All Forum Posts by: Munir N

Renae,
From Milwaukee, Madison is about 1.5 hours west, Oshkosh is about 1.5 north, and Evanston, IL is about 1.5 hours south. And, there is Lake Michigan to your east.

-MunirN

Jim,

I am also looking into investing in cash-flow properties in Richmond and surrounding areas. Do you have any advice on how to start there? Any contacts?

Thanks!

Hi J Scott,
I tried to PM you, but since I am not your colleague, BP does not allow.
Yes, I am looking into either selling or finding a partner to rehab and then sell that Atlanta property. Please let me know if either you or someone else would be interested.
You can also reach me via my email address below in my sig.
Thanks!

Hi Dick,
Well, I am a newbie and California is a little high priced for me at the moment, at least the SF bay area.

-MunirN

Thanks!

-MunirN

Hi,
I am a REI living in SF Bay area. I am looking into buying rental properties out of California.
My areas of interest would be any good rental market in other states. I am still trying to figure out which one are those.
Please suggest some if you already know.

Thanks and Happy Investing!!!

Thanks for all your kind encouragement. I am pleasantly surprised to see so many people here who are willing to help/advice.

Josh:
I have corrected my profile and now shows my name and location.
Yes, I am here to get advice and help on how to achieve this goal, and make this transition.
I bought this upper fixer REO in Atlanta about a year ago for $18K. I paid cash for it. It is about 10 minutes from downtown, in a good rental area. Current market value is about $80K. Plan was to rehab it and then rent. Rentals in the area for similar properties run for about $700/mon. Renovation cost is about 20K. But then I did not get a chance to get anything done, mainly due to combination of some time constraints, long distance and not having local contacts there.
Now I was thinking about selling it, get some cash out and use it to pay as down payments for multiple rental properties.
I think I would now like to initially just concentrate on ready-to-rent properties and then, after some time, get into fixer-upper deals.
Do you think that will work?

MikeOH:
I have already realized that I am not geographically located in a good area for rental properties. But, due to my situation, I can not afford to just move. I need to work it out as such so that the transition is smooth and not causing any financial stress on the family.

Jon H.:
yes, I am in SF Bay area, north of SF in Marin county, a very expensive area, nothing goes less than half a million.
I wish I could just take your advice and move. But just can not do it due to having this single stream of income (my job) currently.
I do understand that it will be difficult to manage properties long distance. And, I do include property management cost in my expense numbers. It will lower my cash flow a bit but that is something I will just have to live with.

nationwidepi:
I do realize that this target can not be archived in a year or so. But I need to start from somewhere and then build upon it.
That is the sole purpose I am here to learn and get some advice/help from the gurus.
As you suggested, I do want to get into multi-unit properties than SFH. That way I am hoping to achieve my target sooner.

So, I have read books, done courses, browsed websites. I am just now too tempted to get started. Where do I go from here? What are the best markets for rentals? How do I go about finding some good deals?

Thanks again!

-MunirN

Hi,
I just posted following in 'Properties Wanted'. Do I qualify for this challenge as an ideal newbie?

--------------------------------
I have been in IT profession for about 20 years. Even after these many years, there is no guarantee that I will be spared during next company-wide layoffs due to economic conditions.
I hate it and want to kick them before I get kicked.
I have much interest in RE since last few years, and have learned about it during my spare time (which almost non-existent). This interest born after I bought a property here in No. Cal as my primary residence and saw the appreciation going out of the roof. (It certainly came down in last two years but I still have some good equity in it).

I also have done few RE courses and following some online resources, including this one, during that time.
I even bought 3 properties on eBay and then ended up selling them there (with almost no profit).

I also bought an REO in Atlanta with all cash last year but still not sure what I am going to do with it.

So now here I am, wanting to get into REI so that to make living out of it.
The most ideal situation for me will be to have some (or many?) rental properties to generate a steady monthly cash flow, and also do few buy-rehab-sell per year to generate extra income.
My target would be to make at least about $5K per month from rentals and at least $15K per fix-upper, doing about 4 of these each year.

Do you think it is a reasonable goal for someone with very minimum RE experience ( but a lot of enthusiasm and energy, and of course some cash in hand) ?

I am already looking (and need help of gurus here) to identify which markets I need to explore for good rental properties.

Please help this newbie and make it a success story for BP :lol:
------------------------------------------
-MN

I have been in IT profession for about 20 years. Even after these many years, there is no guarantee that I will be spared during next company-wide layoffs due to economic conditions.
I hate it and want to kick them before I get kicked.
I have much interest in RE since last few years, and have learned about it during my spare time (which almost non-existent). This interest born after I bought a property here in No. Cal as my primary residence and saw the appreciation going out of the roof. (It certainly came down in last two years but I still have some good equity in it).

I also have done few RE courses and following some online resources, including this one, during that time.
I even bought 3 properties on eBay and then ended up selling them there (with almost no profit).

I also bought an REO in Atlanta with all cash last year but still not sure what I am going to do with it.

So now here I am, wanting to get into REI so that to make living out of it.
The most ideal situation for me will be to have some (or many?) rental properties to generate a steady monthly cash flow, and also do few buy-rehab-sell per year to generate extra income.
My target would be to make at least about $5K per month from rentals and at least $15K per fix-upper, doing about 4 of these each year.

Do you think it is a reasonable goal for someone with very minimum RE experience ( but a lot of enthusiasm and energy, and of course some cash in hand) ?

I am already looking (and need help of gurus here) to identify which markets I need to explore for good rental properties.

Please help this newbie and make it a success story for BP :lol:

-MN