All Forum Posts by: Chris L.

Hi @Mani Javvaji,

My Aunt was still pleased last time that I checked which has been a while.  Her daughter is now in charge of the property and I am not in contact with her and do not have the original property manager's information.  I recommend that you check with @Ross Greene for current recommendations on property managers.

Chris

My wife and I are financially independent. Presently 56 & 53.

Quick story:

I graduated from the Air Force Academy in 1983.  My Bride was a school teacher but stayed home to raise our three sons.  She worked enough to pay off her student loans.

We spent less than we earned and started investing in mutual funds.  At one point we were saving and investing 50% of my income.

Built a side business and combined with our savings/investments allowed me to leave the active duty Air Force in 1998.  By accident, ended up in the Air National guard part time which turned into a full time gig.

In 1998, sold the mutual funds and started investing in individual stocks.  Crossed 7 figures in equity around 2000.

In 2003, sold all stocks and started investing in real estate: Duplexes, vacation rentals, and commercial projects initially.

In 2008 shifted into single family rentals in the Fort Wayne market.  Built a portfolio of 93 homes creating multiple 6 figures in annual residual income.  Those homes were professionally managed so it was really passive income.

Retired from the Air National Guard in 2011.

Recently I have sold off almost all of our SFR portfolio to partner on apartment complexes. Gave up return to do so but we are now 100% passive on these investments which create multiple 6 figures per year in return. My USAF retirement pay is a nice down payment for our taxes.

Lessons learned: Spend less than you earn and get started now.  Seek out other successful investors to learn from.  Good luck on your journey.

@David Mathews

Car driver was uninsured so I add to file it through my insurance.  House was much nicer after the renovations but I was out my deductible for the repairs.

I have to add a "funny in hindsight" story from a few years back.  My property manager calls me on Monday morning to let me know that one of my rentals was being condemned by neighborhood code.  I said: "OK, why?"

A car had crashed into the front of my rental.  Fortunately no one was injured.

How did this happen?

Car driver's former boyfriend was being entertained by my female tenant and she decided that driving through the front of my rental was an appropriate response.

Go figure.

Clayton, I highly recommend that you actually search for the right location and property manager first.  The property management company is going to be the key component to your success.

Your next decision is do you want to invest for cash flow, appreciation, or try for a combination.  I have had good results investing in lower end houses with good cash flow but very little appreciation.

Chris

Hi Clayton, good luck with your upcoming season.  

That is a broad question that you ask and the answer really depends upon your investment strategy.  If you are thinking of an active strategy like fix and flipping or wholesaling,  you certainly are not going to have time for that.  A buy and hold strategy with a good property management company is doable but it depends upon the resources that you have available to get started.

Once again, good luck and I commend your foresight to study up in the off season.

Chris

Hi Michael, do you know where Paxson properties fixes and flips?  I am not sure that I can assist you about the Dodd Frank Law.  There are other discussion topics that have addressed that issue.

I am looking to connect with some active fix and flippers in the Elkhart IN area.  Please send me a PM.

Thanks

Chris

@Craig Garrow

Craig, thank you for the tip.  My wife's Aunt is very pleased with the lead we received from @Ross Greene.  Thank you again for taking the time to provide a referral.

@Justin K.

I have had great success with these type of homes.  The key ingredient will be your property management company.

@Kenneth Garrett

The tax numbers posted are annual numbers not monthly numbers.  That is a benefit of investing in Indiana over Illinois.