Real Estate Agent · Arlington, TX · Member since 2016 · 10 posts · 3 votes
Hello BP community! I'm Matthew Thompson and I am an aspiring real estate entrepreneur from Chicago. I'm in the middle of a move to Madison, Wisconsin but I'm interested in doing work in both areas. I found BiggerPockets while searching to see if there was a site like this. Looks like my hunch was right! My main interests are in flipping houses, buy and hold and commercial rental properties. I would like to start out with flipping houses though. I've read quite a bit but I'm ready to start taking action. Any advice, tips or connections are welcome. Thanks guys, I'm glad to be here.
Rental Property Investor · West Bend, WI · Member since 2015 · 931 posts · 598 votes
10y
Welcome to BP @Matthew Thompson Im closing (selling) flip #15 on monday, i can tell you it takes a lot of Money, more than you may initially realize, holding costs eat you up, and no matter how you calculate it, unless you get lucky, you never make what you think you will, that being said, I have made a years pay on some deals, and a used cars worth on others, know your markets, dont only len on the experts like agents, or contractors, know what your looking at, even if you need to buy a buddy in construction, a few beers to tell you if the contractor is screwing you. never take the agents value as gospel, I am a Realtor, and I have seen plenty of agents get the values wrong, mine are not always right either, just dont trust them with out verification. Good Luck out there in the 10 square miles surrounded by reality they call The Peoples Republic of Madison.
Real Estate Agent · Arlington, TX · Member since 2016 · 10 posts · 3 votes
10y
@David Handel Thanks David. I'm more than willing to do that. Can you point me in the direction of the information? Thanks for responding and hopefully we can meet at one of these events! @Scott Schultz thanks Scott! Those are definitely some things to think about. I have a lot of research to do on the Madison market for sure. Appreciate the response. @Account Closed Thanks Nick. I'll definitely pick your brain if you have the time. I want to learn as much as possible. Thanks for your response.
Investor · Chicago, IL · Member since 2016 · 45 posts · 4 votes
10y
Welcome to BP @Matthew Thompson,
I am REI newbie from Chicago Trying to gain knowledge in efforts to reach my RE goals of Multi family investing. The BP community has been friendly and informative thus far. I recommend utilizing the BP webinars since they cover several different REI strategies and mistakes actual investors made. I find listening to how seasoned investors got started can be very useful in strategic planning. I wish you much success!
Madison, WI · Member since 2014 · 46 posts · 26 votes
10y
@Matthew Thompson meetings are held 2nd & 4th Monday of each month. Madisonreia.com is the website. I hope you can make the meeting tomorrow. Tell them Dave from PPG Paints referred you when you sign in.
Real Estate Agent · Arlington, TX · Member since 2016 · 10 posts · 3 votes
10y
@David Handel I won't be officially moved to Madison tomorrow, but I will attend the meeting on the 4th Monday. Thanks for the info! I will definitely let them know.
Real Estate Agent · Arlington, TX · Member since 2016 · 10 posts · 3 votes
10y
@Paul Timmins Thanks Paul! Good point, the sooner the better; I'll take your advice. Thanks for the link. Seems like you're doing great! I'm excited to start my journey as well. Thanks for the response.
Real Estate Agent · Arlington, TX · Member since 2016 · 10 posts · 3 votes
10y
@Laurice Allen Hey Laurice, sorry I completely missed your post! Thanks for the tips, I've listened to a few podcasts and read a few things so far, but I'll definitely continue to do so. Multifamily investing is a niche I am considering as well. Maybe we can do business together in the (near) future. I wish you much success as well! Thanks for the response.