All Forum Posts by: Alan Curry

Hello BP!

I tried searching on the forum for someone in a similar situation, but I didn't find much. My life story starts when I got a degree in Mechanical Engineering and an MBA in Finance so I would have a resume that would (should?) always be in demand. I've worked my whole career trying to work up the corporate ladder, just like my parents told me to do. So from day one, I put my nose to the grindstone to try to make me and my boss look good so I can get that next promotion. I managed to fight through multiple career struggles, whether it be a plant closure, Great Recession layoffs, company move/consolidation, and a "realignment" after a company sale. 

I finally got that promotion into management, about 6 months before COVID hit. My department was one of the few in the company that was considered essential, so I then spent the next 2 years trying to manage a team through establishing alternate work arrangements for social distancing, contract tracing, quarantine management due to exposure, isolation due to infection, reporting for OSHA requirements, teammates leaving the workforce, and trying to hire for the open positions. It was extremely stressful at times. All of this was considered expectations for my role in the company, so I never even got a "Thank you" while senior management worked out of their home. This got me to start thinking, "Maybe there are other options out there."

I starting searching online for alternatives to my current situation, and one that jumped out at me was REI. I did more and more research and found this site about a year ago. Since then, I have been trying to find which path would work for my current situation. I am a high earning W2 employee, but I am not considered to have Accredited Investor status. I can't write off losses as income is over $150k. The current W2 demand makes it hard to become a real estate professional without a drastic leap of faith. I have a family with kids in elementary school, but we are fairly frugal with our spending. The COVID shutdown moved us from frequent restaurant dining to only 1-2 times a week and vacations were shutdown until recently. We saved quite a bit during COVID. During the shutdown, my wife's company transitioned to be permanently work from home, so I want to find a solution that gives me more flexibility with my time and location. I think I can transition to a BP-type endeavor, but I am not sure what would be a good route for transitioning from your typical high earning W2 to Financially Independent.

I would like to connect and get feedback from people who transitioned from a high earning W2 job to a FI situation. What was your plan and how did you execute it? I would also like to hear from anyone else who has ideas that I can explore. I'm open to most ideas, but I am not interested in doing Wholesaling. I will also add that I spent some time in Sales and Marketing roles within my company, so I have experience in working with all areas of the corporate business world.

I you're still reading this, I appreciate your patience in reading this whole post and look forward to your feedback.

Hi Nicholas,

I have been looking in the Indy metro area and it seems that anything that meets the prime rental criteria is pending in 2-4 days from listing.  Many still show closing over list price. 

 I agree that any legislation that gets approved will affect all investors, whether they live down the street or across the country. 

https://fox59.com/news/fishers...

I’m in Indy and have noticed a few articles like the one above where city officials are seeing the trend of out of state investors buying up the houses in Indy and making it a rental instead of the house going to locals trying to buy their own home. I don’t think this means anything in the short run,  it I’m wondering what this will mean in the long run of city/county/state officials start to look into policies that will make Indy harder for investors to invest here. 

Hey Gabriel!

I love what you're doing with the mapping. How are you collecting the data and plotting it? 

In my ideal world, I would like to have a heat map of rental prices by location and/or door size. I haven't seen anything like that online yet and not sure how to start. I did a little software coding in college, but haven't done much in almost 20 years. I know coding has advanced exponentially in the timeframe. 

I'm weighting the pros and cons of short-term vs long-term to see what would be better. I've heard both are available in the Indy area, but I'm having a hard time justifying short-term as Indy isn't high on the lists for tourists destinations. A friend of mine says that getting some short-terms in the summer months near Grand park in Westfield is the ticket, but I would just be concerned about the off-months.

Thanks Joe!

I’ve already read Rich Dad, Poor Dad and looking for the next step in learning. I understand the basics of what you’ve listed except for the number sequence. Can you elaborate on that?

Hello BP!

I have been on the site about a month looking at various posts and decided now is the time for a formal introduction.

First, a little background on me. I have a mechanical engineering degree and an MBS in finance. I currently work for a global Fortune 500 company as a senior level manager. With all of the activities affecting employees and employers due to COVID and the Great Resignation, I decided to reassess my current situation and look towards a possibility of a new career path in Real Estate or, at worst, just to supplement my current salary. I live in the Indianapolis metro area, which I see is growing in demand for out of state investors.

I am probably starting down this path a lot later than most of you, but it's never to late to start. Right now, I don't know what I don't know. I currently do not know where to focus my plan as I could probably go any route, whether it is to be a Real Estate agent, flipper, landlord, wholesaler, passive investor, or STR. I've always been a data-driven person to know where to best allocate resources for success, so I was wondering if anyone knows of a place that summarizes the different avenues within the real estate industry and any analytics associated with each type. I'd also like to know if there are any analytics breaking down rents for a given location and rental size. For example, is there a certain part of the country/state/city that benefits more in having 1 or 2 bedrooms and others that benefit with a 3 or 4 bedroom? I currently have a generous 401k from a previous employer that I can convert into a self-directed IRA and also some savings to tap into if needed. An owner-occupied multi-unit is out of the question as I already live in a SFH.

Thank you for any assistance the community may bring!

Bryan, I live in Carmel. It's rated as one of the best places to live in the US year after year. Let me know if you have any specific questions on the city. I do not have a property manager or REI agent as I'm new to real estate investing.