Hello from Chicagoland!

[Michael Farney]

Hello everyone!

I am hitting the point of life to get my first place, and I was originally going to get a condo or something suitable for a primary residence.  I'm 32. However, I recently shifted my thinking towards investing instead of a primary residence. It just seems to make more sense.  Plus, I have 4 years of experience doing property management. (My mother owns 1.3 million dollars of commercial warehouse space, and I manage it for her.) I also see the financials behind it, and well, it got me thinking that this whole investing thing really makes sense!  

So....I'm learning all I can right now. I would love to find some folks in the Chicagoland area already doing BRRRR. Let's talk! I'm more a learner by doer, so I can't wait to get the ball rolling on my project soon.

For me, I think the weak point will be the rehab part. The whole rehab piece of it is a mystery to me because I'm not handy at all, so I have no fundamental understanding or concept of basic home repair. This is quite the scary and nebulous area! So, that's where I will be focusing my learning effort.  

However, I have many strong points. I am confident I can learn and adapt in the management part. Been there, done that. Check. The analysis, numbers, and financial planning are fun. I like numbers, calculations, statistics, and I do business analysis for my day job. Plus I'm a weirdo who thinks accounting can be quite fascinating. Check. And I already have the money....more than enough to pick up a BRRRR property or two. Check. How about rehab....ooops! This one is my stumbling block. It's just the rehab and buying properties in poorer condition that scares me to death. I'm sure it's fairly simple...just a numbers game really, and I'm already good at that. I guess life would be boring if there was never anything to learn and conquer. So...onward!

My goal is to be at least two properties in by October when my lease ends, and move into something I own. That would be freaking awesome! 

See you around and good luck out there!

Michael