment if you take advantage of the many first time home buyer programs available. I bought the house I live in with a 30 yr conventional (not a first time home buy) and it needed some work (bought at 42k and it as is appraised at 81k) and we only brought $1778 to closing. There was a credit union here that offered a program where you could use the equity as a downpayment so if you found the right deal you had the ability to close with no dp, only paying closing costs which were $1k.
14 Replies
- Investor/Accountant/Builder · Meno, OK · Member since 2014 · 1k+ posts · 918 votes7y
The first book I ever read on the subject:
Buy it, Fix it, Sell it
- Investor · Nipomo, CA · Member since 2014 · 366 posts · 401 votes7y
Is there a local meetup group you can attend? I've found that the most helpful thing for me has been attending a local meetup put on by other BP members. The group is extremely supportive and has led me into two partnerships. There is nothing quite like having a group of investors (in person) you can use as a sound board for your ideas.
As far as books/podcasts, where do you feel you need more knowledge? You're planning a house hack, so that's great. Aside from that, what areas do you feel you need more education, but that would also be pertinent to your goals?
- 7yRebecca KnoxBusiness MemberSpecialist · Milwaukee, WI · Member since 2014 · 1k+ posts · 1k+ votes
There is a Green Bay REIA.
Have you checked with your local banks and credit unions yet to see what they are saying you will need to buy your first multifamily? When I got in to real estate, the thing that surprised me was how little you may need for a down payment if you take advantage of the many first time home buyer programs available. I bought the house I live in with a 30 yr conventional (not a first time home buy) and it needed some work (bought at 42k and it as is appraised at 81k) and we only brought $1778 to closing. There was a credit union here that offered a program where you could use the equity as a downpayment so if you found the right deal you had the ability to close with no dp, only paying closing costs which were $1k.
- 7yCorey ReymentPro MemberWholesaler · Green Bay, WI · Member since 2016 · 136 posts · 41 votes
@Trevor Mleziva, this is Corey. Carrie and I share an account. Lets connect. We have some stuff coming up that could be really helpful for you.
- Rental Property Investor · Bethalto, IL · Member since 2014 · 319 posts · 103 votes7y
@Trevor Mleziva. Good for you! I wish I would have gotten started at 21 rather than 32. Anything on BP is a great learning tool. I have listened to each podcast multiple times. There are also other great sites and podcasts out there too. I have about 5 on my playlist that i listen to weekly. Books are great. I try to read a minimum of 4-5 per year regarding real estate.
Welcome to BP! You've come to the right place. You really can't go wrong with any BP podcast, but I would listen to ones that have relevance to what you are trying to do. As far as books are concerned, again, find ones that are related to your strategy. There are plenty of multifamily-based books and people have varying opinions on which ones are the best, so just find a couple popular ones and start with those.
Here are some links to threads discussing multifamily books:https://www.biggerpockets.com/forums/432/topics/60...
https://www.biggerpockets.com/forums/432/topics/61...
If you are buying out of state, try "long distance real estate investing" by David Greene. Also there are the common starting books like "rich dad poor dad", and "the millionaire real estate investor" which people tend to like.
Another good idea is to start finding listings now and analyzing the numbers to see potential cash flow. Try analyzing one deal a week, or even every few days, to get a feel for it. BP has some useful calculators to help out with this located under "tools", and there are plenty of threads discussing good ways to go about it.
- Real Estate Consultant · Milwaukee - WI · Member since 2018 · 142 posts · 73 votes7y
Green Bay has a ton of potential for Investors. The price to enter is quite low and you should have no problem finding a duplex on the upper east side or even near Ashwaubenon that needs some work.
You've found the right investment community to get your journey started. Like others have mentioned I suggest finding a local REIA where you can meet like minded investors that may be able to help you along the way! Connections are huge in this business, so the more people you meet the better off you'll be .
- Member since 2019 · 4 posts · 3 votes7y
Hey I have a few questions could you message me
- Investor · Plymouth, WI · Member since 2016 · 22 posts · 14 votes7y
Hi Trevor,
Welcome to Real Estate Investing and it sounds like your head and your goals are in the right place. I invest just south of you in the Sheboygan area but did live in Green Bay for about 8 years. I have been primarily focused on the BRRR method for the past 3 years, but if there are any ways I can help please PM me.
For my first purchase I would be focusing on:
1. Saving for the down payment
2. Building Credit/ reaching out to banks (and get used to hearing no, it's part of the dance)
3. Start practicing running numbers for cashflow
4. I would read. Brandon Turners books on Landlording.
Hope this helps.
- Rental Property Investor · Allentown PA, United States · Member since 2016 · 567 posts · 442 votes7y
Hey @Trevor Mleziva , congrats on having the mindset you have at such a young age. I too was in your shoes ready to learn anything and everything when I first discovered biggerpockets. I would recommend listening to every BP podcast available. From there, you will hear a lot of the same books repeated along with guest that also have podcasts, books and blogs to learn from. Go with what speaks to you, but I would personally recommend Rich Dad Poor Dad, Millionaire Real Estate Investor, Go Giver and Atomic Habits as a place to start down your personal development journey. You'll hear it repeated over and over again, but you're the average of the 5 people you spend the most time with so while I may not have access to investors and great thinkers I want to emulate, I do have access to free audiobooks from my public library and investors I admire to follow on social media which are the next best thing. If you have instagram, I would also recommend following @Mark Ferguson @ryan dossey and investorgirlbritt as they put out a ton of quality content to learn from.
