Recommend keeping your W2 job for as long as possible while building your PMC business.Typically, one needs 75-125 properties under management to actually make a living.This approach will also force you to automate your PMC business and maybe even hire a Remote Worker or two as you're able to afford. 

It was a hard lesson that nearly cost us a $25,000 deal, countless hours of effort, and more sleepless nights than I’d care to admit.We had a prime deal lined up, with a buyer who was eager to move forward.

Rethink your approach and have a realistic construction cost.   

With a portfolio approach my returns varied from 10% in a bad year to over 20% in a good year but probably averaged out at about 15% not counting appreciation.Now Im moving out of those assets into more syndications and passive.

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The issue in Chicago is our unique 2-4 unit inventory that is still more approachable in price compared to other big city markets.

I would also talk to leasing brokers for this type of property to understand if there is real appetite from tenants for this type of building, as even if it doesn't directly impact your approach, it will give you some insights into how a potential buyer may be looking at it.

Whether it’s learning how to build a property portfolio, understanding financing options, or managing tenants effectively, having a structured approach will keep you focused.This clarity prevents you from wandering aimlessly or jumping from one strategy to another, ensuring that you stay on course toward your investing goals.5.

The U.S. market can indeed be complex, especially when considering international factors like taxation and financing.While I'm not based in Germany, I do work with a number of out-of-state and international investors who are interested in the Indianapolis market, which offers strong returns and more approachable entry points compared to coastal U.S. cities.

Bring up to code is in quotes because they will likely let you grandfather some of the work in--depends on the officer/town.Edit: Note I have no experience with California real estate, just how I have approached buildings with unpermitted work in upstate New York.