New Member: Tinley Park, IL

14 Replies

First off love this community and glad to be a member, I have been on the site for about a month or so and have learned a ton, something new every day.  A big thanks to all the knowledgeable people who contribute.

A little about me: Recently took an early retirement from a corporate IT career.  I'm still active in the field but only as a consultant a few days a week(way less stress). I'm a fan of all the chicago sports teams(Blackhawks, *Cubs, Bears, Bulls, White Sox), Also love to golf just can't watch it. I have some limited experience rehabbing and remodeling  Currently looking to get more involved in real estate investing to occupy my time and earn some extra income.

My limited Experience: My first home was a bank owned REO that was a Fixer upper. That purchase was driven more by economics than being an investor though. I have recently purchased a property on a short sale in Florida that also was in need of work although even that one i have not been a real landlord since my daughter is living in it(she is part owner as well) and payments are set to just cover the costs of owning. So that one is more like a vacation home since i get to visit;)

My Current Plan, until I read another good thread anyways. Looking to buy SFR for BUY and HOLD using a BRRR strategy, plan A anyways. I'm going to start slow but would like to hit 10 properties over the next 4-5 years, nothing crazy.

Currently looking to network with other investors, and as always continue to learn new things.

Tom L

Hi, @Tom Ladewig ,

I'm in Joliet. I've been considering starting up a Joliet Area REIA. Would the west side of Joliet (Rt 59) be too far for you?

I'm also part of group which meets weekly and has a monthly RE workshop. Lots of active investors. In fact, we're outgrowing our meeting place in Downers Grove.

Drop me a private message ...

@Jeff Valentino  Thanks for the tip, in fact i have hit that tab so much it now says earn;-)

@David Dachtera Joliet would not be too bad, i have some good friends that live in Shorewood area, I'm on the far west end of Tinley and close to I80.  I have not used the PM feature yet so this will be a good test.

Welcome Tom, there's some great deals out in your area.  I just flipped one in Romeoville this year, there's a ton over in that neighborhood.  It's too far to rent for me, but you should check it out.

Originally posted by @Tom Ladewig :

@Jaime Frusta, The property in Florida is in Sarasota Mote Ranch area, heading there for a short trip in two weeks, still have some loose ends to take care of.

Thanks for the tip on the Romeoville area @Scot Howat

 Congratulations on the Palm Aire property. When you get ready to rent that one, you'll realize how much of a goldmine you landed on! We've seen rents go from $1.00 to almost $1.50 per square foot, per month in just this last year alone. 

That would be long term, annual tenants. Vacation rentals depends entirely on how you furnish the property, and how many people you can sleep per night. Rule of thumb is $2.00 PSF minimum. 

@Tom Ladewig

Welcome to Bigger Pockets. I would add The Chicago Fire to the list of Chicago teams (smile) hey I'm just saying...lol.

It's nice that to you are in the position to take an early retirement. My sister is an IT at Western Michigan University she's also considering earlier retirement and doing consulting work. 

You may have noticed that Bigger Pockets has various resources: ebooks, blogs, forums, podcasts, webinars, colleagues, keyword alerts, an awards system, a learn section, informative people in many fields of real estate investing, and more.

As Brandon Turner mentions we are considered to be the average of the 5 people we spend the most time with. So connect with REIA meetings, accountability partners, and mastermind groups to engage with individuals interested in real estate investing.

At the bottom of this page is a list with help in it. Click on help. You will see answers to questions that you didn't even think of. 

Looking forward to sharing insights with you in the forums.

                                Enjoy as you prosper.....

Love the BRRR strategy... I suggest adding another "R"... "REPEAT". I was going so slow down that path, until I hooked up with a group of people doing the same thing. Now i have a bunch and am way ahead of schedule with several rental properties. The monthly checks are very very nice and addictive.

There are many local Chicago clubs, get out to them, network, learn, and watch how quickly you can make things happen if you truly engage. Those that stick around and engage always wind up being successful. It is funny, as I attend meetings, I see those that attend regularly are the ones doing deals, those that are hit or miss, always have excuses about being too busy, etc And they are still struggling to get things moving for themselves in REI.

Originally posted by @Renea Steward :

@Benjamin Pekarek I like those numbers. Vocation rentals makes more PSF, which is more the route for me.

                           Enjoy as you prosper.....

 Renea,

Even though I'm hijacking the original post, when you run out the numbers, your net operating income, or NOI, is the most important. When you factor the higher management costs, the higher vacancy rates, and the greater damage vacation tennats do to your property (I have war stories, believe me!), annual puts more in your pocket at the end of the year.

@Benjamin Pekarek duly noted. I'm affiliated with several organizations and churches who are seeking vacation rentals, which I planned to rent to with sizable deposits. I will experience more vacancies initially, but it's worth it. 

I will build up clients slowly with the organization, churches, and personal referrals. It may take a few years to show the profits I desire. 

I have 2 partners for two of the vocation rentals. The rentals will be in a city that each partners chooses to have a vocation home in to off set how often it needs to be rented; a form of house hacking. One of the partners wants to live in the home nearly 6 months out of year. October 20 through April 14.

I will try avoiding having a lot of war stories of my own.

I'm developing a diverse portfolio with various forms of rentals and renting styles; as well as rent to own. 

As you stated not to hijack the original post. I will appreciate it if you would pm some of the war stories. Knowledge is power. 

                               Enjoy as you prosper.....

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