Business Plan Outline; NW Suburbs of Chicago

11 Replies

Hi All,

I've been reading this site for some time now and have listened to almost all of the podcasts.  I'm very interested in getting into real estate and I've boiled everything down into a very basic set of steps to follow.  Does this seem to be on the right track?

Business Plan

  1. Purchase list of SFR Absentee Owners with greater than 70% Equity in Mount Prospect, Arlington Heights, Prospect Heights and Elk Grove Village.
    1. Use listsource.com or melissadata.com.
    2. This should result in about 750 addresses. Assuming 500 are good with a 3% response rate gives me 15 leads.
    3. Is 70% equity the correct number?
  2. Send 1 postcard each month to the list for 6 months.
    1. Print my own or use yellowletters.com.
    2. Content of cards?
  3. While mailing postcards, call all FSBO ads I can find in my target area.
  4. Call leads and get this information:
    1. Need more ideas/help with this list of questions.
    2. What is the lead’s situation?
    3. How much equity to they have in the home?
    4. What do they believe the home is worth?
    5. What are they looking to get for the home?
    6. What is the best case scenario for them?
    7. What scenario would they be happy with?
    8. Are they interested in seller financing or
    9. Address of home?
  5. Research property and ask BP what the heck to do with the deal.
    1. Need more ideas/help with this list of options.
    2. Wholesale
    3. Lease Option
    4. Buy and hold with seller financing
  6. Return to lead with offer(s) and/or request to see the home.
  7. Profit!

Thank you,
Justin

@Justin K.  

If you end up with a lead let me know.  I am interested in anything in that general area.  

MLS inventory is very tight in Mt Pro and AH. I don't look at Elk Grove or Prospect. You may also want to also consider Palatine and Des Plaines

@Justin K.   _ good to see that you are starting off with some good planning/goal in mind:)

Keep me in your buyer list too if wholesaling.

All the best in mailings

If any of you are looking for properties on MLS I do have my license and I also do wholesaling ( marketing to probate ) in these areas you mentioned

Originally posted by @John Weidner:

@Justin K. 

If you end up with a lead let me know.  I am interested in anything in that general area.  

MLS inventory is very tight in Mt Pro and AH. I don't look at Elk Grove or Prospect. You may also want to also consider Palatine and Des Plaines

 Thanks @John Weidner!  I will consider Palatine if I need more addresses on my list.  I did consider Des Plaines, but they have so many flooding problems that I don't want to deal with.

@Justin K.  

 Sounds like you are already ahead of the game with a detailed plan of action! Best of luck!

@John Weidner  @Gautam S.  

What kind of houses are you interested in?  Single Story?  3/1?  3/2?

Thanks again!
Justin

@Justin K., Add me to your list. I am looking for SFH with 2+ baths and TH with 1.5+ baths. I am planning to rent them out.

Thanks.

@Justin K. I know this is a super old post but was wondering if you ever made progress with your business plan? 

I am originally from the NW suburbs. However, I haven't lived there for about 20 years. One of the main reasons that I left was because I wanted to buy rental property and I didn't think it was possible to buy cash flowing properties in the NW suburbs because of the high property taxes.

Please let us know if you end up having any success.

Free eBook from BiggerPockets!

Ultimate Beginner's Guide Book Cover

Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!

  • Actionable advice for getting started,
  • Discover the 10 Most Lucrative Real Estate Niches,
  • Learn how to get started with or without money,
  • Explore Real-Life Strategies for Building Wealth,
  • And a LOT more.

Lock We hate spam just as much as you

Join the Largest Real Estate Investing Community

Basic membership is free, forever.