Hello from Wisconsin!

16 Replies

Quick introduction. My name is Patrick and my wife and I live in Wisconsin, northwest of Milwaukee.  I've been saving up money and have been disappointed in the bank interest and thought there has to be a better way. 

I'm not sure how I found Biggerpockets but it has been an excellent resource! I'm currently educating myself as much as possible with a goal to purchase our first property by July 2019...before I turn 30. Undecided on SFH for rental or doing a flip.

Would be interested in connecting with other Milwaukee area residents and hearing their stories and or finding out about the next local meet up!

Welcome, @Patrick M. ! So glad you've rediscovered Bigger Pockets early in your real estate investing journey.

A few tips that may be helpful to you here on the BP website:

You can set up keyword alerts so anytime someone posts about Milwaukee or any of the other markets you're evaluating, you'll be notified. That could be a great way to find and stay engaged with local investors, realtors and opportunities. http://www.biggerpockets.com/alerts

You can also search for other investors or brokers in your market and follow their journey on Bigger Pockets here: https://www.biggerpockets.com/search/users

And of course, be sure to subscribe to the podcast - so much great info there and also full of inspiration. Always time well spent...

Best of luck to you and look forward to following your success on BP!

Welcome to BP!  Deciding whether to go into flipping or rentals is a big deal.  They are both completely different, require different skill sets and education, require different time commitments, etc.  If you have any specific questions about either, I'm happy to help!  I've been involved in pretty much every different type of real estate....including a successful flipping biz AND rentals.  I also have a handful of great friends in Milwaukee with full time real estate success under their belts that I could hook up with locally as well.

Cheers to your future!!

@Patrick M. , welcome!!! We are so glad you are here. I applaud you for being active so early in your life.  I always get encouraged by people in their 20s getting involved.  Brew City Real Estate Investors run a good meet up.  Check em out facebook.  

@Patrick M. Congratulations for making the move and welcome to the BP community. 

I am newer myself but I welcome you. This website is a great resource and the people here have helped me a ton in my journey so I am glad to do the same for other in anything I can help. If i can be of any assistance to you or anyone else let me know. I am too looking to network with people in our area.

@Corina Eufinger and @Jacci Konkle

@Patrick M. I vote for rental properties. Here is why - flipping is a job more than an investment; it has been hyped up by TV-shows, but the reality is a lot more sober. Flips are tricky, a lot of succesful flippers have lost money on their first deal. Like everything in life parctice makes perfect and the key is to flip several similar homes a year, this way you get good at what you do, have working relationships with all the contractors you need etc. It is active income, as any other business and can be a full time job very quickly.

Buying rental properties is an actual investment and it's for the most part passive income. The business model in itself is a lot more forgiving. I would go so far to say, if you read a few books and you stay after it and don't drop the ball, it's actually almost difficult to screw it up in a major way. (Of course, there are some how have managed to do just that!) The process to wealth is typically very slow, but steady. You may only buy one property a year until you reach enough passive income to accelerate your purchases, but over the course of ten or more years you can build significant net worth and income.

@Marcus Auerbach thank you for your comments. This was some of the direction I was looking for. With my ultimate goal at passitivity that sort of rules out flipping. 

In the end if you get a bad enough tenant maybe you end up flipping a house anyways...just kidding. 

Appreciate your post. This makes a lot of sense. Now to find some deals!

@Patrick M. Welcome to BP Patrick. I started house hacking a duplex (Live In one unit and rent the other) little over a year ago so I am not far from where you are today. I highly recommend this model for getting started to reduce your living expenses, save more, and start building equity. Its how a lot of fokka here ob BP start out I also like the Brew City Real Estate Investors Meetup. Great group and everyone is looking to learn and help each other out. You can find the group on Facebook and meetup. Good luck!

Hello! @Patrick M.

Welcome to BP, and congratulations on making the decision to invest in your future via real estate.

I have written a few blog posts that may help you get started here on BP, and with your investing. Please click on the links, give them a read, and share your thoughts in the comments.

First is a post that I feel will help not get overwhelmed with the amount of info that is here on BP:

https://www.biggerpockets.com/blogs/5868/52761-the-simple-guide-to-getting-started-on-bp

The second is a post that will help get you focused with your real estate investing goals:

https://www.biggerpockets.com/blogs/5868/52743-im-new-to-bp-any-advice-would-be-appriciated

The last one is a post that will help you choose an “investor friendly” real estate agent.

There are many agents out there, but it’s important to choose the right one.

https://www.biggerpockets.com/blogs/5868/52724-im-new-to-investing-how-do-i-find-an-investor-friendly-agent

I love answering questions if you have any! Good Luck :)

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