All Forum Posts by: Fiona Lam

@Eddie T.  - I agree, every month would be too much, but I certainly can do every few months.  That's certainly not a problem.  Thanks for the input.

@Robert White - Thanks for the information!  I will certainly try to make one of the gatherings during the summer. 

@Travis Beehler - Thank you for your feedback.  I'm currently compiling a list of questions that I want to ask.  Finding a good property manager is one of my highest priorities at the moment.  

@Craig Bowen - Wow thank you so much for the detailed response and sharing your experience.  You really gave me a lot to think about.  

@Eddie T. - With regards to traveling to properties, I would be able to travel to the properties often.  I would dedicate time to do so.  With regards to student rentals, this is why I am seriously looking into PM services because of the distance situation.  If you don't mind me asking; how often do you travel to your properties within a month?

@Nate Fenson - That is definitely one of the risks that I have identified with regards to investing in Binghamton.  Thank you very much on the warning regarding the different areas.  My plan is to drive there next weekend and start looking around and really check out the area I am considering.  

@Alvin Pereira - I apologize for not responding earlier, I've been fighting the flu.  But thank you for sharing your experience and suggestion. I will definitely start looking at property managers first and see what I come up with. 

@Brandon L. Thank you for the suggestion. 

It's been 20 days since my first introduction post and I have been researching, reading, listening to podcasts, pretty much absorbing as much as possible. I recently upgraded my account to Pro so I could use the Rental Property Calculator as much as possible.

As of right now, I have determined my financing options and narrowed down my investment area to Binghamton, NY. I'm currently working on my business plan with a focus on rental properties and continuing to fully research the area.  Next steps for me is to take a drive to the area and familiarize myself of the neighborhood. I have also been attending networking events. 

Since I do not live in the area I plan on investing in, I have been wondering how did all of you build a foundation where you could be as successful as possible? Who were the key people on your team? Some questions I have are:

1) How did you vet your numbers? I have only being using MLS listings to see the numbers (just as a beginning step).

2) How did you vet local contractors?  

3) How did you manage renovations (from a distant? 

4) How did you vet real estate agents? 

5) If you invest in an area you don't live in, did you use a Property Management company?  How did you vet the company?

I welcome all and any feedback or suggestions.  

Thank you,

Fiona

Thank you for the welcome!

@Alex Franks - Thank you for the tip!  I will certainly start looking into Meetups.

Hello all!

I wanted to take the plunge and introduce myself.

Name: Fiona

Occupation: IT Project Manager/Business Analyst

Located: Currently in Harlem, New York

Background in Real Estate: Absolute Newbie

Goals in Real Estate: To get into the game!  I've been sitting on the sidelines for many things including career, building wealth and after stumbling across the BiggerPockets podcasts, I decided that it's time to stop sitting on the side and start doing some hard work.  My goal is to start investing in real estate and generate cash flow so I have financial peace of mind!

Although I find this entire idea intimidating and scary, I am looking forward to participating and learning as much as possible.  But most importantly, moving forward and getting that first investment property.

-Fiona