Newbie from Milwaukee, Wisconsin

6 Replies

Hello Bigger Pockets,

My name is James Kenner and I'm originally from Chippewa Falls, Wisconsin. I recently moved to Milwaukee to attend Milwaukee School of Engineering in order to persue a degree in mechanical engineering. My parents inspired me to look into real estate when they brought their first investment property in our hometown. I helped them with many of the renovations we did and really enjoyed it. I have always had a passion for working with my hands so home renovation came naturally to me. Learning about of the other RE strategy really captured my attention.

My goal in investing in real estate is to help me pay for my college education and prepare for my future. I want to get out of the cramped dorms and buy a place to house house hack rather than rent an apartment for the next 4 years. 

One of my lawn care customers introduced me to Bigger Pockets over the summer. He recommended the podcasts and I fell in love with them ever since. I have been a lurker for the past few months but now finally reaching out.

I believe that Milwaukee has great potential but,there is still a lot for me to learn. I am looking forward to growing and connecting with this amazing community!

Cheers! 

James

@Alex Kenner welcome to bigger pockets i live in NYC buy invest in Milwaukee any questions please PM me quick tips you have to working for a least 2 yrs and a fair credit score possibly your parents to co-sign to get pre approved speak with real estate agents i have a few that would help you. Plenty of duplexes in this area good luck on your endeavors

@James Kenner

Welcome to BP! I am an MSOE alumni (2014) so we have that in common! I think house hacking as a student is a great idea. If you can do multiple units instead of as single family home that could be even better. Since you are a student I assume you don't have lots of capital so a low down payment loan option like FHA is probably the way you'll want to go with that. Lots of great info on how that works here on BP. Good luck!

@James Kenner - awesome! We are glad we have you! Be sure to sign up for the Brew City facebook group, meetups are always cool. The classic UMW house hack is usually a duplex 5 minutes around the campus, while regular house hackers often prefer to stay clear from that area and will prefer neighborhoods without students. College duplexes are sometimes also in alittle rougher condition. I have helped with a couple this year; typically a joint venture with the parents for financing, but if you are up for the management challenge they produce a lot more cash flow than a regular duplex house hack.

@James Kenner , I think the great thing about Milwaukee is that there are so many LOCAL people who live here that are willing to help and that are truly interested in adding value to our community. Brew City REI is a private, sort of 'grass roots' local real estate club of like minded, active investors sharing knowledge, tips and deals---Along with Bigger Pockets, I think that this group would help you immensely. House hacking is one of the most popular ways that people start...there are multiple ways to do that--beyond conventional financing, you could also look in to seller financed deals or land contracts. Real Estate has a variety of options and networking with others will help fast forward your education and also mitigate your risk.

@Rundell Ramsay, @Andrew Syrios, @Brett Kash, @Marcus Auerbach, and @Rebecca Knox, thank you all for your quick and helpful replies! I will definitely look into joining Brew City REI. It is exciting to hear about all of the potential resources that are out there. As mentioned by a few, obtaining funding is an going to be challenge. Luckily, my parents are numbers people. If I was to show them that I could generate positive cash flow, I think I could convince them to co-sign a loan. Also, finding a duplex that close to campus that isn't too rough will be another obvious obstacle. My goal for this week is to a continue to reach out to the BP community and find a RE agent.

Happy Monday and have a great week everyone!

James Kenner

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