Hello Wisconsin! Newbie from Milwaukee, WI - First Post

[Marty Anderson]

Hello Biggerpockets Community!

My name is Marty Anderson, and as the title suggests, I am a newbie from Milwaukee looking to break into REI. I am new to the forums, but have been educating myself through the BP podcasts, the forums, and books. However it I have recently adopted the "imperfect action is better than perfect planning" mindset, so no more lurking. I am finally excited to start connecting with all the bright minds in this community!

A bit about myself: I am 27 years old and have a Bachelors Degree in Biomedical Engineering. I am currently earning steady W2 income through my engineering career and try to live below my means while still enjoying life. I was born and raised in the mid-west, but have lived in SoCal for a year, so I'm grateful to be starting my REI career in a less aggressive market. I enjoy reading, learning, live music, and great conversation.

My first REI goal is to use house hacking to purchase a small multi-family property in the East Side, Lower East Side, or Bay View neighborhoods of Milwaukee. I am realistic about prices in these neighborhoods, but still desire a minimum of $100 in cash flow per unit when I eventually move out. I am looking to achieve this by 31 MAR 2017.

I look forward to connecting and interacting with this fantastic community in the forums and through local meetups.  See you

[Marcus Auerbach]

@Marty Anderson welcome to BP! Congratulations on your househacking plans! I am so glad every time I hear someone say this and not lay out a plan how to start with a wholesalebusiness (one of the hardest and most complex things to master IMO) and then make some cash to eventually buy a rental property. As a house hacking owner occupant you have the huge benefit of being able to acquire a duplex for as little as 3.5% down with the right lender while the rest of us need 20% or even 25% ( cash out refi). 

The two biggest obstacles a beginning investor faces is buying the first one (because it's completley new and a bit scary) and then: finding the down payment to grow to five properties.  When you reach about five properties two things happen: number one your cashflow starts to become significant enough to fuel future growth and downpayments without the income from a W2 job. Number two - banks start to take you serious. However house #1 will make the biggest difference, because it get's you started and has the potential to change the direction of your financial future.