Anyone invest in the Chicago area?

Question

Looking for a local investor to mentor and or work deals with in the Chicago area. I'm new to the investing side of things but am a very fast learner and bring a very good construction base. I'm also a licensed electrical contractor.

Thanks

Dave

Thanks

Dave

Account Closed · Answer

@Dave Cieslicki Quite a few questions

• Books - there are a ton. I personally feel that by the time a book with specifics actually gets printed, the laws, regulations and market conditions have changed. So PERSONALLY  I tend to suggest books that engage the most powerful tool at your disposal, YOUR BRAIN. Books like Who Moved My Cheese by Spencer Johnson, The Cashflow Quadrant by Robert Kiyosaki, and then business books like E-Myth by Michael Gerber.  These get you thinking. That is a powerful thing!
• What is the best line of investing? I am unable to answer that. Why? because I don't know you, your visions, dreams, or what interests you. I like to flip and buy and hold. Mainly buy and hold. That works for me. But it may not for you. I don't believe in Wholesaling at all. That is MY view. What you should do it get out from behind the desk, attend local REI Groups, and talk to people. Hear about what they do, and figure out which intrigues you the most and go in that direction.
• Banks & Lawyers. - There are a few. However, until I know someone a tad more, I am not apt to give out their names. Have you ever referred someone to a contact. The person you referred screwed over your contact, and not the contact is upset with you? Not saying you would. Just again, I have no clue who you are, or what you are wanting. Further, when it comes to "banks" each lends differently based on your path you choose in #2.
• College Classes - ? I would suggest against college courses. Why? For the same reason as #1. By the time a curriculum is fleshed out and approved, the market has changed. You want to learn, get our from behind the keyboard, go network in person. And not just one time. Why would an experienced person share their knowledge and information with someone they meet once? No, show your face over and over. Prove you are going to stick with it and be serious. Those are the people that will have the knowledge, why? Because they are ACTIVELY investing. Choose people that have been doing it at least 8-10 years. So they invested in up and down markets. Real Estate is cyclical. So if someone is a success while it is up, doesn't mean they know how to handle the down, and vice-versa.

Hope that helps. Again, these are my opinions. I have been investing for over two decades. I do it full time. I coach/teach others, and I still am actively doing it in the current market. I have been involved in thousands of transactions of all types. So, there is a snippet of how I have formed my opinions.

Brie Schmidt · Answer

Dave - welcome!  I am not sure I can help but I am a buy and hold investor.  I am more than willing to include you in the deal analysis process when I start buying in a few weeks...

Dave Cieslicki · Answer

Thanks again Ryan for your insight on that. I will be trying to get more active at networking meetings that's definitely a good idea. I'm in the process of gaining enough information to ask decent questions and be able to contribute somewhat in conversation at those meetings. I too feel that there's no better way to learn then getting out and getting after it. It's in my nature however to do a little recon before walking into a new environment. I respect your experience in the field and value your opinions and realize the advise you give is hard earned, so thanks again! Maybe Ill bump into you at a meeting at some point in the near future.

Dave Cieslicki · Answer

Hi Timothy,

I'm west of the city about 50 miles in a small town called Elburn. How about you?

Timothy Riley · Answer

welcome - what area of Chicago are you in?

Dave Cieslicki · Answer

Thanks for your reply Ryan and your time! A few questions I had were as follows. I'd like to know if there are any good real estate investment books you might recommend? In your opinion is buy and hold, flipping ,or wholesaling more often the better way to go? Is there an investor friendly bank and lawyer you might recommend in the Chicago area? Are there college classes I could take that would be beneficial on the subject? Any help on this would be much appreciated at your earliest convenience.

Thank You!

Dave C.

Account Closed · Answer

@Dave Cieslicki

I am happy to help, within reason. I tend to advise at a higher level only. I tend to return questions with questions that make you  think to resolve the dilemma. Thereby helping you realize the answers were in your capable mind the entire time.

I also do mentor/coach, so if I were to share answers here, I would violate the contract and exclusivity I promises those clients of mine.

Finally I also have to worry some about "educating" my competition. It has happened more than you would think in my two decades of real estate. Where someone asks me where a good area is, wants to just see my deals, etc. Only so they can find where I invest and compete. Determine how I go about getting my private investments, etc.

So ask away, I will be honest on what I can answer, and where I feel less comfortable sharing that answer.

Dave Cieslicki · Answer

Yeah I think he was :) Thanks for replying to my post. Would you mind if I throw a couple questions your way? I'm looking to get started investing and need an experienced investor to bounce ideas off of on occasion. I'm thinking of flipping some houses this year. I'm interested in creative financing ideas and am looking for a good investment lender.

Thanks

Dave   davecieslicki@hotmail.com

Account Closed · Answer

@Dave Cieslicki Welcome fellow Chicagoan! I have been investing for over two decades now. I want to applaud you for wanting more out of your life, and to do something to improve your future!

I must admit the only reason I know of "Elburn" is, and correct me if I am wrong, that is where Erig Ferguson of 101.9 morning show fame is from.

Anyone invest in the Chicago area?

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