Chicago Native living in Milwaukee planning on househacking

[Katrice Brooks]

Hello Everyone!

I'm Katrice, and I'm new to investing.  I work as a family physician in Milwaukee, my first job out of residency.   I do not currently own any real estate properties but plan to acquire a multi-family and house hack this year. 

 I want to start investing in real estate to begin building wealth and making my dollars work for me.  Sounds simple right? Not so much...after defaulting on student loan in 2011 my credit is shredded. I have been a pretty good citizen since then and finally paid that 90k loan back so it will be some time to remove. This is why I am still renting in my 30's. Also I am about $310,000 still in student loan debt. I have been budgeting/saving and paying pretty aggressively on my debt.

So I have been listening to financial podcast like crazy and reading books and think I am ready to jump in.  

My plan: As I am single and childless I plan to househack and live-in-flip until it is no longer feasible or too uncomfortable (at least the next 5 years).  Once out of debt (I'm shooting for 9/2018) I want to then invest all my income into real estate and other financial vehicles possibly some flips or condo conversions outside of my buy and hold strategy.  I want ultimately to cashflow 20K/month to get to my actual goal of financial Independence/early retirement. I want to be financially independent by 40.  I plan to buy in desirable locations near universities and centrally located.  In Milwaukee I'm looking to the east side (upper and lower), I love the third ward but cant afford it and dont really see houses there.  I live in Greenfield and I'm open to the area but it would really need to check a lot of boxes for me to purchase here (great school, good cashflow, etc.)  Due to me being a Chicagoan I don't understand the city all that much even though I have been here about 3.5 years.  I'm sure I could use a little help there.  

I am currently taking the first step of getting approval for a FHA loan. In the future I plan to get physician loans which can finance up to 1.5 million with an approved credit score (hopefully I will be in better shape by then). I need a real estate agent. In the future I plan on getting my license to have access to the MLS but I want an investor friendly agent the first time around at least.

Thank you for reading this far! I can't wait to jump in and start engaging with everyone.