It all (re)starts here: my reintroduction to REI (Atlanta, GA)

[Chris Schuler]

 Hello to the BP community, and thanks for the great podcast content that has brought me to these forums.

SITUATION

I'm a 35y old sales professional with a 60-80/hr work week. As such, my main focus with my re-entry into REI is on positive cash flow buy-and-hold properties in my local market that can serve as slow wealth-building assets. In short, my position is that I have good credit, capital, and patience. I do not have time (sweat equity) or complete cash purchasing power. I'll Get my first deal by the end of the year, either a single or multi-family rental. Prior to that, I am completing some finishing work on my primary residence and refinancing.

BACKGROUND

My first foray into realty occurred in 2008 when I bought a 40y old town home with an all-inclusive HOA fee (read: no additional electric, water/sewer, lawn maintenance) for my primary residence. I'd just finished RIch Dad, Poor Dad and I was ready to start my real estate empire. Purchased at 150, no more than two years later units in the complex were foreclosing and in short sale for 50-60. We're back to average selling price over the last year of 139, and I have a tenant renting a room essentially supporting renovation budget. It's been a harsh but important learning experience.

ASSESSMENT

My first big task regarding REI is assembling my team. Through some local contacts who own properties around town, I've been referred what I hope to be my general contractor. (I'm using him for my kitchen renovation which should take place within the next two weeks.). Aside from that I have my realtor, but will be in need of subcontractors as needs arise as well as potentially a property manger. My primary residence should be through with refinancing by March 1st.

CONCLUSION

Feel free to post any comments or concerns regarding my plan or even suggestions for additional podcasts (I have a lot of wheel-time and as such consume a lot of podcast content.). I'm also an avid reader (taking a break from Stephen King's Dark Tower series to get a couple REI texts under my belt.) The following are on their way from Amazon, I'll read them in some order:

• Landlording on Auto-Pilot
• Outwitting the Devil
• The ABCs of Real Estate Investing