New to BP and REI from Shakopee, MN

New to BP and REI from Shakopee, MN

New to Real Estate · Shakopee, MN · Member since 2019 · 18 posts · 7 votes

Hi Everyone,

I am new to real estate investing and am less than 6 months from completing a doctorate in clinical psychology. I do not want financial reasons to dictate where and how I work and serve others with my doctorate, and I have found that my results driven, analytical, and entrepreneurial mindset are not well suited to some aspects of my chosen career path. 

While in the process of testing several online business ideas, I read Rich Dad Poor Dad, and I have been reading and listening to everything I can get my hands on related to REI. I believe that REI is the best vehicle for me to reach my financial, career, and service goals.

My current plan is to buy, rehab, house-hack and rent-out, refinance, move-out, and hold a 2-4 unit property in the Twin Cities area starting with an FHA 203k loan (if I can manage the red tape). From there I'd like to steadily move into multifamily properties as soon as I am able with partners and/or syndication. My goals include reaching 10k/month in cash flow and creating long-term wealth for the security of my family. I believe that reaching these goals will provide me greater freedom to work as a psychologist in those areas I find most important. I am also very involved with a local charity and have a long-term goal of providing an endowment so the charity's work can continue long into the future. Thanks to all contributors on the forums, and I look forward to learning more.

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  • Saint Paul, MN · Member since 2018 · 189 posts · 107 votes
    6y

    @Christopher M.- Welcome to Bigger Pockets! Those sound like some great ideas. Let me know if you want to connect for coffee I'm always up for meeting investors.

  • Rental Property Investor · Bloomington, MN · Member since 2019 · 404 posts · 542 votes
    6y

    @Christopher Miller I like how well you have laid out your goals! Welcome to the REI world.

  • Real Estate Broker · Hugo, MN · Member since 2016 · 688 posts · 596 votes
    6y

    @Christopher M.  Welcome to BP.   Lots to learn, but the experiences in investing and managing are the most interesting.  I would love to coffee sometime to discuss your plans.  We many clients that have different advantages and plans for investing based on their unique situations.  Our advice is use your advantages in the market and get into the game.  Too many investors stand on the sidelines waiting for a home run deal.  We can show you examples of investors that acquired properties early and because of that have done very well in a relatively short time.

  • Justin WindhamPro Member
    Banker · Nationwide · Member since 2015 · 4k+ posts · 1k+ votes
    6y

    @Christopher M.

    Welcome to Bigger Pockets!

    This is a great place to learn and network. A lot of forum members are very knowledgeable in their respective fields related to real estate investing, whether that is real estate sales, wholesaling, flipping, rentals, lending, self-directed IRA and Solo 401k investing, or tax and legal guidance.

    Discounts on some products and services are offered to BP members: https://www.biggerpockets.com/perks/pro

    If you haven’t been to it already, you might want to check out the BP blog: https://www.biggerpockets.com/blog/

    The site has quite a few tools that can be helpful for new members. I like the search features: https://www.biggerpockets.com/search

  • Real Estate Agent · Minneapolis, MN · Member since 2015 · 59 posts · 43 votes
    6y

    Hey Christopher!

    Welcome to the game and Bigger Pockets.  SO MUCH knowledge here.  I love that you're devouring information as you begin to wrap your head around it!  There are so many moving parts to investing--It's why it's challenging, but also why it's so powerful!  I'm an investor and agent based out of Northeast, Minneapolis!  The house hack is such a powerful thing and if you can leverage a 203k successfully, it's pretty amazing tool--not without it's challenges though!

  • Realtor · Minneapolis, MN · Member since 2016 · 245 posts · 107 votes
    6y

    @Christopher M.

    Hey there! Welcome to BP and good luck on your journey. It sounds like you have some good goals set up.  Keep learning and networking. For 203k it would be crucial to have a lender that is an expert in doing these loans. If you need a recommendation let me know. 

    I think your ability to learn and be humble will take you far!! 

    "As your island of knowledge grows, so do your shores of ignorance" -John Archibald Wheeler

  • Adam TafelBusiness Member
    Real Estate Agent · St. Paul, MN · Member since 2017 · 570 posts · 393 votes
    6y

    @Christopher M. - welcome to BP! It sounds like you've got the "why" of your goals figured out, something that's incredibly important and often overlooked. Wealth is fairly inconsequential to our daily lives, assuming we have enough to meet our needs - the lifestyle and career flexibility is what REI is all about! If you can use your newfound freedom to help others- even better. Good luck in your search!

    Upside Property Sales 4.9108 Reviews
  • New to Real Estate · Shakopee, MN · Member since 2019 · 18 posts · 7 votes
    6y

    Thanks for the warm welcome and helpful responses everyone!

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