Welcome to BP, @Dominique Papillion ! I am also relatively new and am just starting to learn the ropes in investing. Have you looked for your local REIA group in Milwaukee? That's where I would start... I attended my very first REIA meeting in NWI (Northwest Indiana) last night, and it was a game changer.
The people I met, the questions asked, and the resources available in my local area - they are already reshaping my idea of what investing will look like for me.
Before the meeting, I wanted to do small multi-family and house hacking in NWI as my first investment, but I'm reconsidering based on the wisdom of seasoned investors in that REIA group. Now, I've adjusted my strategy to look for SFR in very specific towns between 50-70k that would be worth 100-110k after renovations.
Best of luck on your journey! BP is the place to be. :)
@Dominique Papillion hello and welcome to BiggerPockets!
BP is the ultimate real estate investing site around! There are so many cool and exciting things going on.
For starters, you have the free informative forums to read and learn about real estate.
Second, you can network with any real estate investor both new and experienced.
Third, you will learn how to get deals done the right way.
You have come to the right place, Dominique, and welcome to the Bigger Pockets community!
@Dominique Papillion Firstly, congratulate yourself for wanting to get started! I was on the same boat as you, a few months ago. However, I already had my primary residence at that point. If you don't have a primary residence then you can start small (2 -4 units)or go big(5+) for a house hack- whatever you're comfortable with as long as you're thorough running the numbers and familiar with investing process and what's involved. If you're a veteran, you're eligible for VA loans that have a really low downpayment requirement. I highly recommend you look into that.
Something you might want to look into before you get started
1) Soak up as much info as you can so that you know what you're doing.
2) Pick a niche and try not to get distracted by various means of investing.
3) Build your team before hand - insurance agent, local community banks, lawyer, realtor, property manager and handymen.
4) Run numbers on a LOT of properties just to get familiar with the process.
5) Research on neighborhoods that work out for you.
6) Network. As @Mindi Rosser pointed out, meetups are a great place to reach out for help.
SFs are a simple way to get started. You can get away with a lower down payment, easy to analyze and some renters prefer only SFs. It would be an added bonus if you're handy and can fix up. I can't fix worth nothing- so I need to rely on rehabbers. You can buy a home that could need rehab or cosmetic repairs and fix it up yourself. You can get these homes much cheaper than retail price. That's something else you can think about.
I gained a lot of confidence analyzing deals just by running a lot of numbers- even on homes I wouldn't buy. It's not complicated, at all. If you can do it for a single family, you can do it for a duplex. If you want to keep it simple then that's a good place to start. You can also network with other investors in your area and see if anyone's willing to see if you analysis is accurate or not. Take it from there.
@Mihir Bhimaraju Excellent getting started tips! I'm currently starting to do tip #4 and run LOTS of reports with the various BP calculators just to get familiar with what a good deal looks like before making any moves. Also will make me feel confident when I am ready to submit that offer.
@Mindi Rosser Awesome! Be sure to pull the trigger on a deal once you're comfortable. Taking action is key. Btw, it's nice see a fellow Indiana resident!
Connect with the Milwaukee REIA - you can easily find the website with a Google search. You can attend a meeting as a guest for no charge. The next general meeting in July is a vendor showcase that (I think) won't have a central presentation, but the meetings typically get about 100 - 200 people per month and it's a good networking resource.
Welcome to BP!
You might want to take a look @Rebecca Holmes recent post. May be a good place for you to get to know people and ask questions.
All the best to you...
@Dominique Papillion Welcome to BP! Congrats on taking your first steps into the REI world. I agree with @Jorge Ruiz on taking a look at Rebecca's blog post for wholesaling. I'm also looking to invest in Milwaukee as well. Try and connect with someone that's knowledgeable and has experience as an investor in that area. I spoken to a few people already and I think @Marcus Auerbach is a great person to connect with. Good luck, I wish you success.
@Dominique Papillion You're definitely on the right track. Visit your local real estate investment club. Find someone who's doing what you want to do. Offer to help them out in exchange for the opportunity to learn. Personally, I started out looking for deals for other investors by bird-dogging and wholesaling. It's a great way to learn the market and build up cash. Once you have enough cash, then you can start buying and holding. Hope that helps. If you're interested in learning more, I wrote a whole book on finding your niche (which talks about interviewing mentors) and being a successful real estate investor. Good luck!!
Welcome to BP and the Milwaukee market. If you’re looking to get into buy and hold, I would suggest you purchase a duplex and house hack. You can use a VA loan to secure the property since it’s your primary residence. Then you’ll get the hang of property management, maintenance and repairs. Season the property for 6-12 months, then move on to the next. Not specifically sure how many VA loans you can have out at once, but in terms of FHA, you could do this four times if I’m not mistaken. If you’re on FB check out the Brew City REI group. Tons of useful information, contacts, etc. If you need any help with neighborhoods, analysis, etc. let me know.
I am a member of REIA and an administrator of the Brew City group as well. Both are very active as well. I hope you can make some future events. The REI Apprentice would be a great one for what you are describing.
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