All Forum Posts by: Bob Ewoldt

@Michele Musaraca, buying a foreclosure can be good, but you can also find some good deals outside of foreclosures. What I'm seeing in the market right now is banks are trying to get almost market rates for their REO properties, as foreclosure inventory is decreasing dramatically (30%+ down over last year). So you might be better off looking for a conventional sale property that needs work (maybe an estate house or something similar). Let me know if you need help finding these in Plainfield/Bolingbrook.

Hi, @Al patel. It's great to have you on BP! Let me know if I can be of any assistance to you as you research new properties to buy.

@Marilou R., I'm happy to write up offers for you, if you'd like.

I think it depends on your desired level of involvement. Flips are going to take more of your time, and will probably be harder to find right now in Chicago (not impossible, though). If it were me, I would probably find a good small multi to buy and hold.

I used the Real Estate Institute online to get my license, and that worked really well for me (I was working full time as well). It was book and webinar-based, and self-paced.

Most realtors know the areas with good schools. I can give you advice on good schools in the suburbs of Chicago (not so much in the city itself, though). You can also look on websites like greatschools.org.  What areas specifically are you looking in?

Welcome to BP, @James Paine!

Welcome to BP, @Norma Barcelo! Glad to have you here. I would agree that starting in CA is not optimal, and Midwestern states would be a better place to start. If you're investing out of state, you'll need a good property manager to help you. Let me know if you need a recommendation.

I would try to negotiate the seller paying fees/liens before closing. Otherwise, factor those into your offer.

Re: the bureaucracy, I think that's a factor in choosing where to invest, but if you've chosen Chicago to invest in already, I don't think the bureaucracy in this case is going to be that much worse than normal for Chicago.

What would be the advantages of converting? What's the difference in resale value between a SFH and a 2-flat? Is there a greater rental value for a SFH?