Newbie Wife and Husband Investor Team
Realtor · Forest Lake, MN · Member since 2021 · 41 posts · 23 votes
Hello everyone! First of all I have to say I am beyond excited to be a part of the whole BiggerPockets.com family. I found out about this site after reading David Greene's "Long Distance Real Estate Investing". Today I pulled the trigger and created an account. My wife and I have been doing some heavy research as of lately in terms of alternate sources of income and investment strategies and have come to an agreement that our ultimate goal is to replace our active income with passive income. Who wants to work forever anyways? I am sure we all share a few common goals centered around this. I am always looking to connect with anyone willing to share some knowledge and previous experiences, or just plain chat about real estate investing! We are located in Minnesota, but are also looking to invest out of state in favorable market condition areas.
Hey @Anthony Buccanero congrats to you both on jumping in! My wife and I are also an investing team...still in the beginning stages. We started with a house hack, and now have moved onto another single family but still have that duplex. I also self manage it so I would be more than happy to connect and learn more about your goals and help in anyway I can. I worked previously as a manufacturing engineer so I live and breath processes and documentation so I've got lots to say on those topics if interested! Feel free to reach out here, via DM or my cell is also in my signature.
Cheers,
Hey @Anthony Buccanero congrats to you both on jumping in! My wife and I are also an investing team...still in the beginning stages. We started with a house hack, and now have moved onto another single family but still have that duplex. I also self manage it so I would be more than happy to connect and learn more about your goals and help in anyway I can. I worked previously as a manufacturing engineer so I live and breath processes and documentation so I've got lots to say on those topics if interested! Feel free to reach out here, via DM or my cell is also in my signature.
Cheers,
Hey @Anthony Buccanero congrats to you both on jumping in! My wife and I are also an investing team...still in the beginning stages. We started with a house hack, and now have moved onto another single family but still have that duplex. I also self manage it so I would be more than happy to connect and learn more about your goals and help in anyway I can. I worked previously as a manufacturing engineer so I live and breath processes and documentation so I've got lots to say on those topics if interested! Feel free to reach out here, via DM or my cell is also in my signature.
Cheers,
@Michael K Gallagher Thank you very much for reaching out! We are both very excited about this journey as our everyday jobs just seem to suck the life and creative energy out of us. Our goal ultimately is to live completely or mostly off passive income. Currently researching the best method for us to obtain our first property and which type of property that would be. Duplexes seem enticing as they can create a larger profit immediately but I am sure more headaches come with more tenants. Do we buy and flip as I have the capability to take on most projects with my own power. Do we use the banks money or utilize cash and try the BRRRR method? Lots of discussions and researching taking place at our house. I am in Project Management with a background in Residential Carpentry, and my wife is an Oncology Pharmacist. My goal would be to take on the self-manage portion myself until it was feasible to transition that to a third-party. It's funny you mention processes and documentation because we live and breathe them as well! Lol. Thanks again Michael.
Tony
@Anthony Buccanero Welcome! Lots of great people in the Twin Cities market willing to share their knowledge and lessons learned. Highly recommend checking out a few local meetups and events now that things are opening up!
@Anthony Buccanero welcome, my husband and I work together also. Having both involved gives you the strengths from each and makes up for the weaknesses of each. It is a great way to keep each other involved and not feel left out. We help a lot of investors and especially with house hacking and general investing it is really important for both of you to understand what’s going on, when the properties will cash flow and when they will need rehab, etc.
@Anthony Buccanero Welcome! Lots of great people in the Twin Cities market willing to share their knowledge and lessons learned. Highly recommend checking out a few local meetups and events now that things are opening up!
Alyssa,
So far that seems to be very true! Lots of great feedback coming our way! Thanks for the info, I will be looking into local meetings as one of our first steps.
Tony
@Anthony Buccanero welcome, my husband and I work together also. Having both involved gives you the strengths from each and makes up for the weaknesses of each. It is a great way to keep each other involved and not feel left out. We help a lot of investors and especially with house hacking and general investing it is really important for both of you to understand what’s going on, when the properties will cash flow and when they will need rehab, etc.
