Feedback Please

6 Replies

    So I am rookie relative to Real Estate investing but I would like some feedback on my current process and some of the issues I foresee facing. Currently I spend an hour a day driving for dollars (seeking out distressed properties). I then take those addresses and scrub them, removing.. 

    • Bank Owned 
    • Recently Purchased 
    • Owner Occupied (with up to date taxes paid)
    • Mortgages in the last 8 years or for amounts that are extremely higher than the house could be worth 

    I then move the properties that are remaining into a spreadsheet, I have 2 waves of marketing one for the beginning of the month and another for the middle, by July 1st I should have 100 total properties on my spreadsheet. I send mailers out once monthly. Now what about this process would you suggest changing or tightening??

    I foresee finding cash buyers and a title company, that will be fine with closing with assignment, once I do secure a deal as an area of opportunity for me right now. 

    Any suggestions thanks in advance for whatever feedback you can offer.

    And Go Blackhawks!!!!!!

    - Jerome 

Hey i just checked out your profile and you are not far from me. I consider my self a new investor but i read on your profile you bought your first property in 2013. You should be giving advice to us newbies looking for guidance out here. And your first property was it a flip or hold? 

@Lane Mccracklin Actually at this point it is my primary residence but I do own it free and clear. What I am looking to do is use the equity I have to push me forward and then in the next 12 months turn it into a rental. 

That's where I'm looking to buy my first property there is a lot of activity and the prices are good to get my feet wet for the first time.  Are you into rehabbing or whole sale?

@Jerome Lanier , I see your plan is to wholesale. I would still keep the REOs in there. If you have the means, double close on those properties.

I used to live in Crete. I'm familiar with the area - it can be hit or miss neighborhood to neighborhood if you are looking at Park Forest or Richton Park. I am under the impression that PF and RP aren't hotspot markets right now. REOs could be a great way to get instant equity.

Removing those other criteria is good.

@Lane Mccracklin  I plan to wholesale until I have enough capital to endure a flip in case there are unexpected cost, which from what I hear there usually are. Ultimately I want to get into buy and hold but that is a little further down the line.  

@Mindy Jensen Thanks for the feedback and I noticed the area does seem to be a little luke warm at best, I'm thinking of expanding my search to include Olympia Fields and Matteson. At the moment both of those areas seem to be more popular. 

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