All Forum Posts by: Chris Rosenbaum

Thanks for the recommendations guys. I also just read the Investing While Living in an Expensive Area chapter in BP's The Book on Rental Property Investing, and it includes some details about remote investing strategies. For example, turnkey rental companies, but I'd like to be a little more hands-on (if even just for the learning) and have some more potential upside.

Anyone else make some early investments remotely? I understand the steps to undertake and already am beginning to network and source, just looking for words of wisdom / reflections from folks who have gone down this path.

I'm currently living in Chicago, but only for sure for the next six months. I'm originally from the Philly suburbs, with lots of family in that area, particularly a few with contractor networks FWIW. My goal is to make my first rental purchase, either a 2-4plex or SFH, by late April. Took a bit of a parachute from a corporate role and not jumping back in full-time until May, so I have a pretty flexible schedule (at least 10-15 hours I can allocate per week if need be) in this time period, thus the motivation to get moving.

Being local in Chicago will allow me to see first hand a lot of properties, but it's most likely I won't be here much past May. I can't say yet where I'll be, but all things equal I'm likely back east for the long-term, and I already know that area much better. Do I sufficiently school up in the Chicago market and IL regulations and build a bit of a network here to start off, with the ease of seeing many properties first hand? Or do I start remotely building a bit more of a network and knowledge base in PA, trading the difficulties of sourcing for the greater likelihood of future footprint and leverage? I can be back in Philly a few times over the next few months when critical, just not frequently. 

My primary short-term goal is a profitable start, not extreme DIY value maximization in the perfect deal. I'm happy to leverage the beginnings of a solid local team (attorney, property manager, etc.) if the math works and it gets me momentum I can build on. 

Anyone try purchasing one of their first properties while not living in/near that area?

Hello all -- after a decade of noodling on the topic and building up a general but abstract concept of real estate investing, I've now set a goal to buy at least one investment property (thinking buy & hold, 2/3/4-plex) by my wedding date -- that's six months time. I've currently shifted my day job time to a consulting business that will be flexible over this time period, thus the impetus to declare this goal. 

I'm in Chicago for the time being, so I'm game to consider property here, but it's just 50/50 that I'm here past mid-2017, so that is a consideration. I grew up outside Philadelphia with all my family still in that area, so that would be a great place as well -- both because of my familiarity with the area, and that my father has spent a career in commercial facilities management and thus has an extensive network of contractors and other potentially useful contacts. 

I have some money saved up that would be sufficient and some family / friends who are interested in putting some money to work, but would also be interested in alternative methods of financing to scale without the constraint of my personal capital.

I'm saying all of this out loud for the social pressure on my new endeavor / goal! 

If there are successful duplex/multi-unit investors in Chicago (or MontCo / Philadelphia around Thanksgiving/Christmas), I'd be willing to share some of my time and expertise in exchange for some exposure to your efforts. I'm a real estate newbie, but I've got a lot of applicable skills from 13 years in start-ups, running businesses, a Kellogg MBA, masters of engineering in design thinking / innovation, etc. Happy to barter my brain for yours :-)