All Forum Posts by: Kollin Ruiz

Hi Matthew,

Welcome to BiggerPockets! Your plan to use your RE license to raise capital and invest in rentals is smart. It’s great that you’re combining that with real estate.

I'm not in SE Idaho, but I connecting with local investors and attending meetups is the best way to learn more about the market. Watch out for the different meet-up events posted in your area. Good luck with your journey!

Hi Jamison,

Welcome to the community! It's great to see your enthusiasm for real estate investing at such a young age. I respect the hustle. I was young when I started too (I'm only 21 right now).

Given your goals and time constraints, starting with syndication deals could be a smart move. They help you to gain exposure to larger commercial properties without the day-to-day management.

As for flipping properties and multi-family homes, these are great for gaining experience and great returns. Good deals are very difficult to find though, especially in today's market. Partnering with experienced investors is a good idea, especially as you build your knowledge and network.

Keep listening to podcasts and reading books. Knowledge is one of your greatest assets.

Good luck, and reach out if you have any questions or just want to talk about real estate like I love to do!

Welcome to the BP community! It's great to see another Wisconsinite diving into real estate investing. Multifamily properties are a fantastic way to start, especially for building a solid portfolio and generating consistent cash flow.

Madison and Milwaukee are great places to look at - they have very robust rental markets and economic stability. Especially Milwaukee, but I may be a little biased there ;)

Since you're looking for turnkey and properties needing cosmetic repairs, keep an eye out for homes with good bones that just need a little updating. I'd encourage you to find an investor-friendly agent who has read a lot of inspection reports and knows how to spot issues.

Connecting with a local agent who has experience with multifamily investments can be incredibly helpful. Mentorship from an investor-friendly agent is especially useful for beginner investors, and can fast-track your learning and help you avoid common mistakes.

Feel free to reach out if you need anything. Best of luck on your journey!

Hey Jalen,

Welcome to the community!

If it's knowledge you're seeking, then you've come to the right place. I would suggest reading as many BP books as possible to supplement the BP forums. Small multifamily buy and hold is personally my favorite strategy. It's a great way to create a healthy portfolio over time, and it's a fantastic vehicle for wealth building. 

Building a solid real estate portfolio for financial security and freedom is a goal shared by many of us here. If you ever need any specific resources for your projects like contractors, lenders, or an investor-friendly agent, there are plenty of professionals here who can provide you with those connections. Just ask!

Hi Thurben! It's great to see you here. How many properties have you bought so far? Or would this be your first one? It sounds like you're looking to do an all cash purchase, which would definitely be great for cash flow if that's your main goal. However, your cash-on-cash return would likely be much lower than if you bought multiple properties using financing. Connecting with property managers and contractors is definitely a smart move for building your network. I would suggest connecting with a realtor who is familiar with investment property. They typically have many of those local connections already established.

Hi Rufino,

Welcome to the exciting world of real estate investing! This is a great place to get your questions answered.

Starting out can be overwhelming at first. There is so much to learn about real estate investing. I would recommend first reading a couple books on the subject. "The Book on Rental Property Investing" by Brandon Turner is a great one, and it's also published by BiggerPockets. 

Whether you're looking to invest in Illinois or out of state, it's important to find an agent who works with real estate investors and is experienced with real estate investing. Agents who have experience in the industry will be able to help guide you and prevent a lot of mistakes.

Feel free to send a message with any questions or to share more about your specific goals. Best of luck!

Quote from @Jeanette Land:

In the future, I'd like to turn my SF into a rental. I want to eventually find my forever home and create a bigger real estate profile. I don't have a lot of money and don't plan on living in another rental. What should my next step be? Rates are high. We have equity on our SF and we're thinking of using a HELOC. Not sure if that's the best route to go so looking for advice/connections.

Hi Jeanette,

Exciting times ahead as you grow your real estate portfolio! Like Thomas mentioned, leveraging your personal residence carries higher risk. Did you know that Fannie Mae recently lowered the required down payment to 5% for owner-occupied 2-4 unit homes? This could be a good option if you have limited funds available. Otherwise, using a HELOC might be the way to go. In today's market with high interest rates, it's most important to make sure that the numbers work when analyzing a deal. I have a cash flow analysis spreadsheet that I like to use when looking at deals for my investor clients to make sure the numbers work. I could share it with you as well. Message me if you're interested!

Hi Luca,

That's great that you're working on getting your license and trying to learn as much as possible. When it comes to learning how to build a business as an agent, if I had to choose one book to read for the rest of my life, it would be The Millionaire Real Estate Agent by Gary Keller. This book is full of great information and from what I can tell, it is the book that many real estate agents use as the framework for growing their businesses. 

This book spends a lot of time talking about where your priorities should be as an agent. For example, Gary Keller goes into depth about the "Three L's of the millionaire real estate agent." Here, he explains how leads, listings, and leverage should be at the top of the priority list for an agent. A successful agent should be constantly generating leads and keeping their pipeline full. After all, no leads means no sales. Listings are important for many reasons such as marketing opportunities and more lead generation. Also, leveraging other people's skills and time can help you become more efficient and maximize how much you can get done.

Gary Keller also talks extensively about which steps an agent should take while scaling their business in terms of delegating responsibilities. Even for people who are not aspiring real estate agents, this book is a great read simply for the greatness mindset it helps cultivate for the reader. The book is riddled with inspirational quotes and what Gary Keller describes as "MythUnderstandings" that stand in the way between a person and high achievement.

Quote from @Rebecca Knox:

Hi Kollin,

Nice to meet you. My name is Rebecca and my husband, Nick Knox III and I have run Captain Save a Home LLC, Brew City REI Club (a private network of our trusted real estate friends), Brew City REI Training Cafe (ala carte style real estate mentoring/coaching) and Wisconsin Contractor and Handyman Club (contractor-investor connection platform) based out of Milwaukee, WI for the past 8 years. My husband is also a licensed realtor with Premier Point Realty. Additionally, I wholesale deals and we buy & hold, currently have rentals on the north & northwest side of Milwaukee and West Allis.

What neighborhoods are you looking at for your first house hack? 

 Hi Rebecca,

Nice to meet you Too! I am currently looking at a lot of neighborhoods on the east side of Milwaukee close to UWM. It would be great if I could find a deal around there so that my commute to campus isn't unreasonable. Do you have any suggestions?

Hi! I am currently a college student transferring to UWM and I am enthralled by the idea of financial freedom. I spend all my spare time reading books and listening to podcasts about economics, money, and especially real estate! My current goal is to purchase my first investment property in Milwaukee by the end of the year and begin house-hacking. However, my long-term goal is to establish and continue growing a real estate business for the rest of my life. I am very excited to grow my network with other investors in the area and I can't wait to continue learning!