- Flipper/Rehabber · Greeley, CO · Member since 2013 · 2k+ posts · 1k+ votes7y
Originally posted by @Bill Goodland:
Hey @Trevor Mleziva , congrats on having the mindset you have at such a young age. I too was in your shoes ready to learn anything and everything when I first discovered biggerpockets. I would recommend listening to every BP podcast available. From there, you will hear a lot of the same books repeated along with guest that also have podcasts, books and blogs to learn from. Go with what speaks to you, but I would personally recommend Rich Dad Poor Dad, Millionaire Real Estate Investor, Go Giver and Atomic Habits as a place to start down your personal development journey. You'll hear it repeated over and over again, but you're the average of the 5 people you spend the most time with so while I may not have access to investors and great thinkers I want to emulate, I do have access to free audiobooks from my public library and investors I admire to follow on social media which are the next best thing. If you have instagram, I would also recommend following @Mark Ferguson @ryan dossey and investorgirlbritt as they put out a ton of quality content to learn from.
Thanks for the shoutout!
- Lender · All 50 States · Member since 2015 · 401 posts · 250 votes7y
Hey Trevor,
If you haven't looked into joining your local Real Estate Investing Group, you should definitely do that. You'll find that there are lot of other people in Green Bay that can help there.
Hope to see you at an upcoming meeting.
- Member since 2019 · 6 posts · 16 votes7y
@Trevor Mleziva Way to get ahead of the game and jump into investing early! We have a few things in common so hopefully you find this applicable. I'm 24 and I'm not too far away from you - over in central WI. I'm also in real estate to create a path of success for me and my family. Please allow me to give you a couple recommendations from my experience...
1. Investing at our age with our limited amount of $ requires commitment that spans across all areas of your life. You need to think about month by month end game - how much you have left in the bank when all is said and done. The implications are two-fold. First, there is a need to increase our income wherever possible. Get a side-hustle. Put your savings in a high-yield savings account (2% interest and not tied up for years). Think about job transfers to up your income (you'll make 50% more over your lifetime if you switch jobs every few years). Second, there is a need to cut our costs wherever possible. Create a budget (I use Mint.com). This will tell you where your money is going. I've found that seeing where your money goes innately produces a reduction in your spending. But the awareness shows you where you can save and where you can't. For you specifically, I'd highly recommend ditching the car payment and opting for a car that you own outright. If you run some math on how much the auto sales companies are making on your financed car, you might rethink your daily driver.
2. I'd highly recommend that your biggest cut-back in spending is on rent. You are right on with house hacking. Renting is the financially worst way to utilize a living space. All the money is flushed down the toilet. I did this for a while. $800 down the drain every month. Until I purchased a duplex. The one I went for is unique in that it has different sizing for each unit. My side is small and was previously rented on the low end of the spectrum..the other side is quite large and totes 3 garage stalls and is rented quite highly. Most of my payment is taken care of by the other side. When all is said and done, I'm only paying $200 each month in mortgage, taxes, and insurance combined. Oh, and I'm building over $200 of equity every month. I'm living for free. 1 more thing - I purchased it 30yr fixed 3.5% down with FHA, but I didn't bring anything to closing. I got a $10,000 loan for the downpayment through a local city program that charges 0% interest. Summary - My house hack cost me nothing and now my housing costs nothing every month. $800/month win.
3. Jump in. It took me a long time to finally decide to buy a rental property. The place was vacant. I ran my numbers. Thought I could make 30% return on investment. Wow did I get nervous. Dealing with tenants!? What if I have vacancies? What if I can't rent it high enough to make my return? I talked it over with a more experienced investor and finally pulled the trigger...Result? - Was able to rent it for much more than I was asking (Pet fees are a landlord's best friend). My return on assets was 60% on my first one. Forget stock investing!
4. Structure your deals to keep as much of your money as possible. If its an off-market deal, try to get the seller to finance the property for you. Keep the bank out of it. It's not unheard of to buy a 100k property for 5k down with a monthly payment. If it's an on-market deal or one that involves maintenance and updating, consider using a bank strategically. Get quotes for everything that you want to have done (Electrical updates, carpeting, cabinets, roof, etc). Make your offer in a way where those expenses are underneath your loan. If I'd pay 100k cash to buy a property with a poor roof, I'd rather make an offer for 110k and put 12k in escrow to fix the roof. Maybe add a 2k cashback for closing costs and your "realized downpayment" is much less than the 20% that is typically required. Plus, sellers are more enticed when you say 110 - 10 than when you say 100. I escrowed a 12k roof inside of my house-hack...So I bought a house and fixed the roof for nothing out of pocket.
BTW, I know an investor in the area who is 21. He owns 115 units...You can do it.
Feel free to PM me or drive west and we can get a bite to eat and talk investing.
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