Hello - New Investor Targeting NWI
Hello BP Community,
I've lurked on the forums for the past two years and am only a couple months away from saving enough capital to make my first deal! I’m a first-time investor based in Chicago who is excited to meet and engage with folks active in real estate in Northwest Indiana.
Long-term goal: In 10 years, generate at least $150,000 in passive income annually (i.e., 40 doors with >$300 NOI per door per month)
Short-term goal (End 2019): Assemble a team, complete my first deal, and get experience managing the team
Target properties: SFH & small MFH in B areas (I should be ok with my mother walking through the neighborhood at night). Looking for minimal (i.e., cosmetic) rehab on first couple deals. Cash flow is priority; appreciation is icing on the cake.
Skills I’ve Developed in My Day Job:
- Quantitative analysis and model-building (i.e., Excel ability, was a Math major in school)
- Developing efficient, scalable business processes and getting creative with incentive alignment to ensure everyone is working toward the same goal
- A deep belief that conscientiousness, integrity, and a genuine interest in and appreciation for everyone's personal goals is the only way to have a team firing on all cylinders
Immediate Next Steps:
- Find a lender to get pre-approved
- Take a drive around the area with an expert to learn the ins & outs, and begin churn through deal analysis in the neighborhoods most applicable to me
- Assemble a team so I can move quickly when the right deal presents itself
I’d be thrilled to receive any help or guidance with regards to the above next steps, or just meet anyone active in the area!
Kind Regards,
Nish