All Forum Posts by: Yan P.

Much appreciated @Mike B.!

Yes, we are local, competitive and growing in the Chicago-land market.  

Huge thanks to @John Casmon and @Brie Schmidt for setting up and making MRENS a success. It was refreshing to attend a conference that focuses on learning in lieu of pitching. I hope this becomes an annual tradition. 

Hi Jason,

This used to be Hilco Financial. I do not know the circumstances for the name change, but that should make your background research easier to do. 

George, after that initial email exchange that you and I had, I do not believe I received another email that detailed a meeting. I think we have interest here to get a decent conversation going. Were you looking for a certain critical mass of people?

I think Caroline and George were planning a meeting later in the month. Is there any appetite to meetup this Sunday?

Caroline, I would like to attend as well. Thanks!

Howie,

I purchased two of these and in the process obtained four mortgages (Construction + Refi). In all four appraisals, the value was heavily weighted towards comps and not NOI/Cap rates. I offered based on comps.

When you are valuing it, definitely look at the returns (NOI/Cap). I love these properties because they are the closest thing to commercial that isn't valued directly by income. You'll find situations where the separate valuation methods are out of whack and you can scoop up an excellent return just because the "comps" aren't there. Thus, offer price should be based on CMA.

Yan

George, I would be interested as well. I'll shoot you an email.

Yes, and same model described above. Buying with cash and financing construction. I've had luck with small banks. Go to FDIC bank list and you can bring up lenders below a certain amount of assets in the Chicago/Illinois area.

Congrats on buying your primary! Aurora is great, last time I checked population is trending up, diverse set of large employers not likely to move, and politics simpler than Chicago. I might be buying there at some point in the future.

Regarding advice:
Being relatively new to this, I learned and am still learning a lot from BP. BP stalking is one of my hobbies. Generally, really understand your strategy, why it works, and the strategies around you. Seeing the forest through the trees.

Jose Perez, I bought in Logan Square. Just bought another in east Rogers Park. There is still a lot opportunity, especially going into winter.