All Forum Posts by: Lee Stephens

Hello everyone! 

Was hoping to get some advice on next steps I should take... 

I currently live at home (no financial obligations) and plan to do so for the next 5 years. I work full time as a property admin and just got my degree in finance. My plan is to get a job in the finance industry as either an analyst or an advisor as the pay will be far better than what i'm at now. I see myself as an advisor; however, I'm hesitant to go that route as it will require further studying for certifications which will make it more difficult to focus on real estate, whereas an analyst will not require additional certifications/studying. 

I have yet to make my first deal, but have been educating myself and been working in the industry for well over a year and will execute within 3-6 months. 

I also have around 50k in capital and can build from that somewhat quickly being that I live at home with no financial obligations. The end goal is to build enough monthly cash flow to where I can become a full time investor. 

Do you think it makes more sense to go the advisor or analyst route? 

Thanks in advance, 

Lee

Looking to make my first SFH investment in the Northwest Indiana area and would like a GC to do a walk through as well as a couple good property managers on hand. Figured I would start here to see if anyone had good recs before making calls. I'm currently living in Chicago (2hrs out) so this is somewhat of a long distance investment.

Any other tips would be appreciated. 

Thanks. 

@Tyler Rowland Thank you, this was really helpful.

@Joshua Feit Thank you for the feedback! Good call on multiplying the numbers by 1.5 - always good to play it safe.

Welcome BP!

My name is Lee, I just turned 23, and I'm from the suburbs of Chicago. I've been in property management as an admin for commercial RE for close to two years now, which piqued my interest in REI. I'm currently in the learning and saving phase, to invest in either SFH or small multifamily properties within the next 1-2 years. With that being said, I have a couple questions..

1). What are some recommendations on learning how to remodel? I'm really interested in BRRRR, but the remodeling aspect frightens me as I have little knowledge on how to do it & do it cost effectively.

2).  Does anyone have recommendations on learning how to look at a physical/cosmetic issue in a property and knowing who to call? Just trying to build this knowledge so I'm not wasting money & time by calling wrong contractors out. One of my biggest weak points is anything hands on, so any guidance would be appreciated.

Thanks in advance!