All Forum Posts by: Michael Ting

I like my day job and expect to make a six figure salary in a few years. I hope to invest in a couple of multifamily properties. I used to think of real estate as passive income but being in this forum for a while I now realize how much work is involved in running your own properties. But I cannot afford to manage my own properties, time spent at day job just bring in more monies than time spent managing the in/outs of the houses. Are there people out there whose day job bring in significant cash to a point that managing your own properties just does not make economic sense? What are your approaches? Many people would suggest management companies and I think it's an excellent choice. But is it a good idea to start outright with management companies when you have no experience with in/outs of running the business? 

I will be moving to Cleveland in a few months and expect to live there for the next 4 to 5 years. What are people's opinions' regading Cleveland's housing market? Should I invest in a property that I can live as well as rent out? I now that this is a very general question, but I am torn between renting vs buying and looking for any insight.

thanks ... I don't think there is a moisture problem, i hope not. But I am gonna try your plastic technique. So far I haven't notice any wet floor, just that its really cold slab.

hey George, thanks for the quick reply. My floor only has hardwood floor right now. There is no carpet on top of wood finish. I am just asking if I should put on some type of carpet to increase insulation and if so what type?

I bought my first condo in Chicago during summer and coming to a realization that the house can get very very very cold in winter. A little info on the unit. It is a one bed room condo, 800 square foot, located on the first floor. The floor has a "plywood" finish on top of concrete slab. The unit has gas water heater and forced air gas heater. Because walls are decently insulated, my suspicion is that a lot of moisture and cold just seep out of the floor. I don't think plywood finish is a very good insulator. On most days during winter, the room temperature is only about 10 degree higher than outside temp if there is no heat turned on. In summer, it is about ten degree colder than outside. Here is my question ...

Can I put on a removable carpet on top of the plywood finish of the floor? How much insulation would that add? and would that trapped coldness and moisture destroy the "plywood" floor?

Thanks for the advice and encouragement. I do not intend to quick medicine, I will be starting residency in August actually. What I was trying to say was that medicine while giving me personal satisfaction will not help me meet my financial goals (when all things considered). I will practice medicine which should give me access to the capital that I need. I think 10 mil is a lofty goal but doable given that I have about 25-30 years to work on. At the end, I am doing all this for something bigger than money; I grew up in a typical "rick dad, poor dad" family where they give you education and that's it. Well I hope to leave something more to my children.

I want one too!

I am Michael ... just want to say hi. I have been a lurker for a while now and thought I would take the plunge. A little about myself. I will be finishing 4th year medical school and becoming disillusioned with medicine. While I like what I do and do not intend to quit medicine, I am also realizing that medicine can no longer fulfill both my personal satisfaction and financial freedom. So here I am in real estate to seek more financial rewards. I have about 150, 000 in student loans at 6.8% fixed rate. Have about $22, 000 in stocks ( 0% return 2011, 30% 2012), one bedroom condo in west rogers park bought at $ 39, 000 (now worth anywhere 30-40) with total net worth of approximately - $ 100, 000.

Ultimate Goal: 10 million in equities with annual passive income of ~ $ 500, 000 so that I can do academic medicine

Short Term Goal: Buy a quadruplex within next two years