Hello from Milwaukee, WI! Dreaming, planning, getting support

[Karen M.]

Hi Everyone,

I'm Karen M. from Milwaukee, Wisconsin, and have been just starting to explore the Bigger Pockets community and learn about real estate investing. I am interested in real estate to diversify our investments and earn income.

I'm 43 and a mom of three young kids, married for almost 14 years. I teach fitness classes part-time as a hobby business (about 15 hrs/wk) and I'm otherwise a stay at home mom.

I'm hoping to turn on my husband to the idea of real estate (rentals) as a viable way for us to gain additional income. I have my own investments but this is team decision. There is so much to learn, and I have to do a sales job to my husband if we are to do this.... I have to be successful for my family, period.... I have met a few people along the way in my life who have had rentals and it works for them. Maybe it could work for us too. I have all the normal concerns about getting started and wondering if there is a property out there that could produce income for us, and I'm curious about how to handle maintenance/labor without putting extra stress on my spouse or taking too much away from our busy family life (he doesn't want more on his plate.)

I am interested in all kinds of properties, but mostly want to have a good first experience if we decide to take the leap -- it will be so important to show that this can work. I'm all about baby steps and building up a little at a time. My little fitness business has been a lot of fun, and I'm still learning and growing and having fun with it.

I'm a person with a lot of ideas and enthusiasm. Focus and follow-through will be important for me. Before kids I was an account manager at a marketing firm and I have some good experience for this, but I know ZERO about real estate.

Questions for you:

1. What is your #1 favorite book about rental real estate? What should I read first?

2. I am very concerned about our economy for the long-term. Is your outlook as a landlord positive regarding your position in a changing economy? Are you concerned about the rental market getting hurt by a bad economy and changing/aging demographics? (I read an essay by someone who said a poor economy is good for renting... do you agree with that?)

3. I've also read that agricultural land is a good possible investment. Is anyone into farmland or leased raw land. That seems very specialized and a little harder to understand, but I"m curious if this forum is into that area also. Probably out of my league but I've heard that demand for farmland will be good for a long time.

4. I've read a few comments here on the forums from people who are not into the stock market.... is it realistic to put a large part of your investments into RE?

5. If you don't mind..... what was your first purchase like? What was the most important bit of advice you would give to a newbie like me?

6. I've also been reading about paying off our mortgage on our own home. We have a low rate so it's not a big concern... I think it's a great goal / freedom goal... my husband is not so interested... I love the idea of not having debt, and honestly the whole financing thing is a big piece I'll have to learn about and get comfortable with.

7. How did you get started with meeting people in your network -- a good quality but affordable contractor???? a good property management company????

Take a stab at any topic you want... Thanks so much! Nice to meet ya!

I have tons of reading to do here and look forward to learning. You can expect a lot of questions.. I will learn how to search too, promise. :)

Karen