North Chicago Newbie

13 Replies

Hi, my name is Maciek. I'm from north Chicago suburb.

Big fan and a new member to BP, hello everyone !!

I have been working in construction industry for past 10 years as a plumber and I like to think i have pretty good knowledge of construction. Plumbing that was never my passion, I  always liked numbers and investing. So after year of reading and saving money I'm ready to move on with my first flip. I have read few real estate investing books and followed real estate  investors from my area. I'm very excited to get started and just made an offer on hope to be my first house.

Fingers crossed the bank agrees to my offer, its an REO

I would me more then happy to meet other BP members from Chicagoland area

Hey @Maciek Chudecki  welcome to BiggerPockets! You've definitely come to the right place to learn more about investing. If you haven't yet, be sure to check out the The Ultimate Beginner's Guide to Real Estate Investing and The BiggerPockets Podcast. They are both great at learning the fundamentals.

Also - here's a couple articles you might enjoy:

The 21 Best Real Estate Investing Books Ever

How to Rent Your House: The Definitive Step by Step Guide

How to Be a Landlord: Ten Tips for Success

Oh - and don't forget to set up your Keyword Alerts!

See you around the site!

@Maciek Chudecki

Welcome. 

Locate and attend 3 different local REIA club meetings great place to meet people gather resources and info. Here you will meet wholesalers who provide deals and rehabbers (cash buyers). Find them through Google and meetup.com

Two Great reads, I bought both J. Scott The Book on Flipping Houses, The Book on Estimating ReHab Costs http://www.biggerpockets.com/flippingbook

Download BP’s newest book here some good due diligence in Chapter 10. Real Estate Rewind Starting over

http://www.biggerpockets.com/files/user/brandonatbp/file/real-estate-rewind-a-biggerpockets-community-book

Good Luck

Paul

Let us know how it goes with the first offer!

I am pretty focused on the southside, but I really like the Southside Builders Association meetings which are monthly at lunch, and tonight I am going to the SSCIA (South Side Community Investors Association) meeting.  They are having a local lender panel.

Good luck!

Bank rejected my offer. Time to look for another investment

I made and offer 10% lower then asking price

is there any rule of how low you can go with offer for bank sold properties ???

Thank you everyone!

Maciek, there is no rule on how low you can go. The best deals come from strong relationships with asset managers. Schedule some meetings and see what there board typically accepts. Also focus on smaller banks vs large banks. They have less decision makers and you can sometimes speak direct with a president. You can make your offer stronger with either Bulk purchase, All cash purchase, dropping your inspection contingency, and quick closings. Banks tend to take weeks to decide anyway. 

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