Setting Goal to purchase 1st/2nd LTR

[Courtney Maguire]

Hi Everyone-

I am looking for a mentor in the Great Lakes market (targeting Wisconsin but open to other areas).

I purchased my first “LTR”, which my parents currently rent from me for about half of the mortgage. I’m not actually “cash flowing” here, in fact I think I’m negative 😅. It’s okay for me though because I’m doing it to help my parents who have struggled financially my entire life.

My next short-term REI goal is to purchase my first multi-family home in the Great Lakes market in May-December or 2023. I chose this market because the costs are low and the cash flow seems good. I would like to then reallocate the cash flow to my parents' property so that I'm net zero. From there, I would like to acquire another property about every 6 months to a year. Without delving too much into finances, I will have compelling events every 6 months where I will have the opportunity to sell stock to fund a down payment. I'm also hoping once I start cash flowing seriously, to reinvest that money back into down payments.

I am completely new to multi-tenant properties and I know at this step in the process I need to start preparing. I categorize learning as the 3 E’s, education, exposure, and experience. At this point I’ve managed to gain both a little education and exposure but I would like the opportunity to learn from someone who is heavily invested in this market and doesn’t mind taking a few hours to guide me. 

Currently the questions I’m asking myself are:

-learn how to setup an llc/tax laws and scenarios

-market analysis/cash flow projections/neighborhood research/contact research (PM/local investors/real estate agents/etc)

-financing options/down payment calculations

And that’s about as far as I’ve got :) Please let me know if you would be willing to take me under your wing for a bit, if you are or can recommend a local agent, etc.

Thank you so much! 
-Courtney