New Investor From Milwaukee, My Situation, and Plan

[Brandon V.]

Hi All,

I'm a new investor from Milwaukee, WI and have been on BP for about a month now. After Brandon's latest webinar, along with reading the blog, podcast, and other webinars I really want to take some Action.  My ultimate plan is to buy enough buy and holds to have $10,000/month in cashflow.  Here's my current situation:

I just bought a condo in July in downtown Milwaukee that is a 2 bedroom, 2 bath.  I plan on renting out the other bedroom for $800 a month and use that other bedroom as a "house hack."  It is in an ideal location and I can probably rent the entire thing out in the future. 

Right now as it stands my pretax income per month is $4,583 and the condo costs $1,300 a month and I have $250 in student loans, leaving my Debt-to-Income ratio pretty small. I have about 20K in Cash and 20K in a ROTH IRA account and I'm planning on saving about $700 a month from my job.

I've been looking around the Milwaukee area at several different houses and multifamily units and I'm wondering with my situation I should go for a single family or jump straight into the multifamilies.  The multifamilies though do run around 200k which might be a stretch to get the financing and down payment. 

Any recommendations, advice, or thoughts on how I should go forward?