Future Multifamily Millionaire from Minneapolis, MN

[Will Hawkinson]

Howdy!

I'm Will. I'm an electrician in Minneapolis. My girlfriend and I are stepping up to the plate and getting ready to purchase our first property. We're looking at small multifamilies in South Minneapolis. 

Our dream property is a brownstone 4-plex that borders Powderhorn Park. Our goal is to have enough income from properties to be able to spend most of our time traveling around the country exploring the national parks. 

In the meantime, we're looking for a small multifamily that may have some value add potential, but more importantly is enjoyably livable from the get go. We figure there will be enough teaching moments with our first property that we should probably pass on a "project" this time around. We hope to learn a boatload through this process, and avoid losing a ton of money. Heck, maybe we'll even make a buck!

We're lucky enough to have connected with a realtor who has been investing in real estate for the past 15 years, and acting as realtor for the last four or five. We're feeling good about our first couple steps into the real estate world, but are excited to meet more people and learn a ton along the way.

Can't wait to get to know you folks and to start learning by doing (and of course, making some mistakes along the way)!

[Alyssa Strom]

@Will Hawkinson Welcome! My husband and I did the exact same thing. We used FHA financing and only put 3.5% down on a fourplex which was great on the front end, but the mortgage insurance we pay each month is definitely the downside of that. It's been a great (not always easy) introduction into real estate investing. Lots of lessons learned, but it has allowed us to live rent free for the past three years. Good luck in your search and definitely check out some of the local meetup/networking events!