All Forum Posts by: Chris Lewis

I am currently looking for an REI mentor that is willing to help me along towards my first deal. I currently work full time for a large property management firm as a Chief Building Engineer. I have 16 years experience in this field and my resume includes everything from simple maintenance to high rise commercial property due diligence. I am more than willing to share my experience and knowledge to help with your investments in order to learn.

My main goal is to buy and rent properties. I'd like to eventually have a passive income from between 15-20 properties within the next 10-15 years. If I can do a flip here and there as well that would be great as well but my main focus is passive income.

I have been looking around these forums and reading as much as I can for years. Even paying BP monthly fee. I am still stuck on a few things and the newer lending laws haven't helped so I have decided to reach out to the local community in hopes that I can get a great experience from once who have been where I am.

Please feel free to reach out to me here for my email address or phone# which ever you would prefer.

Thank you for your time,

Chris

So my previous post on this was deleted because I guess what I was asking was considered solicitation and for that I do apologize. Just to prove how serious about this I am I went ahead and created a pro account and I'm posting it again. Please see below:

I'm looking for these 2 things in hopes of trying to start up rental income utilizing short sales in the area. I have approximately $25K to use for escrow and I'd like to be able to buy properties at 30-35% below market value, minus also any repair costs, and turn around within a reasonable time to rent it out and REFI the hard money loan into a conventional 30year staying within 65-75% of the ARV.

My main goal is for each unit to have a DCR of 1.4 or better and to have a great potential for long term equity and passive cash flow. I'm not in this to get rich quick.

I am a Chief Building Engineer in Washington DC and have been in commercial office realty for over 14 years. I currently oversee over 1million square feet of office space with an $18m+ operating budget plus yearly pro formas. I know residential is different than commercial but I am adaptable to different situations.

If anybody would like to mentor/partner with me I have absolutely no problem with that as well and welcome the opportunity. Please feel free to send me an email.

Does this sound reasonable to any of the locals here? I'm leaving the country for 3 weeks in June and I'm anticipating getting started shortly after I return.

I guess I should take that as a warning??

Baltimore has always scared me as well. The upside of it is if I can find a decent one at $65k that's already producing decent income, I can put the 20-25% down on it and if the renters stop paying I have more than enough disposable income to cover it if I can get the loan for 10 years.

I need some serious input about what some of you think about these "opportunities". I'm trying to get started and I see these pop up all the time. They usually start out at somewhere around 8K for a total rehab and go up to 65k with a renter already in place dishing out $850/month.

Have any of you local guys had any REAL luck with these?

I'm still trying to find my first deal and I might go the route of just buying a couple of these and renting to start with for a few years.