Multi-Family and Apartment Investing

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Carlin Porter
  • Chicago, IL
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A Rookie Brrrr Investor

Carlin Porter
  • Chicago, IL
Posted Jul 31 2022, 14:57

I recently completed the BRRRR bible and said to myself things seem so easy and then so complex. By completion I was lost in a way. What I do know is a rockstar agent is a necessity. Anyone have/know a rockstar agent that deals with inner city Chicago ???

Chicago, Illinois

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Chris Winslow
  • Investor
  • Berwyn, IL
65
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96
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Chris Winslow
  • Investor
  • Berwyn, IL
Replied Jul 31 2022, 16:14

Connect with @John Warren, he's the best

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Paul De Luca
  • Real Estate Agent
  • Chicago, IL
588
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705
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Paul De Luca
  • Real Estate Agent
  • Chicago, IL
Replied Jul 31 2022, 17:13

@Carlin Porter

I recommend first starting with a house hack that has good bones but could use some updating and then move on to larger projects later. I think many brand new BRRRR investors try to bite off more than they can chew.

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Drew Sygit#2 Managing Your Property Contributor
  • Property Manager
  • Birmingham, MI
2,486
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Drew Sygit#2 Managing Your Property Contributor
  • Property Manager
  • Birmingham, MI
Replied Aug 1 2022, 04:52

@Carlin Porter

You should be building a team to maximize your probability of success!

While building your team, it's important you understand the motivations of everyone on your team.

Sourcing: whether agent, wholesaler, flipper, etc. many only have a vested interest in a transaction. You want to find ones that are vested in developing a long-term business relationship with you. Otherwise, they will screw you for their own compensation.

Property Management Company (PMC): No one else on your team should be as vested in a long-term relationship with you as a PMC. They will have to manage whatever you buy on a daily basis until you sell the property or terminate them. You need to find a good one though, that is honest & competent. An honest PMC's incompetency will still cost you.

Inspector: You want an unbiased and competent professional that will properly do their job and document it.

Contractor: Finding contractors that don't cut corners and overcharge is EXTREMELY difficult. Even if they are referred, you really don't know until AFTER they've done a job. The other 3 above should be able to provide referrals, but don't blindly trust anyone!

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Carlin Porter
  • Chicago, IL
3
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9
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Carlin Porter
  • Chicago, IL
Replied Aug 1 2022, 07:37

You guys seem so well versed in the mechanics of this process. I am not the most book smart nor as available as most. I live in a tractor trailer basically so I have to try and figure all of this out while on the road. I know things work when you work them but this is going to be a rough process for me. Thank you for your message and positivity though. 

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Carlin Porter
  • Chicago, IL
3
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Carlin Porter
  • Chicago, IL
Replied Aug 1 2022, 08:44

Thank you for the advice. I can’t really house hack because I live in a tractor trailer. We and my partner drive 24/7-365. Owning a apartment currently doesn’t make sense for me because I would never get to be there. House hacking would make better. I have to figure this out. Thank you for your time. 

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Jonathan Klemm
  • Contractor
  • Chicago, IL
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Jonathan Klemm
  • Contractor
  • Chicago, IL
Replied Aug 1 2022, 08:50

Hey @Carlin Porter - First off, you are not alone.  I always read books, love the content, and then struggle to put that content into action.  You are doing the absolute right thing reach out to others to get help.

Everything that is new to us just takes time to learn & gain experience then just like riding a bike we can do it without thinking.  You'll get there if you stay focused and continue to learn, network, and take action.

Happy to connect talk through where you are at and help you figure out how to get to where you want to go.

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Carlin Porter
  • Chicago, IL
3
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Carlin Porter
  • Chicago, IL
Replied Aug 1 2022, 08:54

Thank you thank you. We will absolutely connect. I am a truck driver from Ohio to Chicago 7 days a week basically. I am sure that we can find a way. 

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John Warren
  • Real Estate Broker
  • Chicago
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John Warren
  • Real Estate Broker
  • Chicago
Replied Aug 1 2022, 15:02

@Carlin Porter happy to connect and the BRRRR method is definitely an exciting strategy. The main thing that trips up investors on their first deal or two is that they think they have to literally do a full on gut rehab to execute the BRRRR. I like finding gentle fixer uppers in decent neighborhoods where it is not the heaviest lift for your first one.

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Carlin Porter
  • Chicago, IL
3
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9
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Carlin Porter
  • Chicago, IL
Replied Aug 2 2022, 09:13

So do you and your company invest in what would be considered the more urban side of Chicago. I see a lot of potential in the 3/4 flat properties but I am uncertain if any of the contractors would want to work in these environments 

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Jonathan Klemm
  • Contractor
  • Chicago, IL
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Jonathan Klemm
  • Contractor
  • Chicago, IL
Replied Aug 2 2022, 09:56

Hey @Carlin Porter - We invest mainly where we find the most distressed properties possible and the number pencil out.  Mainly in metro Chicago as you mentioned and we work in almost all areas of Chicago.

Also just FYI if you use @ and name the person you a responding to will get a notification.  I think you can also you use the "quote" button on the lower right side of their comment.  

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Carlin Porter
  • Chicago, IL
3
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9
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Carlin Porter
  • Chicago, IL
Replied Aug 4 2022, 06:32

Hey @Jonathan Klemm I am not really the most technologically savvy individual. Thank you for the help. So you are a real estate agent/investor that primarily focuses on inner city Chicago. A man after my own heart. So how would this process begin between you and I if we wanted to dive head first into beginning a relationship in real estate ?