All Forum Posts by: Andrew Holmes

I pulled it from ilfls and realtytrac. 

In the last two centuries, about 90% of the world’s millionaires have been created by investing in real estate.
At the upcoming FREE Northbrook Meeting, we will have a panel of three Real Estate Investors who are well on their way to become millionaires through real estate. While they each have chosen a different strategy to get where they are today, each started with just one property.
This will be an Epic Battle between the three investors because each chose a different strategy. You will meet: A Wholesaler, A Flipper, & A Cashflow Investor.
Which one will you root for? What will be the best strategy for you to use? Does that strategy fit your investment plan and model. Come and learn from these Millionaires in the Making. These investors that have built huge businesses right here in Chicagoland. The best part is that you will get key insights and specific actionable items that you can take away and start using immediately.
You won't want to miss this meeting!
This meeting is packed full of information so make sure you bring a pad and paper.
Attendance at the meeting is FREE.

@Christina McIntosh @Travis Hannon - I don't know the local contact for fidelity. I not able to give you number on here. Just send me a message on here an I will send the contact in Chicago they will help you find with someone in your town. 

@Edward Pluchar - Ms. Brie sent this to me. As Lori said Chicago Deal Vault is owned by Hugo. Please contact chicagodealvalut.com if you have any issue we will be happy to help from our end. We do not own Chicago Deal Vault. This should be very easy to get cleared up. If you need any more help email us we will help you get it cleared up from our end. Hugo is a vendor at ChicagoREIA.org and if we can do something to help we are more than happy to do it. I don't see why you should have any issue getting a refund. Let me know. 

@Eric M. - There is no fine print because I have nothing to do with Chicagodealvault.com financially. 

For any one investing in the South Holland area. From May 20th through Nov 20th there is a new ordinance passed by the village. No rental licenses will be issued for 6 months. I do not know why this step was taken but the village documents state "allow staff to examine the potential impacts of rental licenses on the health and welfare of the community". 

This is just and PSA announcement I had sent to everyone at ChicagoReia.org. Thought would be of help to people here.  

@Barry Sanders

Foreclosure auctions are county specific. In some counties you will have very good luck buying in other it will be very competitive. I am in the Chicago area some counties the auctions are very tough and you have to just through a lot of hoops those work out best for people like me. We are buying everyday at these. The tile can be one of the biggest issues if you do not do proper research. As far as wether you are buying for flips or cash flow generally it will not make a difference. With cash flow properties you have a little more margin for error. With flips number for auctions will be a bit tough. Totally will depend on your area and amount of competition at the auctions. In chicago the amount of hoops most investors have to jump through is a lot so the toughest auctions are best for pro investors with plenty of cash. Plus a lot of the properties we buy are occupied. It can take anywhere from 3 months to a year to get people out. Personally if you get good at direct mail and follow up you may have a lot less risk. If you have the reserves and the ability to get title and other risks covered when you are buying at auctions then you may be ready. Generally Foreclosure auctions at the county are a very bad idea for most investors. The risk is very high if you do not know what you are doing. 

@Calvin Rankin

In some states the Real Estate Licensure laws have been changed to address the issue of wholesaling because in a lot of cases wholesalers do not know what they are doing. The Real estate commissions in a number of states have tried to address this issue because wholesalers will try to sell they property and get a commission. This is obviously illegal because selling real estate for some on else and receiving a commission is not legal unless are are appropriately licensed broker or agent with a real estate company. Having said that there is nothing that prevents you from wholesaling a property if you are not miss-representing what you are doing and making false promises to the seller. A lot of time people who are wholesaling deals have not idea what they are doing and get themselves in a pickle. Most I believe have the right intention yet because of lack of knowledge and expertise mess up the deal and make promises to the seller and cannot follow through. Then it becomes a non performance issue because they may have gotten themselves in a contract and the seller feels misled. You can reach out and ask to speak to the legal council at the Real Estate Commission In California. My suggestion is that you do not say you are wholesaling. I would ask the legal council at the real estate commission - if you get a property under contract do you have the right to sell your interest in the contract and receive compensation for your interest. 

If you just say can I wholesale a lot of real estate professionals do not understand what you are really saying and will shut your question down by saying NO as a first reaction with out thinking.  Aleix McGee happens to be a seasoned real estate investor in Sacramento, CA. I would suggest you reach out her and she should be able to help you since she is in your state. 

Best of luck. 

@Shiloh Lundahl

I still think a good passive investment is real estate rentals if you have a good management team in place. Depending on how many and where and how you buy once you set them up properly the risk reward ratio is very high with good rental properties. I am totally biased because that is where I invest a lot in the Chicago market. Best is a subjective term depending on the individual and depending on the understanding of your investment strategy and the risk. Just my two cents. 

@Eddie Egelston

On some properties that are vacant yet they say that no financing is available in a few cases they have allowed financing. Don't count on it but that may be an option depending on the property