Long time lurker and first time member from Springfield Illinois

Long time lurker and first time member from Springfield Illinois

Investor · Divernon, IL · Member since 2014 · 18 posts · 3 votes

Good Morning,

My name is Dave Catlin and I want to create a lifestyle career using real estate. I'm 27 and have an MBA and an office job I hate. I would consider myself to have the millennial mindset. I am way to ADD to sit at a desk from 9-5.I am recently married, own my home, and have a large amount of debt! 33K in student loans, about 11k on plastic (wedding/honeymoon/school), plus house

My experience in real estate is limited to spending time with my grandfather growing up.He had several rental houses and would always be working on them.As I grew up and paid more attention to the business side of his work I realized that he was working just to stay busy and not working to create more income.His end goal was always to create more income but he was always distracted by the job of remodeling and updating.He has been my mentor and main father figure for years but now it is time I “upgrade” to someone capable of guiding me in the direction I want to go.I will always love my grandfather but his business sense is not one I need to follow.

My goals in real estate are to create a "four hour work week" (gotta love the Tim Ferriss way of life) by a combination of buy and hold and flips.I hope to use this method to create a stable business and then move into apartment complexes.After lurking on this site I have learned about the different rules needed to ensure profit out of each.In my farm area there are many MLS deals that fall into these numbers.Now it is just about raising funds.I would love to find some Sub2 deals.

Famous Four

Favorite real estate book Never read one.Bigger Pockets
Favorite business book
Poke the Box by Seth Godin, 4 Hour Work Week by Tim Ferriss, and No More Mondays by Dan Miller
Hobbies
include working on cars and spending time with friends and family.These are very important to me and I do not get enough time with my desk job with either.What is thing that sets apart successful investors from those that fail Getting back up on the horse after failing and not letting friends and family tell you that being an investor is a stupid idea.

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Homeowner · springfield, IL · Member since 2008 · 67 posts · 11 votes
12y

Setting up a Meet up sounds good.  It sounds a lot better then driving 75 miles.  But all in all I probably will drive up there from time to time.  I would like to set up some kinda meet up.  anyone interested,  please reply or PM me.  Thanks Brian 

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  • Dave VisayaPro Member
    Moderator
    Audio Engineer and Investor · Cebu City, Cebu · Member since 2013 · 7k+ posts · 881 votes
    12y

    Hey @David Catlin welcome to the site! Thanks for introducing yourself! You definitely came to the right place to learn more about REI.

    BiggerPockets
  • Real Estate Investor · Eola, IL · Member since 2014 · 137 posts · 22 votes
    12y

    @David Catlin  Welcome to BP!

    You are in the right place to get started in REI.

    What area are you planning to invest?

  • Investor · Phoenix, AZ · Member since 2013 · 7 posts · 1 vote
    12y

    @David Catlin  

    Welcome to BP!

    I am also new to the site and originally from Champaign!  I currently have a triplex in Bloomington and there are always good properties up for grabs in central IL!

  • Hanford, CA · Member since 2013 · 5k+ posts · 1k+ votes
    12y

    Welcome to BP!

    We are 26 and 28. I have an MBA and am also not a "fan" of the 9 to 5 job. On the other hand my husband loves his job. My goal is to make up my salary so I can raise our kids and our assets. Than we want to retire early at 42 and 44 living of the investments and my husbands pension from active duty. Sail the world.

    We started through personal properties. We would buy a house and than when my husband was transferred we would rent out our house. As we time went on we bought pure investment properties too. We now have 5 houses and are on tract to buy 2 more in the next 12 months. 

    I buyer higher class properties and self manage. I follow the south west airlines model of watching my expenses and increasing profit margins while still offering a great product. On my website/blog I talk about my experience and philosophy.

  • Brandon TurnerPro Member
    Investor · Maui, HI · Member since 2009 · 13k+ posts · 3k+ votes
    12y

    Hey @David Catlin welcome to the site! It's great to have you! see you around!

  • Investor · Divernon, IL · Member since 2014 · 18 posts · 3 votes
    12y

    Thank you everybody for the welcomes!!It is awesome to see such support from the community.My long term goals are to retire early, sometime in my mid 40’s.I doubt I will every really retire though.

    Dave

    (edit) My farm area for now is just going to be the Springfield Illinois area.  I live about 10 miles south of town so my focus is south Sangamon County.  Once I get some funds in reserve I am going to expand to about a 40 miles radius from me.  This will encompass many 10-20k population towns.  These are all blue collar based towns. 

