All Forum Posts by: Caden Wakim

Hey all, 

I am looking to hear peoples perspective on deploying this amount of cash. I have my plan on how I am going to deploy this money, but I want to hear what others think and how they would go about this.

So if you had this amount of money, where and how would you invest it to get the best and highest return on your investment?

I am a buyer in IL, Preferably Joliet IL, if you market anywhere near there.

@Ramada Evans their is not nearly enough info listed to help determine if you are getting a fair deal. Below I will list some steps you can take…

You need to put together a good list of comparable properties. Properties within the same neighborhood, similar bedroom and bath count, similar square footage, etc. You can then begin to determine what value your home is around. You can make price adjustments to get a more exact value. For example, if yours has a pool and the other comparable doesn’t… maybe yours will be worth more…

You need to reach out to local property managers, real estate agents, and fellow investors who are familiar with the area. If you want to STR, find local investors who are doing it and get some numbers from them. Property management companies can also help provide you with an idea on what rents are, and what income to expect.

Some comments on this are harsh, but frankly they are very true. I recommend putting a solid plan together. I like to to buy deals with multiple exit strategies. For example, if the home is worth 225k, and you can negotiate it down to 200k, and say you can make 2750 per month in the STR space. This would stick you with some instant equity, as well as cashflow. You can then pick and choose what you want to do with the property. Is their an opportunity to add even more equity? Maybe is needs rehab? Maybe you have an opportunity to add more bedrooms? Maybe a bathroom needs re done? Kitchen? These are all ways to add value, maybe when you bought the home for 200k, it is worth 225k, then you put that 25k difference into renovations, and now maybe your home is worth 250-300k…

I would sit down and write up a detailed plan and talk with the right people before shopping!

Best of luck!

@Bob Stevens the location is listed as joliet IL

Hello! This spring, I am beginning to start flipping homes again. I took a little pause for about a year and now I'm ready to begin again. I am in the process of looking for a great and trustworthy contractor in the area to do the work and finish rehabs. Any contractors on here? If not, does anyone have a recommendations?

Thank You!

I second everything @Leonard Rybak stated.

be sure to know the area you are investing in, contact local agents and property managers, to verify rents, and really learn the area.

I think the thing that stuck with me when I bought my first investment is buying a quality home, and if it needs work, do the necessary work and most importantly, do it right, and with quality material. this will save you money in the long run. I cut a lot of corners when I put some work into one of my rental properties, and it still haunts me to this day, seems as if almost every month their is a new maintenance request, or an issue with an inspection. Now I am having to go in and redo all the work we have previously done, but this time we are doing it the right way...

best of luck

I dont personally have experience, but what id do is call local real estate agents and property managers who are familiar with the area. a lot of them will provide really good insight, ive even had pms send me a map of areas to invest in based on crime, population, and opportunity. I think this will be your best bet.

you can go about this in a few ways, my strategy is just by using Zillow, I will filter to sold homes in the last 6 months, look for homes similar to the size and bedroom and bath count as yours. to find the ARV you will need to find rehabbed homes. you can pick and choose from different ones you find and make price adjustments accordingly. for example, if yours has a pool and the one you are comparing it to doesn't, maybe yours is worth 15-20k more. you will need to find a few good comps and adjust prices accordingly. good luck!

@Jemma Jacques I’d like to take a look at what you have for sale! Pm me!