Rookie Investor in Madison, Wisconsin

Rookie Investor in Madison, Wisconsin

Madison, WI · Member since 2017 · 5 posts · 2 votes

Hello! My name is Jonathan, and my increasingly voracious reading about real estate investing led me inevitably to Bigger Pockets (originally through coachcarson.com, I think). So, here I am, getting off the bench where I've been observing, and stepping towards the game!

My wife and I live in Madison, WI, which is where we are interested in investing. We love the area, and are interested in helping it to thrive. We have been long-time renters, and have been looking towards purchasing a primary residence when I stumbled upon a Coach Carson article about house hacking, which got me really excited.

It's a strong seller's market right now in Madison, so we have kind of been biding our time while saving up. In the meantime, I'm trying to learn more about the market, and investing in general, so that when things cool off a little, I'm ready to buy. Would love to find a small multifamily and live in one unit, and then look for buy and hold rentals after that. I guess that's one thing I'm hoping to figure out while here, whether it's wise to wait out a seller's market, or if it's better to get in early becuase you can't predict the future.

But, for now, I know there's a ton to learn and people to meet and help.

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Investor · Milwaukee - Mequon, WI · Member since 2010 · 5k+ posts · 7k+ votes
8y

Hi @Jonathan Allen, welcome to BP and congratulations to your plan. House hacking is IMO the best way to get started, not only for the financials, but because you can test the water and if it's not the thing for you a duplex is always easy to sell. While you should be able to live almost for free - in Madison you will probably have to chip in a couple hundred bucks to cover the mortgage in a quality neighborhood - you will learn the basics you can build upon. BP is great, but nothing will teach you like doing it in the real world. It puts everything in perspective. The best advice I can give you from here is find a Realtor who is also an investor and owns at least 5-10 doors. That agent will be able to connect you with most other people you need on your team and has a very different view than agents who dont understand investing (which is most of us). This will be a major shortcut to a good investment and will protect you against buying the wrong deal. Good luck!

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  • Michael S.Pro Member
    Biggerpockets Support · Las Pinas, Metro Manila · Member since 2015 · 7k+ posts · 1k+ votes
    8y

    Welcome to the community Jonathan and all the best in your investing

    BiggerPockets
  • Dave VisayaPro Member
    Moderator
    Audio Engineer and Investor · Cebu City, Cebu · Member since 2013 · 7k+ posts · 881 votes
    8y

    Hello @Jonathan Allen, welcome to BiggerPockets! It is great to have you and please feel free to jump in the community - there are certainly great people around here!

    BiggerPockets
  • Investor · Milwaukee - Mequon, WI · Member since 2010 · 5k+ posts · 7k+ votes
    8y

    Hi @Jonathan Allen, welcome to BP and congratulations to your plan. House hacking is IMO the best way to get started, not only for the financials, but because you can test the water and if it's not the thing for you a duplex is always easy to sell. While you should be able to live almost for free - in Madison you will probably have to chip in a couple hundred bucks to cover the mortgage in a quality neighborhood - you will learn the basics you can build upon. BP is great, but nothing will teach you like doing it in the real world. It puts everything in perspective. The best advice I can give you from here is find a Realtor who is also an investor and owns at least 5-10 doors. That agent will be able to connect you with most other people you need on your team and has a very different view than agents who dont understand investing (which is most of us). This will be a major shortcut to a good investment and will protect you against buying the wrong deal. Good luck!

  • Investor · Nipomo, CA · Member since 2014 · 366 posts · 401 votes
    8y

    @Jonathan Allen Welcome to the game! If you are free this coming Wednesday, we are having a meetup at 7pm. It is a nice small group of very helpful investors. I started attending only about 3 months back, yet they have already helped me go from 0 to 4 units in that short time. Even if you are just planning to save in the short term, the group can help open up possibilities you never knew existed. If you're interested, I'd suggest connecting with @Hussain Harun. He can set you up on an email list that will send reminders about date, time and location. 

    Either way, I wish you the best of luck! 

  • Investor · Madison, WI · Member since 2017 · 30 posts · 1 vote
    8y

    @Marcus Auerbach great advice!! agree with having an agent would is also an investor!!

    @Jack Medford thanks for sharing info for @Jonathan Allen about our meeting!!!

    looking forward to meeting you soon!!

  • Madison, WI · Member since 2017 · 5 posts · 2 votes
    8y

    Thanks for the welcome, everyone, and great advice. I will definitely have to check out the Madison meetup!

  • Member since 2019 · 2 posts · 0 votes
    6y

    @jack medford are you still doing these meetings?

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