  • Real Estate Investor · Elgin, IL · Member since 2014 · 19 posts · 4 votes
    12y
    Welcome David Catlin You are definitely in the right place, and it's great that you have decided to get active on the forums, you will definitely gain a lot of useful knowledge on your road to financial freedom. I am also a newbie from the Chicagoland area looking to get out of the rat race, but any who welcome to BP :-)
  • Homeowner · springfield, IL · Member since 2008 · 67 posts · 11 votes
    12y

    Welcome David 

    I am also here in Springfield IL.  I live on the north end,  by the fair grounds.  Good luck with your endeavors,  and maybe we can talk sometime.  I haven't found a lot with the REA clubs here.  I just went to one in Champaign IL last week.  It was good, it was an hour and a half drive,  but good.  

  • Investor · Divernon, IL · Member since 2014 · 18 posts · 3 votes
    12y

    @Brian Schroeder Nice to meet you Brian,  I was going to spend today looking for a local REA club.  Hmm... I smell opportunity in starting an REA club in Springfield IL.

    @Elizabeth Colegrove Love the podcasts!

  • John Van UytvenPro Member
    Property Manager · Oconee, IL · Member since 2014 · 536 posts · 202 votes
    12y

    @David Catlin 

    I am from South of Springfield as well.  Seems like there are a lot of opportunities there.  Especially, if you have a couple of niches.

     nothing wrong with starting a 2 person meetup over coffee.

    I am meeting  up with some investors today for coffee.  This is our second time meeting, the first time it was 3 investors plus my friend.  This time it is 5 investors. 

    Plus, we are meeting in Seoul, SK.   So it's a little far from home, but it can happen anywhere.

  • Investor · Chantilly, VA · Member since 2014 · 249 posts · 31 votes
    12y

    @David Catlin - Let me start by welcoming you on the forum. You and I have a similar story and hence can connect very well.

    One thing I would recommend is feel free to ask questions and post it on forum. Many a times we are hesitant to post a question, but surprisingly you will find there are lot of ways to answer the question and its always to get to have multiple perspectives.

    As @Ned Carey says - Just ask the questions and follow up with people, keep in touch

    Also would recommend reading How do I find a Mentor?

  • Rental Property Investor · New Braunfels, TX · Member since 2014 · 26 posts · 12 votes
    12y

    @David Catlin!

    Welcome to BP. Been here a week or so myself. Found a ton of information so far and look on a daily basis for more. Good to see all of the Illinois BP connections here. Looking through the podcasts has been my first week of learning. Stay motivated

  • Homeowner · springfield, IL · Member since 2008 · 67 posts · 11 votes
    12y

    Setting up a Meet up sounds good.  It sounds a lot better then driving 75 miles.  But all in all I probably will drive up there from time to time.  I would like to set up some kinda meet up.  anyone interested,  please reply or PM me.  Thanks Brian 

  • Real Estate Investor · Machesney Park, IL · Member since 2014 · 12 posts · 7 votes
    12y

    Hey @David Catlin welcome to the forum! As everyone has mentioned this is a great place to start and an excellent source for networking. I can relate to you wanting out of the 9-5 job and the worries about school debt because I am in that same position! That is one of the reasons I became so motivated to get started in investing. Feel free to contact me and chat anytime. I also reside in IL and I am currently wholesaling. I would love to connect. Good luck and remain positive and persistent even during discouraging times.  It will all pay off in the end!

    Sha'Niece

  • Investor · -, IL · Member since 2010 · 409 posts · 616 votes
    12y

    Hey David welcome to BP.  I invest locally in Springfield and the surrounding communities.  If you have any specific questions just shoot me a PM and I can try to help you out.

  • Chicago, IL · Member since 2015 · 97 posts · 55 votes
    10y
    Anyone from Springfield still kicking around the idea of getting a meetup together? I currently live in Chicago but am looking to begin investing in Springfield. I grew up in the Cent-Il area, and I've found that the prices are much more digestible there for me.
  • Investor · Springfield, IL · Member since 2015 · 9 posts · 1 vote
    10y

    I'd love to. I live in Springfield 

  • Springfield, IL · Member since 2015 · 1 post · 0 votes
    10y

    my fiancé and I would love to meet up with everyone! We are new to investing as well, we just bought the second half of our duplex with one side already up for rent!

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