Newbie from Milwaukee Wisconsin

8 Replies

Hello BiggerPockets!

My name is Andrew Becker, and I'm starting my real estate investing career here in the Milwaukee area, (or surrounding areas). I'm finishing up my PhD in biochemistry and will pivot into a career in education after I graduate (I am still sorting out my options). I live a very frugal lifestyle, as I have saved $24,000 in 3 years on a graduate student stipend so I could purchase a house that I am house hacking to save for my first small multifamily-unit property. No mortgage payment is pretty sweet, thank you @Brandon Turner  ! I have been living happily on a graduate student stipend for almost 4 years, so any pay bump after I graduate in a year will just be used as capitol to get into small multi-family investing. My current plan is to get into small-multifamily investing and move up from there. 

Currently, I need to finish up my degree to get a better job, and continue to save as I don't have many expenses. Until then, I am listening to podcasts, reading books (I'm getting through them fast so I need more suggestions!), learn about the different areas in Milwaukee and how they seem to be progressing from an investors perspective, and start networking with others in the area! 

I would love suggestions from anyone to help me meet others in the area. I am hopefully going to start bookkeeping part time for a larger multi-family complex to better understand how they function (thoughts on this?). 

Overall, I am a very positive person with a lot of hustle. I look forward to meeting you! :)

@Andrew Becker buy and hold is not rocket science. Actually quite the opposite. Most beginning investors overestimate what it takes to be successful. And you have a whole industry selling courses about everything you need to learn before you are ready LOL.

Common sense, emotional inteligence and pople skills will go a long way. A gig in book keeping is neither necessary nor particular useful for what you are looking to do. A lot of successful investors are big picture people - they hire a book keeper.

If you want to better understand what's going on in the Milwaukee market go to my BP profile page and check out the monthly market update video.

If you are available on Thursday, check out--you would have a chance to network with a lot of impassioned Milwaukee investors. Many started out house hacking.  I believe any working experience is good experience---doing book keeping for multi family will give you an idea of expenses and maintenance and other issues in order for you to evaluate deals better but it sounds like you are not planning on doing real estate full time so in that respect, I'd spend my time getting to understand numbers by mock evaluating properties, exploring and lining up conventional and creative financing and getting to know local realtors, wholesalers and investors who can not only find you deals when you are ready but teach you just through conversation. Personally, I have learned a thousand times more and quicker by speaking with people in our local market than any program I ever paid for :)

Welcome @Andrew Becker ! I applaud you for getting a degree in a demanding field like biochem.  That's not easy.  Marcus's advice is correct.  It's not rocket science.  What's more important when getting ready to invest is learning the state and local laws.  This will serve more than reading books, etc.  You want to learn these laws so you don't make costly mistakes that result in lawsuits or fines from local, state or federal government.  

If you are looking to add to your reading list the only book suggestions I really have are Millionaire Real Estate Investor by Gary Keller and either of Ken McElroy's rental books.

If you have questions for sources or things, please let me know.

Sounds like you have a good plan in place. House hacking is how I got started as well. I think working as a book keeper would be a great way to learn the business further. Knowing the numbers is one of the most important components. Continue to build up the REI education in the meantime and pull the trigger when you find the right one!

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