Newbie in Western Chicago Suburb

Newbie in Western Chicago Suburb

Flipper/Rehabber · Saint Charles, IL · Member since 2018 · 19 posts · 5 votes

Hello all,

My name is Carl King and  I came to this website on a recommendation from my brother-in-law, who has done investing for about a decade. I've previously owned a single-family rental property in Fort Worth, Texas and a landscaping business. A friend and I are discussing what a partnership might look like, but in the interim I am reading a lot and building my knowledge on real estate investing. I'll work in Saint Charles, IL and surrounding areas on value add for multi-family and condos. 

2Reply
44 views

Most Popular Reply

Investor · Naperville, IL · Member since 2010 · 105 posts · 52 votes
8y

Welcome, @Carl King!!  Also consider checking out CAREIA http://careia.org/index.php which meets RIGHT on Rt. 88 in Lisle once/month.  Occasionally their speakers have something to sell but always educational and meaningful.  I wouldn't go to any of the various organizations free events as they are generally meat markets.  ;)

You can find so. much. information right here on BP, but it's always nice to get out and meet people who are in various phases of the business and hear their lessons learned and what's on their plate.

See this reply in the discussion

27 Replies

Jump to latestLatest
  • Harjeet BhattiPro Member
    Lender · Glenview IL- CDLP NMLS#230554 · Member since 2015 · 2k+ posts · 747 votes
    8y

    @Carl King Welcome to BP!

  • Denver, CO · Member since 2018 · 5 posts · 3 votes
    8y

    Hi Carl,

    I am a newbie as well and from the northwest suburbs of Chicago.  If you ever want to bounce ideas off one another, let me know and I'd be happy to jump on a call.

  • Investor · Chicago, IL · Member since 2017 · 7 posts · 14 votes
    8y

    Hi Carl and welcome to Bigger Pockets!

    I'm a real estate attorney in the area and have worked with many investors. If you need any guidance please feel free to reach out to me. I'm also a CPA and have found that is useful for my investors. Best of luck on your new adventure.

  • Flipper/Rehabber · Saint Charles, IL · Member since 2018 · 19 posts · 5 votes
    8y
    Originally posted by @Harjeet Bhatti:

    @Carl King Welcome to BP!

     Thanks!

  • Flipper/Rehabber · Saint Charles, IL · Member since 2018 · 19 posts · 5 votes
    8y
    Originally posted by @Patrick Dwyer:

    Hi Carl,

    I am a newbie as well and from the northwest suburbs of Chicago.  If you ever want to bounce ideas off one another, let me know and I'd be happy to jump on a call.

     Thanks, Patrick. Sounds great!

  • Flipper/Rehabber · Saint Charles, IL · Member since 2018 · 19 posts · 5 votes
    8y
    Originally posted by @Al Dynia:

    Hi Carl and welcome to Bigger Pockets!

    I'm a real estate attorney in the area and have worked with many investors. If you need any guidance please feel free to reach out to me. I'm also a CPA and have found that is useful for my investors. Best of luck on your new adventure.

    Thanks, Al.

  • Naperville, IL · Member since 2018 · 32 posts · 24 votes
    8y

    Hey @Carl King!  Just wanted to introduce myself as a fellow n00b in the area.  It looks like we are both looking to educate ourselves at the moment before jumping in.  In what types of properties are you interested in investing?

    Chris

  • Flipper/Rehabber · Saint Charles, IL · Member since 2018 · 19 posts · 5 votes
    8y
  • Specialist · Branford, CT · Member since 2018 · 222 posts · 121 votes
    8y

    Congratulations on your new endeavor into investing. Have you thought about how you will be finding your first deals? Plenty of investors are using direct mail to find properties that fit your criteria by contacting owners who share characteristics of owners who are likely to be ready to sell.

    Absentee Homeowners with High Equity are the tried and true target as many people tire of the responsibility of owning property that they don't live in.

    Seniors with 15+ year ownership is  another good one. It isn't as widely utilized and these homeowners are often ready to downsize or transition to assistance.

    @Carl King, There are 2,333 Absentee Owners in DuPage and Kane counties: high equity, single and multifamily with home value up to $350,000. Also, in the same area, 1,410 Seniors age 60-89, 15+ year residence, home value up to $350,000 with single family homes.

    @Patrick Dwyer, The NW suburbs are harder to define for someone not familiar with the area. I could run a similar list report for you if you want to help me define the geographic area you want to be in.

  • Andrew SyriosPro Member
    Moderator
    Residential Real Estate Investor · Kansas City, MO · Member since 2014 · 10k+ posts · 5k+ votes
    8y

    Welcome aboard Carl!

  • Flipper/Rehabber · Bakersfield, CA · Member since 2008 · 3k+ posts · 3k+ votes
    8y
    Originally posted by @Carl King:

    Hello all,

    My name is Carl King and  I came to this website on a recommendation from my brother-in-law, who has done investing for about a decade. I've previously owned a single-family rental property in Fort Worth, Texas and a landscaping business. A friend and I are discussing what a partnership might look like, but in the interim I am reading a lot and building my knowledge on real estate investing. I'll work in Saint Charles, IL and surrounding areas on value add for multi-family and condos. 

     Hello Carl... 

    Congrats on being pointed here. BP is a great networking resource. It is like a great relationship, the more you give to it the more youll get out of it. 

