All Forum Posts by: Alan Dunlap

@Connor Ryan

Since you have familiarity with Denver metro, might it be easier to buy rental property there and then move to San Diego, renting( relatively affordable property) while you figure out what you want to do long term?

Just a thought

@Anita Anand

Analysis paralysis - I think you’re trying to hit a grand slam right away.

The first deal can be as much about learning the ropes and figuring out what not to do instead of creating an overnight success.

You will always have doubts. I bet some people on this thread have doubts about deals that turned out great! What they didn’t do is let doubt overcome taking action.

Good luck on whatever you decide.

@Sharlene Burch

Started at 49 last year. Solo like yourself. Took Brandon Turner’s 90 day challenge to heart. Closed on property in 40 days.

If your finances are okay then your mindset may be an obstacle. No one at work likes being a landlord. Friends & family may like it but don’t have the money. Either side can unintentionally stir up a doubt tidal wave headed straight for you.

If you are ready, don’t ignore doubters - acknowledge what they say and then lock it away in the corner of your mind while you go out and create your new financial future.

@Remington Lyman

Congratulations!

Putting 100k into a 4 unit - what’s your estimated time to complete rehab?

Removing tenants - is Ohio considered landlord friendly in terms of speed of removal?

@Patrice Armstrong

On a basic level investors often work with realtors , where you don’t need perfect financial history to get/maintain a license.

You can do things like wholesaling or lease options that don’t need upfront money BUT as licensed agent you have higher level of disclosure. Your broker may not be comfortable with your side hustle.

On the other hand,You're halfway there. Having MLS access is a plus for an investor. You will need to hustle, provide value (for homeowners and investors) and learn how to save money not to be cheap, but towards your goal. Any non real estate expense that subtracts from your funds needs to be evaluated and be up for elimination.

Even just to get your agent career on track you should still save $$$ because of the ups and downs of real estate.

@Chauncy Gray

Are you sure that’s B class? The south suburbs, not unlike the Coty of Chicago can be a block by block scenario.

Have you gone to the Cook County Assessor website (property taxes) and pulled any records on the property?

Also last tax appeal for south suburbs was fall of 2017, which means you have to wait until fall 2020 to file appeal.

@Einat Menashe

Not trying to be discouraging but there are approx 75 official neighborhoods (and hundreds of sub neighborhoods) inside the city limits, plus at least five counties in the Metropolitan area. In the city, one block could be different from the next with pricing, architecture, SFH/MFR inventory etc.

C+ area in Chicago May mean something different to your eyes than Seattle. You may need to try and narrow your neighborhood focus to get some positive traction on your goal.

You mentioned multi family BRRR. Are you trying to rehab multi family and generate higher Cashflow, or are you trying to generate appreciation? Having that answered may help determine where you can invest.

Good Luck with whatever you choose.

@Einat Menashe  So You want to buy in the Chicago Metro area. Have you looked for/found an investor friendly realtor? Since you are out of state, have you visited any of the city/suburban areas that you want to invest?  Do you have any idea the price range or type of properties you want to buy?

@Derek Rankin

Welcome and good luck

@Jason Mccrudden

Okay you may need to try private money or hard money for a couple of years while you build a profile

Maybe if you can talk to a commercial lender they can get past residency. However You may have to identify property wanted first before they will lend on it