All Forum Posts by: Chris Tiff

Thanks very much Linval, I'll take you up on that kind offer, and thanks for the recommendation Andrew.

Cheers Adam, it certainly does.

Thanks Jonathan, will do.

Thanks Michael.

I'm sorry, I wasn't very specific in my question. I would like to generate some cash flow to replace the salary I left, but I do have a reserve of capital to get started, so it is more of a desire than an absolute necessity. I have some time and flexibility.

Hello all.

So I took the advice of a few long term members and spent the first few weeks just perusing the wealth of information on the site,and it was a very useful tip because many of the initial questions I had were covered in the blogs and podcasts, but I have a few remaining and if anyone has a moment to advise I would be eternally grateful.

Basically, what I am trying to figure out is this:

* I have recently called time on a long career in the derivatives market and am interested in getting into RE investing, but the area which has appealed to me most is accumulating rental properties and paying them down over time. However I also need to generate some cash flow in the near term to at least offset the fact that I no longer earn a fixed salary. How do you reconcile the need to generate money now with the desire to build long term equity and income? Most of the mathematics I have seen this far don't seem to indicate much excess cash flow in buy and hold properties.

* Often new investors are advised to stay local when making their first forays into the market, however what do you do if the areas which interest you the most, the ones that seem to be experiencing the best growth and appreciation, are distant? I live on Long Island yet recently had the chance to visit Charleston SC for the first time and was very impressed by the vibrancy and expansion of the place. It just felt like a place you could build a nice portfolio of properties in. On top of this I have a child attending school down there, so there is scope for significant savings in both housing and tuition (registering as a SC resident and qualifying for in state tuition) by owning my first investment there. However, not only am I new to the industry but would face the additional dilemma of having zero RE contacts in the region. This is an area I would consider relocating to (the property taxes on LI are nuts, especially for someone who no longer uses either NYC or the local schools) but for the foreseeable future I am here. Am I hamstringing myself too much by beginning my investing career so far from home?

I was going to ask a couple more, but at that point I realized I didn't want to subject you good people to a novel, lol, so I'll save the others for later.

Thank you very much for your time and consideration. 

C

 Thanks Mindy. I'll probably do the typical noob think and lurk for a while. Cheers

 Cheers Steve. You might not be so glad when you see how many questions I have though. :)

Very nice to make your aquaintance. Little bit about me: I'm not even really what you would call a 'newbie', I guess I'm a pre-newb, lol. Decided 28 years on Wall Street was enough for any one lifetime- it really is a young mans game; so I made a clean break and am looking to do something else with my life. RE is an area that has always interested me, so I'm now giving it a proper look. I've gone through the book/seminar stage, and now I guess it's time to start talking to some real life people, with some real life experience. So here I am.

I live on Long Island, NY, but to be honest I'm not entirely sure that this is an area I am that interested in investing in (even though most of the books I have read suggest the best policy is to start local, and stick to areas you are familiar with), because from what I have seen so far, there are other regions around the country that seem significantly more vibrant and expansive than the North East. But as I say, I'm sure I'll have a few beginners misconceptions to be corrected by experienced investors.

Anyway, that's who I am in short, and I'm glad to be on board. Seems like a very cool place.

 I'll do it for 100. So long as you don't expect me to know anything about Milwaukee rentals. ( Or look cute in a pic)