All Forum Posts by: Jared Swiecicki

 Thank you Nicholas. 

Very helpful, especially the "cool your jets" sentiment.  I will work to find the right deal for me and my family.  

 Thank you Wale!!  I really appreciate the comment about being here to help me grow.  I am honestly blown away by how many people jumped in to give advice and how no one tried to push me in any directly.  

I am already in touch with the real estate agent that sold me my current home.  That individual is also an investor with their family, so I am hoping her insight will help me advance.  

Hope Texas is treating you well.  I have read that market is doing very well.  

Jared

 Thank you Mike.  Long term returns wasn't a metric I had on my tracker.  I will look for a way to incorporate that.  

Jared

 Thank you Crystal.  I will look at those markets.  I am currently reading "Rich Dad Poor Dad" so I am glad to hear I am already absorbing the right kind of content.  

Appreciate the insight on rehabing and cashflow.  I think it might be able me spending time looking for the RIGHT deal.  As long as I am being proactive and allowing the numbers to tell the story, I shouldn't be afraid of passing on ok to look for good.  

Thank you Mitchell.  I will pull that book and start reading.  I am currently read "Rich Dad Poor Dad" and "How to invest in real estate."  

WI is probably closer to us than IN.  Do you have any specific markets you think I should be reviewing?

You are one of a couple of people that told me to focus on building slower.  I think that is great advice.  It is easy to be swept up in all the content emphasizing speed, but my end goal is to be successful at this.  

She managed condos and townhouses in Chicago and the surrounding suburbs.  She has done both onsite/fulltime management as well as portfolio management.  Often her portfolio was 100s of individual doors.  Obviously shifting from owner occupied multi-family dwellings to rental would be a change, but we both believe with some advice and insight from others, her skills can translate more quickly than if we had no property management experience.

Hello everyone, 

My name is Jared and I am new to the forum.  I have a background in Healthcare Revenue cycle.  I am very analytical, goals and numbers focused.  We live outside of Chicago and are preparing to purchase our first rental property.  Unfortunately, we started this journey a bit late, so some of the common recommendations, like house hacking, don't make sense for us right now.  My wife is a former property manager, so we have a leg up, but she is currently a fulltime mom to a wild 4 and 7 year old.  In the coming years she will have much more time to dedicate to managing, but we don't want to wait.  We want to jump in.  Looking for any advice to ensure the first purchase goes well.  In the future, we may be able to take more risks, but would like the first one to be more positioned for success.  

1. Should I buy local.  My local market is more expensive, but we would be present.  If not local, what markets would you recommend I research?

2. For a first purchase, with very limited skills, how much rehab work is too much in order to add value?  Should I avoid a rehab project and just take lower cashflow as a start?

3. How do I rise and repeat quickly?  I have a down payment available for a modest purchase, but cashflow alone wouldn't replenish that quick enough to purchase again within 1-2 years.  

4. How should I be using metrics to validate opportunity?  I have built some spreadsheets to show cap rate, cashflow, cash on cash, expenses, total cash outlay, debt servicing, and net operating income.  Am I missing anything?  Are their industry benchmarks I should be set as goals for each metric?

5. Any books, articles, or podcasts you think I should start reviewing now?

Thank you for any help you can offer.  

Jared