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!
Welcome and good luck! love the organization of the goals! I looked at Indiana as a market but never bought there, stayed closer to home (Portland OR) and some in Memphis
Welcome @Nish Ravichandran ! I live in the area and just starting out myself!
@Nish Ravichandran Congrats on getting started! There are quite a few folks on here who invest in NWI. I'd highly recommend driving down to the area and connecting with local investors and agents. Attending the local REIAs is a great place to start. I know @Mindi Rosser is based out of that area and she's knowledgeable on what areas to look into!
@Nish Ravichandran Would love to connect with you! Sent you a message regarding how I may be able to help.
@Nish Ravichandran Hi and welcome out of the shadows and into the light of the forums. It's a good place to be. I think you are smart to focus on NWI for the reasons you mention, and that there are just better opportunities. SFR are easier to find in B areas, then small MFR. All best in your REI!
Thanks all for the kind words!
@Mihir Bhimaraju , appreciate the connection! I will reach out to Mindy privately
Thanks for the mention, @Mihir Bhimaraju . @Nish Ravichandran, great to be connected with you - I'm a NWI native, so if you have questions about the area, don't hesitate to ask. You might also want to connect with of InvestNWI - I've heard his meetup group is excellent!
Welcome @Nish Ravichandran ! Good to see you're starting to put things together to work toward your goals. Especially since we have very similar goals. Since I'm from and live in NWI, I may be able to answer some questions. A good place to meet investors and other relevant people to start building your time is at a local meetup. One good meetup group has been mentioned and another excellent group is NICIA.org. As always, networking is key!
Welcome. There’s plenty of good going on in NWI right now. Feel free to connect with my offline for some info on local groups to connect with.
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@Nish Ravichandran Welcome to BP former Lurker! Very detailed goals you have set. I wish you the best in your endeavors.
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