All Forum Posts by: Dale Stevens

Love the BRRR strategy... I suggest adding another "R"... "REPEAT". I was going so slow down that path, until I hooked up with a group of people doing the same thing. Now i have a bunch and am way ahead of schedule with several rental properties. The monthly checks are very very nice and addictive.

There are many local Chicago clubs, get out to them, network, learn, and watch how quickly you can make things happen if you truly engage. Those that stick around and engage always wind up being successful. It is funny, as I attend meetings, I see those that attend regularly are the ones doing deals, those that are hit or miss, always have excuses about being too busy, etc And they are still struggling to get things moving for themselves in REI.

Welcome to Bigger Pockets. There are some great resources, but nothing beats getting out, meeting people in real time, seeing properties live and in person,etc.

I am curious you mentioned your retirement and into your 80s, may I ask how close you are to that point?

Just be sure the sub contractors are all properly licensed and permitted. For example, Lombard requires a copy of the roofers state license to be on file with the permit. 

http://www.villageoflombard.org/362/Permit-Process...

@Shana Miller

Welcome to Bigger Pockets. You want some advice? That is relatively easy for me to give you. There are many areas and methods of investing. Don't chase them all. Get focused. So get out to local REI Clubs, there are many, and I would be happy to share with you Privately my personal experiences at all the ones I attended. There you can meet people and talk with them about how they invest, what they do ,etc. You can then pursue the one that intrigued you the most.

The key, you must like real estate, not just the money generated from it.

The simple fact is, if a realtor was smart they would see the money made from investing and also become an investor. But they aren't that bright as a whole. There are some exceptions.

Here is the key, deal with those that deal in the foreclosure arena only. They get the mindset. It isn't hard to find someone that has a contract to list foreclosures. Eliminate the rest, deal with those that understand the process of what we do. 

Welcome to you @Jon Rusnak. Education is key to success. Of course, Education without Action is akin to failure as well.

Getting out IN PERSON and meeting others, in my view, is crucial. I value online advice much like I view the existence of Manti Teo's girlfriend (remember the linebacker from Notre Dame??). Until I can meet a person and verify they are real, ask them a few key and pointed questions to also validate their knowledge (much like an interviewer actually calling companies to ensure resumes aren't fakes).

So I suggest you get out to as many REI Clubs as possible. There are quite a few in the Chicago area. They have been a world of help for me. Helped me realize the fakes, and that probably saved my shirt. I hear horror stories of people getting wrong and sometimes illegal advice. Or worse, they partner with people that have a long history of screwing over others.

If you want a re-cap of all the clubs after I attended them, let me know I would be happy to share privately. 

@Account Closed the vast majority of Wholesalers want me to educate them on my time. That is where the issue is. Due Diligence? Yeah that is more than clicking a mouse on a few websites. That is where 99.9% of wholesalers SUCK!

I want DEALS, not crap. But 99.9% is utter crap. Not just ARV is off, but the renovation costs are way underestimated let alone the value of a LOCATION.

Wholesalers get it wrong. Buyers are more important than property. You have to get product the consumer wants. I can't sell sand in a desert, so I need to bring product they want, WATER!  There are houses all over, but I don't want all over, I want what I want. 

You keep posting on here, I will keep buying houses. 3 more this month!

I buy primarily in NWI now. I am with a team that does. As to wholesalers, just know with me you get 1 shot. Screw up values, under estimate rehabs, get too greedy, etc, then I won't take your calls, e-mails, etc anymore. 

Really? only active BP posters can teach? SO a person with dozens of deals and years of experience would be excluded just because they might have more deals than time to sit online? 

SMH... 

Your GF is smart! Ha. Welcome to a fellow Chicago area investor. I hope to meet you in person at a local REI Club real soon.

I hope your focus is on REI as a business not as a hobby. Hobbies cost you money, business makes money. Well most businesses at least.