Newbie from Saint Paul, MN

12 Replies

Hello,

I'm Brian, a 25 year old ex hockey goalie and an aspiring Real Estate Investor from a suburb of Saint Paul, MN. I graduated in 2017 with a bachelors in Material Science and Engineering from the University of Minnesota, Twin Cities. I work as a Manufacturing Engineer for a medical device company in Minneapolis, MN. I found BP after reading Rich Dad Poor Dad, as I'm sure many others have done, and I have decided real estate would be my way to get out of the rat-race. I have seen many family members struggle to make a living and they constantly worry about whether or not they will have enough in their 401k to live off of when they retire. I'm going to be different, I want to travel and have the time to create many exciting life experiences, and I believe I can achieve this with real estate.

My goal is to buy & hold small multifamily (2-4) properties near Minneapolis and achieve enough cash flow to surpass my current engineering income so I have the option to work part-time or even early retirement. My intention with my first buy & hold deal is to owner occupy (currently living at home with my parents and its time to get out) a 2-4 plex near Minneapolis that needs some work (ideally not a full rehab) and finance it with a 203k FHA loan. I will be managing my first property on my own, but once I have a large enough portfolio I will use property management.

I'm excited to meet the BP community! Feel free to let me know what you think of my strategy.

Hey @Brian Loibl , welcome to BP!

I love the househacking strategy and just sold my first one.  Once I get a few other things in my life straightened out I'll start to look for the next. I plan to keep househacking indefinitely.

It allowed me to buy another rental, live for free and get some cash together to buy two more that I have under contract right now.

Let me know if you ever want to grab coffee and talk!

Hi Brian, my husband played goalie also. I am sure he would love to talk to you about goalie stuff for hours. We would interested in meeting with you to network. My experience with management and my husbands with house-hacking, and maintenance would be a great resource for you.

@Brian Loibl

Hey Brian, 

Welcome to BP!! It is the perfect next step after reading Rich Dad and building up some good education for yourself. We often call owner-occupying a 2-4 unit multi-family, Househacking. I am a local investor and agent and am actively helping a couple people buy their first househack now.  It is a tight market but if you stay patient and use all your resources you can get it done. We actually run a monthly Househackers Group meeting where we talk on rotating topics and people who are actively househacking now or trying to find their first property. People come together to share notes, propose new ideas, and network. 

I am always open to coffee or a beer and to just talk real estate. Good luck out there!! Take action each day and you'll get to your goals no problem.

One quick tip, make sure you add property management costs into your model/analysis now even if you plan to manage the first few. This way when you get bigger and move to property management you will already have this accounted for. Disregard if you're already doing this :-).

Best,

Kurt 

@Jordan Moorhead its good to hear that househacking has worked so well for you, I hope my first deal can be as successful. I think it would be great to connect for some coffee, send me a DM and we can get a time put together.

@Aziz Raji Thanks for the warm welcome. I will definitely try to get on BP more often, there are a lot of great investors here and I'm excited to learn and share.

@Amber Gonion talking hockey is one of my favorite things to do, so many great experiences. I would appreciate connecting with you both to talk about investing and maybe go off on tangents about hockey. (: Send me a DM and we can workout a time.

@Kurt Pauley I knew I was going to be corrected about "owner-occupying", its funny because I always use "househacking" but for some reason felt "owner-occupying" was more professional. I'm a big fan of the podcast and they always recommend including property management even if self managing, but I appreciate the reminder. I would like to hear more about the group, send me a DM and we can even set up a time to get a brew and talk investing.

Brian, I was just reading a few intro posts before making my own. Apart from the private details our goals are damn near the same!

I'll be on here an increasing amount, can't wait to see all of your future success and I'm sure we will be meeting up at some point.

@Brian Loibl

Welcome to the BP family! Glad you joined the best real estate investing website! Here are some recommendations for you:

Find and connect with other BP members that are in your area: http://www.biggerpockets.com/meet
Set up keyword alerts to be notified of the topics that interest you: http://www.biggerpockets.com/alerts
Read Beginner’s Guide: http://www.biggerpockets.com/real-estate-investing
Check out BP Podcasts: http://www.biggerpockets.com/renewsblog/category/podcast/

Wishing you the best!

@Aaron Singh thanks for reaching out. I'm excited to see your success, it will just push me even harder to catch up and hopefully I can do the same for you. When you feel like its time to meet, send me a DM and we can meet.

@Andrew Syrios thanks for the warm welcome! I see you were on podcast 121, I will have to check that one out. I should thank you in advance for taking the time to share your knowledge on the podcast, I'm sure its not as easy as it looks to be on the podcast.

@Dmitriy Fomichenko thanks for the welcome and the links to important BP pages. There is a lot of stuff to check out when you first get on BP, your links help save some time in finding the ones most useful for newbies.

Originally posted by @Brian Loibl :

@Aaron Singh thanks for reaching out. I'm excited to see your success, it will just push me even harder to catch up and hopefully I can do the same for you. When you feel like its time to meet, send me a DM and we can meet.

@Andrew Syrios thanks for the warm welcome! I see you were on podcast 121, I will have to check that one out. I should thank you in advance for taking the time to share your knowledge on the podcast, I'm sure its not as easy as it looks to be on the podcast.

@Dmitriy Fomichenko thanks for the welcome and the links to important BP pages. There is a lot of stuff to check out when you first get on BP, your links help save some time in finding the ones most useful for newbies.

 Thanks Brian and please do check it out. I've heard from reliable sources it is the best of all the BiggerPockets podcasts!

Hello Brian and welcome to this site! I agree with your basic idea you need to work for yourself to have a chance of getting rich. instead of making someone else rich. What I do not believe in is owning SFH's as rental property. I've heard as many stories that have expressed goodness with investing in SFH's but I have heard as many sad stories with that idea. Accept that you need experience before getting apartment complexes as a myth and a better way to go. There are many reasons to go this way. There are a couple things I agree with. One of those things I like is getting more income from fewer addresses. Another reason I like them is the better possibility of getting a Property Management Company on a 30 unit project that keeps you away from the daily maintenance, the Tenant screening, and their ability to get people to make repairs and get them done quicker and handle anything that comes up. They typically will still be OK with a vacancy and a house is either 0% or 100%. Regardless of what you do, good luck to you.

@Michael Lee Thanks for the welcome and your input. I'm focused on house hacking a 2-4 plex for my first deal as I'm going to finally move out of my parents place for good. I guess I misspoke in my original post, I do want to move to larger multifamily properties as I see that being the most efficient and possibly require less of my time as a Property Management Company would take care of a lot of it. Hopefully I will meet a ton of great people along the way so I can get to that level much faster.

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