All Forum Posts by: Ana N.

Thank you @Bradley Benski !

Thanks @Sharad M. !

I definitely felt the same way. Watching others succeed and share their successes here on BP has definitely motivated me to go out and take action!

I hope I can do the same for other newbies just starting out as well.

It definitely takes hard work and persistence, but it can be done. We're all examples of it!

Hope to see you at the meetup next week, since I didn't get a chance to talk to you at the last one! :-)

Thanks @Ramon Jenkins and @Mark Ainley

Thank you @George Foster ! Thank you for everything... starting the meetups with , comps, advice, referrals, mentorship, friendship, and generally helping me keep sane when things got tough!

I owe you,@Wendell De Guzman , and Joe J. the highest gratitude.

Looking forward to seeing you at the meetup.

Thanks @Brie Schmidt ! I definitely can't wait for the meetup next week to celebrate everyone's successes! We'll also work on Joe :-P

Thank you @Charles Waters

Thanks @Shara Carlton and @Sharad M. for the votes!

A while back I posted about my First Chicago Wholesale deal here:

Well...we finally closed it!

In a nutshell...

3/1 Brick SFH + basement (1/.5)

My purchase price: 20k

End buyer's price: 25k (ARV 80-90k)

My assignment fee: 5k

Just a few of the MANY lessons I learned:

1. When just getting started, go out and see as many houses as you can to try to learn values in an area. (ex 100 house rule). There's just no substitute for learning your market. In the first 2 weeks of marketing I literally went door to door and put out over 1200 flyers and 100 business cards, talking to everyone I met, and asking about house values and rents in the area. This was not fun to do, but incredibly helpful to learn values.

2. With that in mind...start with a smaller area or zip code and find the "big fish" cash buyers in that area. I wish I had done this sooner. Having a few solid buyers before you start marketing will save you a ton of time and headache. I ended up finding my buyer only after putting out 40+ bandit signs and talking to dozens of tire kickers first. Thanks to Steph Davis from FlipthisWholesaler.net for this advice.

3. Explain to sellers how you arrive at the number you quote them for their equity. Seller originally asked 50k, and I thought he was going to balk at my low offer.....It was a a lot easier to swallow once I explained step by step what my costs were, the extent of the rehab needed, and how much profit I would need to make.

4. Get a proof of funds from EVERY cash buyer that wants to see inside. After dealing with tons of time wasters, I realized that I only wanted to deal with cash buyers, and ANY REAL cash buyer has NO PROBLEM showing you their bank statement. Thank you @George Fosterfor your advice on this one!

5. "Don't Assume a Damn Thing!" - Thanks again Wendell for the timely Giuliani quote! So many mistakes could have been prevented by not making assumptions.

6. Network, Network, Network!

Without leveraging the knowledge and wisdom of colleagues and friends that I've met here on BP and from my local REIA group, I wouldn't have been able to do this deal.

@Wendell De Guzman

Many others also provided their expert advice on rehab costs and how to deal with the pre-probate issue. @John Weidner

Thanks to everyone here on BP and at the Chicago Real Estate Investors Meetup for the encouragement and advice. @Brie Schmidt @Timothy Riley @Mark Ainley, @Shara Carlton and Joe J. (is he on BP yet Brianna?!)

On to the next one!

Ana

P.S. Here's pics of the house and the checks I received as evidence. :-)

@Brie Schmidt ,

Thanks again for putting together another meetup.

I'm committed until 7pm and coming from the south loop but will try to make it and catch the tail end. :-)

Looking forward to seeing everyone and meeting new people too.

It'll also be nice to finally meet you in person @Wendell De Guzman

Will you be there @Raji Kaur ?

I'd love to hear about how your Waukegan deal is going!

Thanks for the mention @Raji Kaur !

Let's definitely connect @Kevin Dugan

So excited for you @Brie Schmidt !

Can't wait to celebrate with you at the next meetup!

Sorry for the late reply, was out of town, although I think @Wendell De Guzman gave some great advice there!

I have a lead out the the burbs that I'm considering as a possible subject to or lease option deal.

What you all think? Is there a deal to be made here?

Using @Wendell De Guzman

Worth- 50-55k

Owes- 45-50k, $590 payment (includes taxes, Insurance separate about $45/mo )

Why- Debt relief, it's a rental that's too far away, lives in city and rents it out

Property Info- 2/1 Brick SFH 1025 square feet , finished basement, Brick garage

Area- Streator IL - kinda far out from me, so I'm unfamiliar with the area.

Repairs - none, according to seller, tenant occupied, paying $500/mo + all utilities

Lowest price - Open to taking what's owed, possibly subject to or lease option

RentOMeter: Median $648 for 2 beds

Thanks in advance!

Ana

Welcome @Rick Baker !

If you haven't already, definitely check out some REIA groups in your area to network with other investors. Best of luck!