Amber,
You are definitely speaking our language! I feel the exact same way. Honestly I really can't think of a different partner that would maximize both our strengths and keep us motivated along the way as well as my own wife. Haha....
Thanks for reaching out!
Tony
Hello everyone! First of all I have to say I am beyond excited to be a part of the whole BiggerPockets.com family. I found out about this site after reading David Greene's "Long Distance Real Estate Investing". Today I pulled the trigger and created an account. My wife and I have been doing some heavy research as of lately in terms of alternate sources of income and investment strategies and have come to an agreement that our ultimate goal is to replace our active income with passive income. Who wants to work forever anyways? I am sure we all share a few common goals centered around this. I am always looking to connect with anyone willing to share some knowledge and previous experiences, or just plain chat about real estate investing! We are located in Minnesota, but are also looking to invest out of state in favorable market condition areas.
You are in a good company Anthony!
Hello everyone! First of all I have to say I am beyond excited to be a part of the whole BiggerPockets.com family. I found out about this site after reading David Greene's "Long Distance Real Estate Investing". Today I pulled the trigger and created an account. My wife and I have been doing some heavy research as of lately in terms of alternate sources of income and investment strategies and have come to an agreement that our ultimate goal is to replace our active income with passive income. Who wants to work forever anyways? I am sure we all share a few common goals centered around this. I am always looking to connect with anyone willing to share some knowledge and previous experiences, or just plain chat about real estate investing! We are located in Minnesota, but are also looking to invest out of state in favorable market condition areas.
You are in a good company Anthony!
Dmitriy
Seems to be the place to be! So many great resources from all over the U.S. all in one convenient package.
@Anthony Buccanero if you are a project manager and are comfortable with processes and "following the lease" and it sounds like you are treating this like a business from the beginning so I'm sure you all will do very well. There is a ton of uncertainty in the beginning but trust me, if you are comfortable with those things, thats where most people fall behind and get into trouble. I think you'll find that you will become very comfortable with it all very quickly! I can't wait to follow along in your journey and hear more!
@Anthony Buccanero
Hi Anthony,
My wife and I are also located in the Twin Cities, and relatively new to real estate investing. We currently have 2 duplexes, which we self manage. From our experience It’s been beneficial to invest locally while we learn the business. Things come up, you over look things, and for us it’s been more manageable to be close to our properties while we get them stabilized. I’ve heard the argument that long distance investing forces you to create scalable systems. I definitely don’t disagree with create efficient systems, but I do think there is value in learning hands on until you have “proof of concept”.
Anyway, best of luck, feel free to reach out with any questions. It’s exciting to get going, and get your hands during.
@Anthony Buccanero if you are a project manager and are comfortable with processes and "following the lease" and it sounds like you are treating this like a business from the beginning so I'm sure you all will do very well. There is a ton of uncertainty in the beginning but trust me, if you are comfortable with those things, thats where most people fall behind and get into trouble. I think you'll find that you will become very comfortable with it all very quickly! I can't wait to follow along in your journey and hear more!
Michael,
Always great to hear positive reinforcement like this!! We both appreciate the honest input from you and everyone else willing to share their ideas and experiences both good and bad. We will keep in touch!
Tony
@Anthony Buccanero
Hi Anthony,
My wife and I are also located in the Twin Cities, and relatively new to real estate investing. We currently have 2 duplexes, which we self manage. From our experience It’s been beneficial to invest locally while we learn the business. Things come up, you over look things, and for us it’s been more manageable to be close to our properties while we get them stabilized. I’ve heard the argument that long distance investing forces you to create scalable systems. I definitely don’t disagree with create efficient systems, but I do think there is value in learning hands on until you have “proof of concept”.
Anyway, best of luck, feel free to reach out with any questions. It’s exciting to get going, and get your hands during.
Nick,
Thanks for reaching out! Sorry it took me forever to respond to this thread. I totally agree with "testing the waters" in a familiar area as far as self-managing, renovation oversight, etc. Always best to sharpen the right skills before heading into battle. As far as your investments go, what are of the Twin Cities are your duplexes located? I am curious because of the recent situations surrounding the area and how they have affected the inner metro and surrounding area lifestyle. Look forward to hearing back!
Tony