New to investing

[Ross Westendorf]

Hi All,

I am new to investing and have a family with young children. I am hoping to start off in the Minnesota market so I can do most of the updating myself. I have some construction experience. I am most interested in multi family properties to generate some cash flow for additional properties. Thank you for your help and I hope to be able to help others as well.

[Marlon Fong]

Welcome to the site @Ross Westendorf! It's great to have you here.

Here are some recommendations for you:

Find and connect with other BP members that are in your area: http://www.biggerpockets.com/m...

Set up keyword alerts to be notified of the topics that interest you: http://www.biggerpockets.com/a...

Read Beginner’s Guide: http://www.biggerpockets.com/r...

Check out BP Money Podcasts: https://www.biggerpockets.com/...

Wishing you the best!

[Jeff Schemmel]

@Ross Westendorf welcome to BP!  local house-hacker and multi-family agent,  here.  I like to double-dip with multi-family and make improvements while I live there.  Happy to chat anytime about my experiences.  Do you have a plan to finance or pay cash?  would love to hear about your experiences in contracting.

[Steven Foster Wilson]

Quote from @Ross Westendorf:

Hi All,

I am new to investing and have a family with young children. I am hoping to start off in the Minnesota market so I can do most of the updating myself. I have some construction experience. I am most interested in multi family properties to generate some cash flow for additional properties. Thank you for your help and I hope to be able to help others as well.

Hi Ross, welcome to BP! I recommend you try to attend your local REI networking groups and meetups. Connect with as many real estate investors as you can.

You can also consult with lenders, brokers and ask them for suggestions on who might be a good real estate mentor and most will be able to provide one. Try to think of different ways you can add value to that person. What are your strengths? For example, are you experienced in social media marketing? Could you offer a mentor some tips? This way it's not just a one way street.

[Lieren Schuette]

Have you considered househacking?  Since you are more interested in multi-family, you could live in one unit with your family and rent out the others.  David Greene preaches househacking regularly on the podcast.  A couple things to keep in mind if you do choose this strategy:

1. Don't expect your property to cash flow, especially if you live in an expensive market (although it's not impossible).

2. Look at househacking as a means to reduce your mortgage payment so you can save that money for future investments.

Good luck!

[Ross Westendorf]

Hi Jeff Schemmel, I have finished my basement from framing through finish other than plumbing and Sheetrock finish. I am currently a construction manager for a national builder.

Financing is probably where I run into the hurdles. I have some cash to put down but not enough to have 20-30% and then do any rehab.

[Ross Westendorf]

Hi Lieren, 

I have thought of the house hacking but I have a custom built home in a great school district and centrally located for our jobs and daycare needs. In time I hope to sell but not right now.

[Julio Gonzalez]

Hi Ross, welcome to the community! You found the right place for information.

[Dmitriy Fomichenko]

Welcome to the BP family @Ross Westendorf , you came to the right place to learn all about real estate investing!

Best of luck on your REI journey.

[Josh Schaap]

Hi @Ross Westendorf! Welcome to BP. I'm a local investor that just joined the community here about 2 months ago. I'm also very new on my real estate investing journey. Hoping you find as much support and help here as you need.

Feel free to reach out anytime. I would be happy to connect.