Newbie with Interest in Multi Family: MN & WI

Newbie with Interest in Multi Family: MN & WI

Member since 2018 · 22 posts · 12 votes

Hello,

My DH and I are new to the real estate investing space.  I found the Bigger Pockets Money podcast, then Bigger Pockets podcast itself and now I am here in the forums, researching and planning to invest within the next calendar year *fingers crossed*.  

We live in Minneapolis MN, but have history in the Fox Valley area of WI.  Prices in Minneapolis for multi-families are pretty high, so we are considering investment properties in the suburbs of Minneapolis, Duluth, Oshkosh WI, Neenah-Menasha WI, and Milwaukee WI currently.  We have an "accidental" rental house in rural Missouri that was originally bought as a primary residence and taught us all about what doesn't make a rental house profitable, so that is the extent of our experience so far. 

Specific interests include small apartment buildings (rather than older homes split into units) with 4-8 doors to start with.  We both spend a lot of time doing work with the arts and non-profits on the side and we would someday like to move our focuses to those side pursuits rather than our currents jobs.  Having a baseline income from rentals would provide us the flexibility we are looking for and fits well with my personal interests and temperment.  

DH is a network engineer and I have worked in ministry/non profit settings as well as customer service settings.  I paint, write, and hike with our two dogs.  DH is an enthusiastic snowboarder and skateboarder.  Would love to network about good markets in the WI and MN area, about small multi-family buildings, long-distance landlording and property management recommendations when the time comes.  

Glad to be here!

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Rental Property Investor · Glen Rock, NJ · Member since 2015 · 3k+ posts · 2k+ votes
8y

@Amanda Wirch Welcome to BP family! Continue educating yourself through podcasts and add some books to your list. I'd start with David Lindahl book on emerging markets. Also, find local REI clubs and start networking with other investors. You can find them via BP and meetup sites.

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  • Specialist · Phoenix, AZ · Member since 2018 · 63 posts · 17 votes
    8y

    Amanda welcome to BP! WI is a hot plate of rental properties right now much opportunity I hope you take massive action 

  • Member since 2018 · 22 posts · 12 votes
    8y

    @Darron Washington  I hope to jump in as quickly as possible as well!  We are looking at properties and will be speaking with mortgage companies soon to start figuring out exactly how much capital we need on hand.

  • Rental Property Investor · Glen Rock, NJ · Member since 2015 · 3k+ posts · 2k+ votes
    8y

    @Amanda Wirch Welcome to BP family! Continue educating yourself through podcasts and add some books to your list. I'd start with David Lindahl book on emerging markets. Also, find local REI clubs and start networking with other investors. You can find them via BP and meetup sites.

  • Anaheim, CA · Member since 2015 · 48 posts · 11 votes
    8y

    Welcome Amanda! I hope BP helps you achieve your goals!!

  • Rental Property Investor · St. Paul, MN · Member since 2016 · 3k+ posts · 3k+ votes
    8y

    Best of luck with your goals. I just put a deal on BP marketplace that you may like. 

    What is DH? All I can think of is Dumb Husband:)

  • Solo 401k Expert · Anaheim Hills, CA · Member since 2012 · 18k+ posts · 6k+ votes
    8y

    Welcome to the BP family @Amanda Wirch !Good to have you here! Here are some recommendations for you:

    Find and connect with other BP members that are in your area: https://www.biggerpockets.com/search/users

    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

    Wishing you the best!

  • Member since 2018 · 22 posts · 12 votes
    8y

    @alina trigub

    Thank you, I will check that book out and the meet ups in my area.

  • Member since 2018 · 22 posts · 12 votes
    8y

    @Todd Dexheimer   It's actually supposed to be 'dear husband'....lol.  

    I am looking forward to checking out the marketplace.  Thanks.

  • Retirement Accounts Attorney · Southfield, MI · Member since 2017 · 3k+ posts · 1k+ votes
    8y

    @Amanda Wirch

    Welcome to Bigger Pockets.

  • Flipper/Rehabber · Milwaukee, WI · Member since 2016 · 153 posts · 84 votes
    8y
    @Amanda Wirch Welcome Amanda! I’m getting started in the Milwaukee market and would be happy to connect and help you out in anyway! Good luck.
  • Investor · Shakopee, MN · Member since 2014 · 219 posts · 88 votes
    8y

    Good luck.

    It sounds scary, but keep in mind, people buy houses everyday, and they collect zero rent.  People do it constantly and decide to just live in those properties and raise families.

    You already have them beat by deciding to buy something you will rent out for financial gain.

  • Contractor · Los Angeles, CA · Member since 2015 · 887 posts · 323 votes
    8y

    @Amanda Wirch

    Welcome! 

    I have to ask because I am just curious that way but what is a DH?

    Best...

  • Member since 2018 · 22 posts · 12 votes
    8y

    @Account Closed  DH is forum speak for "Dear Husband"   :D

  • Shawn AckermanPro Member
    Real Estate Entrepreneur · Mid West, East Coast · Member since 2015 · 3k+ posts · 1k+ votes
    8y

    @Amanda Wirch Welcome to BP!!! If you settle on Milwaukee, there are a ton of talent in that market. All the best to you and your DH on your REI journey.

  • Investor · Duluth, MN · Member since 2017 · 52 posts · 83 votes
    7y

    @Amanda Wirch Happy to help if you look further in the Superior WI / Duluth MN market area.  Good luck with your first deal, real estate investing is a rewarding experience!  

    Cheers!

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