Newbie with Interest in Multi Family: MN & WI

15 Replies

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!

@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.

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:)

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!

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.

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