    I will caution you to think about not having a friend as a partner. Rarely have I seen equals in partnerships and not being equal can be baggage on the friendship. 

    Grab some business cards as fast as possible and start handing them out... Even if you're uncertain what to say or talk about just having the courage to do something which may seem foreign will go a long way.

    The multi-family arena is a great play for a person who is really good with numbers and has a strong vision. 

    Happy hunting

  • Flipper/Rehabber · Saint Charles, IL · Member since 2018 · 19 posts · 5 votes
    8y
    Originally posted by @Michael Quarles:

    Congrats on being pointed here. BP is a great networking resource. It is like a great relationship, the more you give to it the more youll get out of it. 

    I will caution you to think about not having a friend as a partner. Rarely have I seen equals in partnerships and not being equal can be baggage on the friendship. 

    Thanks for the pointers, Michael.

  • Flipper/Rehabber · Saint Charles, IL · Member since 2018 · 19 posts · 5 votes
    8y
    Originally posted by @Chrissy Parsons:

    Congratulations on your new endeavor into investing. Have you thought about how you will be finding your first deals? Plenty of investors are using direct mail to find properties that fit your criteria by contacting owners who share characteristics of owners who are likely to be ready to sell.

    Thank you, Chrissy! Really insightful information. Very kind of you to run that report.

  • Flipper/Rehabber · Saint Charles, IL · Member since 2018 · 19 posts · 5 votes
    8y
    Originally posted by @Andrew Syrios:

    Welcome aboard Carl!

     Thanks, Andrew!

  • Real Estate Agent · Chicago, IL · Member since 2017 · 715 posts · 138 votes
    8y
    Carl King Welcome to BiggerPockets! It is great to have you and please feel free to jump in the community - there are certainly great people around here. Good luck!
  • Quincy, IL · Member since 2018 · 36 posts · 3 votes
    8y

    Welcome to Bigger Pockets! I'm located in Quincy IL, but have spent quite some time in the Palatine area. Good Luck!

  • Flipper/Rehabber · Saint Charles, IL · Member since 2018 · 19 posts · 5 votes
    8y

    Will do. Thanks, Aziz!

  • Flipper/Rehabber · Saint Charles, IL · Member since 2018 · 19 posts · 5 votes
    8y
    Originally posted by @Nick Tzenevrakis:

    Welcome to Bigger Pockets! I'm located in Quincy IL, but have spent quite some time in the Palatine area. Good Luck!

     Sure thing. Thanks, Nick.

  • Solo 401k Expert · Anaheim Hills, CA · Member since 2012 · 18k+ posts · 6k+ votes
    8y

    @Carl King

    Welcome to the BP family! Glad you joined the best real estate investing website! Here are some recommendations for you:

    Find and connect with other BP members that are in your area :http://www.biggerpockets.com/meet
    Set up keyword alerts to be notified of the topics that interest you: http://www.biggerpockets.com/alerts
    Read Beginner’s Guide: http://www.biggerpockets.com/real-estate-investing
    Check out BP Podcasts: http://www.biggerpockets.com/renewsblog/category/podcast/

    Wishing you the best!

  • Mark AinleyBusiness Member
    Property Manager · Roselle, IL (Chicago Suburb) · Member since 2013 · 2k+ posts · 1k+ votes
    8y

    @Carl King Welcome and let me know anything you ever want to bounce off me.  I live in and work near St Charles!

  • Nate ShieldsPro Member
    Lender · Fort Collins, CO · Member since 2015 · 304 posts · 148 votes
    8y
    Carl King Welcome! I’m just a little west in Sycamore and have some properties in Geneva. I host a meet up once a month out here if you’re interested in connecting with some other investors.
  • Residential Real Estate Broker · Chicago Suburbs, IL · Member since 2013 · 1k+ posts · 594 votes
    8y

    Hi @Carl King,

    There are some great REIAs in the area, 

    http://chicagoreia.org/ who meets in 5 suburbs as well as downtown Chicago, and 

    https://www.ccia-info.com/ who meets I think in Lombard now or somewhere close, not sure as I am way more active with the first one.

    They both do have speakers from time to time that sell stuff, but the networking is really helpful. The Chicagoreia group has had some pretty great speakers, people from HUD come into to speak about section 8, eviction lawyers speak, and had contractor showcases with the contractors and lawyers they use, and a *lot* of people in that group that are actually flipping or buying and renting properties successfully, as well as members who do private financing for flips.

    Best of luck!

  • Real Estate Agent · Naperville, IL · Member since 2013 · 402 posts · 177 votes
    8y

    @Carl King welcome to BP! I am over in Naperville area, so if there are any questions out this way I can answer just let me know!! 

  • Real Estate Broker · Aurora, IL · Member since 2017 · 159 posts · 53 votes
    8y

    Hey Carl,

    Welcome to the site! I have met so many great contacts and mentors through this site. I am a local broker in the area and investor myself. I would love to talk sometime about our markets and share some connections. 

    Good luck! 

  • Niles, IL · Member since 2018 · 7 posts · 5 votes
    8y

    Welcome to BP! I do property inspections and some construction consulting for investors and builders in Chicagoland, let me know if you need anything.

    Thanks

Join the conversationCreate a free account to reply, vote on answers and follow this thread.