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Updated almost 10 years ago,
Newbie from Chicago
Hi all,
Another newbie here from the large and freezing market we call Chicago. My name is Mark and am a New Zealander based in the Chicagoland area with my wife and son with twins on the way! Eek.
I've been in and around Real Estate Investing for a couple of years now, networking, reading, learning and, most importantly, trying to take action.
I spent a good part of 10 years prior to that, listening to my father talk about his rental, how REI is the best way to build wealth and, of course, about a book we all know and love - Rich Dad, Poor Dad. Sadly enough though, it took his passing for me to realize that this is definitely something I need to focus on. The enormity of the opportunity in front of me, represented by the size of the Chicagoland market compared to my small home town in New Zealand, only further excited me
Bigger Pockets was introduced to me, only recently, from a buddy of mine that I met through networking. I've since listened to close to 25 Podcasts in the last two weeks and am hooked. I have a long commute to the office so can get through one each way. A great motivational listen for the morning and a way to bring the spirits back up after a hard and testing day.
I started after my first REI Expo with a goal of 10 Rentals in 10 Years which is the primary focus of each and every growth step that I take. Rehabbing was a starting point for short term cash flow in order to raise money for purchasing rentals. As I learn and grow, it is starting to become apparent that 100 in 10 years is achievable. I'm yet to jump into my first rental, primarily due to analysis paralysis and past deals being under contract falling through due to numerous reasons. I completely understand, especially as I continue to listen to and read BP, that taking action and just getting into the market is what is going to leap frog me towards my goals.
I completed my first rehab project last year that was a medium scale rehab which provided great returns and got me hooked on making a living and eventually retiring on the proceeds of Real Estate Investing. It made an incredible 58% ROI and sold for $35k above our initially conservative ARV. I was able to do this deal through a small startup rehab company that offered a mentoring program. They partnered on the deal and was a huge learning curve, one of which I've based a lot of my desired direction on.
I continue to learn and grow and am now employed by that startup rehab company as their workflow, systems and structure manager - Establishment Officer - ensuring that the Rehab Machine is as efficient, effective and profitable as possible.
Thank you to BP and I look forward to contributing to the wide world of REI.
Cheers,