All Forum Posts by: Account Closed

@Dan G. you will forgive me for not sharing their location. You can see in this thread why. I will tell you that the Dollar is the same in Indiana as it is in Illinois. I have partners, lenders, etc from many states, why? because money is money.

I have hundreds, but here is one more, just a single photo for now. Before and after, This isn't a SFH but a 2 unit I scored for 10k.

I am looking forward to meeting all the Chicago investors at the networking meeting tonight. We can share more deals with each other!

ON this one, it is side by side townhomes, and both are rented for $700/month. Total Gross income is $1400. Tenants pay own utilities except water and sewer.

@Ann Watkins I was thinking about the realtor you had. Did you report her to her state licensing board? While Karma gets a person, never hurts to give Karma the jump start.

I certainly did in my case. The person is about to find a world of nightmare will hit him soon. I mean did it hurt me to ensure that my community is getting the proper tax money? Properties are taxed different if they are owner occupied or rentals. You have to sign a statement at closing if it will be a primary residence or rental. I called my friends at the County Assessor, this person has a few he claims he will live in. oops!

As a landlord I want to ensure that all tenants are safe and stop having "Slumlords" out there. So of course, I wanted to see if the rehab work was done correctly and with proper permits. Yikes, guess the building and inspection department was very happy to have me call to find out NONE of the properties ever had permits pulled.

There is more, but yes KARMA does strike, yet we need to stand up for our profession. Like in baseball, other players need to speak up, and some are, about how steroid and PED cheats like Alex Rodriguez taint the game, hurt them professionally and financially and that the game needs to be clean. We must do the same. If people continue to do things "under the table" and fraudulently, it just makes it harder for those of us that do it right and have done it that way for YEARS.

@Mike Hansen without even realizing it, you have pointed to a major flaw in the idea of biking/jogging or walking the town. Chicago is indeed SIBERIA. It also means the "amateurs" have closed up shop. the Ma and pa investors, have put up the "Closed for the Season" sign.

If you are a flipper, now is the time to buy, why? Because the spring market is when the buyers come out to play. So buy now, rehab it so it is ready for Spring.

I buy more in the winter on average then I ever do in the warmer months. Less competition.

There is also a solid blog post on here from Ben Leybovich.

Newbie Alert - Don't Buy Into the Wholesaling Hype

@Account Closed I would caution people that wholesaling does indeed take money to do. The most important thing isn't finding DEALS, it is finding BUYERS!

Circuit City never suffered for a lack of product on their shelves, they suffered because people didn't want to buy their products at those prices.

So as a wholesaler, you need to build a list of cash buyers. But before you even get to that point, you have to build trust. I just posted about how I trusted someone with where and what I buy, only to find out they didn't do anything for me but now are my direct competition. I created my competition.

If you are going to spend all that time finding, networking ,marketing, for cash buyers, even before marketing for deals. Why not just find equity partners or private lenders with that time and energy?

No one gets into Real Estate Investing saying 'I am going to be a Wholesaler". not that is a term that is usually spread out there by the Gurus that have something to sell you on "How to Wholesale".

Sorry you can't make it tonight. If you wanted to hear more, I would share. Plus even if you do choose to be a "wholesaler" seems the best way to build a buyers list is to go out and meet buyers.

Before you grant someone access to a property where their lease technically says they aren't to occupy it yet, and they get hurt, they do damage to the property, or worse yet, their stuff gets stolen from your home, it is a matter of liability. Good will can quickly go out the window.

Would you let someone just borrow your car for two weeks?

So if I don't have Money and a lease that says you are able to be in the property on that DAY, you aren't in the property on that day.

If they need to store their stuff, I offer the names of local storage unit places they can utilize. I do not want to be responsible for their belongings when we do not have a signed lease that protects me.

@Account Closed I would love to hear why you feel that wholesaling is the best place for you to start. Before I offer my take on it, wanted to hear your honest views.

If you come out to the meeting tonight, I can share more with you even.

@Ann Watkins that is awful that happened to you. The fraud that was committed makes me angry, because these deceitful people give the real honest investor a bad reputation and image.

Yes we provide great HOMES for people. That is my saying. I don't provide houses, I provide HOMES! After all, Home is where the Heart is. (now let's see if the person I speak of steals that as well).

At least the person that did me wrong, didn't go as far as your agent, but they are still active, and I am just finding out the wrong they did. Others have now seen them for what they are, and are just as angry as I am. Sadly the person is here on Bigger Pockets.

I want to see more photos of deals gone right! Let's get the positive rolling!

There are two REI Clubs that are listed here on Bigger Pockets.

DISCLAIMER - I run the one that meets tomorrow. See my sig block for details.

The link to the clubs here on Bigger Pockets is right here: http://www.biggerpockets.com/real-estate-clubs/illinois.html

yes the one I run is listed there. If you do attend, be sure to introduce yourself to me!