New investor in Fond du Lac, WI

New investor in Fond du Lac, WI

Fond du Lac, WI · Member since 2018 · 2 posts · 1 vote

Hi everyone, I'm Mark. My wife, two kids and I just moved up here (FDL) last summer for my work (driving a truck), and I quickly realized I hated doing it. Not to mention they were being pretty unethical and paying a third of what they advertised.

I pretty quickly left, and found a different truck driving position at another company. The pay is way better, but the hours are still terrible.

My wife currently works at a daycare, but has given notice, and will be leaving there soon. She's very excited about REI after I started talking to her about it.

We're ready to light this world on fire! Except... we've no savings and our credit is in terrible shape from my previous job. So, for the time being, we're paying off debts (almost done, except for the car), working on fixing our credit, and trying to set aside 10% from every check, ala Richest Man in Babylon. Hoping to be in good shape in < 6 months, then start purchasing.

We're both pretty excited, and I'm listening to audiobooks and podcasts en masse while I drive. Currently working my way through Brandon's first (?) two books and the podcast.

Um, I think that's a pretty full starting point, any questions, comments, concerns, ideas, etc? We're new to town and REI so everything involved is super new to us. Any recommendations for a team in the area as far as agents, lawyers, CPAs, contractors, etc?

Thanks everyone!

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Rental Property Investor · Rockford, IL · Member since 2014 · 385 posts · 702 votes
8y

Hey welcome to bigger pockets, what kind of investing are you looking to do? I would advise a 1-4 unit with an fha for your first purchase. It can be down with a low down payment, will give you a taste of how investing really is, in my opinion it's the perfect first investment. Some people want to manage tenants and have the demeanor for it some don't. Living next to your tenant's will show you that very quickly! Good luck and keep studying there is a lot to learn. 

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  • Rental Property Investor · Rockford, IL · Member since 2014 · 385 posts · 702 votes
    8y

    Hey welcome to bigger pockets, what kind of investing are you looking to do? I would advise a 1-4 unit with an fha for your first purchase. It can be down with a low down payment, will give you a taste of how investing really is, in my opinion it's the perfect first investment. Some people want to manage tenants and have the demeanor for it some don't. Living next to your tenant's will show you that very quickly! Good luck and keep studying there is a lot to learn. 

  • Investor · Taylor Mill, KY · Member since 2016 · 2k+ posts · 964 votes
    8y

    Welcome to BP @Mark Jacobi!

  • Fond du Lac, WI · Member since 2018 · 2 posts · 1 vote
    8y

    Thanks! 

    @philip, that's kind of exactly what we were looking at. Looking for a 2-4 unit, and doing an FHA, maybe 203k, it seems like the houses all need some work, and they're all ~100 years old.

    Moving forward, probably hoping to stick with multi family.

  • Rental Property Investor · Fond Du Lac, WI · Member since 2016 · 215 posts · 136 votes
    8y

    Welcome to FDL. Watch your numbers and areas. We are approaching a very top heavy market. Lmk if you need any help analysing deals in the area. I've done a few in that market. 

  • Real Estate Agent · Chicago, IL · Member since 2017 · 715 posts · 138 votes
    8y
    Mark Jacobi 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
  • Solo 401k Expert · Anaheim Hills, CA · Member since 2012 · 18k+ posts · 6k+ votes
    8y

    @Mark Jacobi

    Welcome to the BP family! Glad you joined the best real estate investing website! Here are some recommendations for you:

    Find and connect with other BP members that are in your area: http://www.biggerpockets.com/meet
    Set up keyword alerts to be notified of the topics that interest you: http://www.biggerpockets.com/alerts
    Read Beginner’s Guide: http://www.biggerpockets.com/real-estate-investing
    Check out BP Podcasts: http://www.biggerpockets.com/renewsblog/category/podcast/

    Wishing you the best!

  • Engineer/Project Manager/Entrepreneur/Invester · Oshkosh, WI · Member since 2010 · 13 posts · 2 votes
    8y

    Investor from up the road in Oshkosh. Would love to meet up and chat.

  • Katy, TX · Member since 2017 · 12 posts · 4 votes
    8y
    Welcome to BP. I’m in a similar situation. It’s great to find other newbies. Good luck!
  • Rental Property Investor · Littleton, CO · Member since 2017 · 61 posts · 18 votes
    8y

    Hello!  I grew up in Fond du Lac.  I haven't lived there in 20 years but it's always fun to see it pop up :).  

  • Rental Property Investor · Oshkosh, WI · Member since 2018 · 7 posts · 4 votes
    8y

    Welcome to BP, Mark! It sounds like you're on the right track for your "education phase." Consume as much as you can, and start attending your local REIA (which is probably Appleton). You'll find a lot of recommendations, resources, and good people for your team through networking, and BP & REIA are the best places to start!

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