Milwaukee’s newest Real Estate Investors

[Christopher James Lloyd]

Hello everyone, from downtown Milwaukee! Jess and I moved up from Miami, FL to pursue my dream job of becoming an airline pilot. I thank her very much for giving everything up in Miami just for my dream, which I have now accomplished. My father who recently passed was just getting started in the real estate industry and I saved some important memories. I remember him reading Rich Dad Poor Dad and also having many properties in Mexico. I remember telling him, when I was a young boy as he bought his first property in Polanco, “Dad, this place is horrible!” Little did I know the next time I visited him the house was turned into a penthouse suite in the heart of beautiful Polanco, Mexico D.F. He went on to remodeling the entire building and then building a property management company. He had a few other properties in Cancun, a lot in a development community right on the beach, and a pair of massive farms where he had big plans. Unfortunately we lost all the properties to his ex wife which was ultimately the cause of his death. Moving on, these memories stuck with me and recently Jess and I were approached by a network marketing individual who gave us a book, “The Business of the 21st Century” by Robert Kiyosaki. We read the book in a few days and we were hooked on the idea of financial freedom, the network marketing, not so much. Although we did give him and yet another mentor ship group a chance to show us what it’s all about, we weren’t interested. The only reason we gave them a shot in the first place was to raise capital to then invest in real estate! This whole meeting and initial book reading stirred the memories I had of my father and we can’t help but to continue where he left off and build a legacy for our future family. Sorry for the long intro, as I mentioned, I am a pilot for a regional airline based in Appleton, WI and Jess is a leasing consultant for an apartment complex in Oak Creek. Yes you can guess why she got that job, to learn about managing tenants! Great thing is she is learning a ton and she is loving it. Although I’m never home, I’m learning more and more every day through BP and the great books authored by the community. So, moving onto our plan: We currently live in a very expensive downtown rental on the 22nd floor with awesome views. We love it but it’s quite the liability! Next year, when our lease is up, we plan to buy and move in to our first multi family investment using an HSA loan or the 203K loan. We are able to save a lot of our income despite our high monthly expenses and are on track to having over $20,000 in August of next year! This in itslef is a huge accomplishment for us as we have never saved a penny for anything! But RE has motivated us enough to go for it! We plan to manage the property on our own just to see what it’s like and, since we will live right next door, shouldn’t be too much of a hassle. We will of course analyze with property management in mind for when we move out into our next investment! We are very new in Wisconsin and are lacking friendships, we would love to get together with anyone in the Milwaukee area to just be friends with an awesome and powerful similarity and learn from each other. Love this awesome community and can’t wait to start gaining some credibility as investors!

[Marcus Auerbach]

@Christopher James Lloyd a passion for real estate is something that you either have or you don't - a lot of people are in it for the money, and I can tell you from experience it will not work out. Similar to you not being passionate about network marketing. Sounds like you do have the REI bug though!

I like your plan. A lot of newbies are talking about doing 10 wholesale deals to raise the capital to buy a rental property. Little do they know how hard it is and how much you have to know. A house hack is the single best way to get started at your age. It is relativley simple, but it is a test for your resolve, as you have to first safe up some money. This is the first hurdle a lot of people don't pass. Hacking your first property and then maybe a second one a year later will change the financial trajectory of your entire life, even if you don't do anything further after that.

Welcome to BP and to Milwaukee!