New Member from Alexandria, VA

[Raheel Chohan]

Hi Everyone,

My name is Raheel and I am a huge Bigger Pockets fan. Technically I am not a new member since I signed up with Bigger Pockets last year but since I never introduced myself so I guess I could consider myself new ;-). I am currently reside in the DC/MD/VA triumvirate area and just bought my primary residence 2 years ago. I work in the healthcare information technology domain. My primary goal from real estate is to generate passive income and amass a large enough portfolio to quit the 9 to 5 grind and earn my financial freedom. I have also started to prepare for the real estate salesperson license in Virginia since I seem to believe it is a very helpful tool in assisting the REI process. I am not sure how much value it would bring though if I am not looking to invest in Virginia.

I started listening to the Bigger Pockets podcast last month from scratch and have been playing catch up. I am essentially a newbie to REI so trying to be a sponge at this time and soak up as much information as possible. The entry points for real estate are very high in the area I live in and the returns on cash flow do not make sense so me and my business partner have been looking at avenues in other states. We have been looking at turnkey providers as well as look at properties that we can purchase ourselves and hand over to a property management company.

Me and my business partner want to hold onto our day jobs since they provide us an excellent source of capital for REI. At the same time it has proven very tough to pull the trigger because we seem to be at the crossroads of either going with a turnkey provider or identify a property we can purchase ourselves which is rent ready and hand it over to a property manager. In either case we know our cash flow will be impacted by the management fee which I guess is the cost of doing business.

I have had some introductory conversations with MemphisInvest which plays in the Memphis, Dallas and Houston markets. I am planning to get in touch with Marco Santarelli's company next to see what they have to offer. It would be great to hear from the community in terms of their opinion on turnkey vs. the specter of having to identify an out of state property, go through the purchase process, make it rent ready and then market for  a tenant.

Regardless of how my foray into real estate investment pays out, it is always re-energizing to get on Bigger Pockets and absorb the wealth of knowledge available here. I will be honest, I have not even begun to utilize the capabilities the site has to offer in terms of the tools available for investors. I plan to immerse myself in the site capabilities. Any tips on the most useful tools to get to know quickly would be greatly appreciated. 

Raheel

[Marco Santarelli]

Hi @Raheel Chohan -- Welcome to BiggerPockets.

"My primary goal from real estate is to generate passive income and amass a large enough portfolio to quit the 9 to 5 grind and earn my financial freedom." -- very well said!

One consideration here is how much time you want to invest. As an active investor you are taking on more of the project and managing the elements. If you take a more passive role, you will still amass a great rental portfolio with a little less risk.

If you take the active approach then I suggest you have a competent partner or mentor, and assemble the right team in the markets you considered.

In the meantime, and as always, continue to educate yourself. Spent time on the forums, listening to podcasts, reading books, etc. 

And thanks for your consideration.  We look forward to hearing from you.

Continued success!