All Forum Posts by: Mike Mosby

Thanks for the vote of confidence @Lumi Ispas 

It was a great meeting, @Brie Schmidt!  We were in a rush but next time we will have more time to be social.  Your story/website was a big reason why I joined biggerpockets! 

Great advice @Jon Huber  I definitely want to take advantage of all the experience and support from the awesome BP community.

Thanks for the welcome @Steve B.!

@Wendell De Guzman I already follow your thread and get your emails.  I love what you are doing!  I'm doing some neighborhood scouting this weekend and will definitely be in contact once I narrow it down. Look forward to working with you.

I figured since I've updated my profile I might has well knock out my introduction post!

I moved to Chicago almost 2 years ago from Las Vegas for a job opportunity. I got interested in REI in 2002 while I was still in the Army at Ft Bragg, NC. I did approx 7 deals back then which started with purchasing my first home to live in but never spent one night in because of the pace of delpoyments.

Now that I'm comfortable in Chicago and in my new position I'm ready to start investing again.  This time I'm not interested in Flipping/Wholesaling but house hacking.   Chicago with the abundance of 2-4 flats, access to public transportation, unique neighborhoods and strong real estate market seems primed for hacking.

I will start a blog on Monday so I can organize myself and track my progress.  The end of the story will be when I have 10 properties with 25-35 units that cashflow enough to make me financially independent.

Just a quick note to say hi and how excited I am to have found BiggerPockets.com!  Now I have to run and check out some neighborhood and open houses.

Happy Investing!

Mike

@Dooreuhn Cee hit the nail on the head.  That mindset won't make you a good landlord to those tenants.  Numbers are one thing, landlording is another. @Dawn Anastasi found a way to make an inexpensive property work because of her mindset.  She's thoughtful, gracious and I bet her tenants enjoy her as a landlord and that is why they stay.

I know I don't actually know Dawn personally but that is my impression from reading her comments and posts.

Good luck Shaun!

I am new here too and have nothing to add accept support and encouragement.  Hang in there, stay positive and committed.  The best thing you can do is surround yourself with people who ARE doing it and it looks like you've come to the right place for that. Hope to see you at the meetup tomorrow night, it will be my first meeting as well.  

@NA Jones is 100% correct, fixing your credit will be invaluable. Maybe Heather can share some tips on how she raised her score. 

Best wishes,

Mike

@Jay Hinrichs Thanks for your feedback! 

What neighborhoods were the houses that you had a chance to check out during your visit?  I'm curious what rating (a/b/c) you would give the neighborhood you saw.  I'm still trying to get better at evaluating neighborhoods.  I believe Southshore is where Kate purchased her investment from PFR and it would be great to hear how you rate that area.

Thanks,
Mike

Redfin.com...sorry forgot to mention that. 

And check out podcasts 35, 36, 48 and 51

Good luck and happy investing!

Mike

Welcome, I'm new here too but have similar investing ideas and in Chicago. I agree a podcast binge is a great start. 

Have you driven by that property?  The ad states code violations so will be significant repairs. And it's been on the market for 256 days. Started in feb for 77k and has been reduced 7 times all the way to 22k. If a deal sounds too good to be true, it probably is.  Due diligence is key!

Turn-key is a good option if you are looking for straight rental income. You sacrifice potential equity from buying low, rehabbing and renting but less hassle. Every investor has different goals so if you can find someone who only wants to rehab (cash now vs passive income) buying turnkey a from them is a good synergy.