All Forum Posts by: Dale Stevens

@Jeffrey P. don't worry. I just did for you!

@Jeffrey P. They aren't SOFT promoting, they are just blatantly SPAMMING. They have done it here in Chicago, backstabbing, steamrolling, and backing out of agreements here in Chicago with longstanding REI Clubs.

Yep, I retired, but hey they work for a company so is that retiring? NO. Just blatant self promotion of their club and company to get you to pay for their informercial type seminars. 

Welcome to BP @Rob Gard, I do a lot of work in NW Indiana with my team of investors. We have quite a portfolio there. 

@Adrien C. - I see you are in Dyer. I just saw an article about the top 10 snobbiest places in Indiana. Dyer was on it. Shocked me, but here is the link: http://www.roadsnacks.net/snobbiest-places-in-indiana/ 

The least landlord friendly is an understatement!

The Chicago REIA is run by another BP poster Andrew Holmes. THere was a video of him, I believe at a Dan Kennedy event saying he made more from running seminars than investing. He also, essentially admitted, that he didn't abide by an agreement with the woman that runs the CCIA here in Chicago. I saw this when the woman, as the CCIA, sent out an e-mail saying they are not longer working with Andrew or any of his companies. So I wanted more information on it.

Immediately Andrew started his own club, ChicagoREIA, rather than work with CCIA that has been around for over 3 decades. So he set his meetings at the same place she used. But he then left that location, I can only assume she said something to him. He then set up his meetings to take place at one of the other longest running REA Clubs (WCRT). 

Basically the man doesn't have a unique idea or concept. I would urge caution. I recently posted that someone should go to his event that he claimed was NO SALES. My post was "voted" upon by the organizer of another long running local REI Club.

So, while the flash is nice.. I caution anyone in moving forward there. CCIA has been around for over 30 years, CAREIA like 20 years, and WCRT about 15 years. Andrew is all new...  He makes a post and quickly gets comments from people that have 1 or 2 total posts. Some even show up in the "Our Team" page of his company. 

I have not lost any money with him, but considering the people that have been in the industry for YEARS all warned me about him, and have refused to do business with him. I will urge caution before investing any money. DO YOUR HOMEWORK.

I have stated this before, attend all clubs. Each has a different personality. Each is unique. Find one that works for you, and find others you connect with there that can encourage and guide you properly.

If you are changing your condo to a rental, be sure you are aware of a few things.

1. Does your condo association allow rentals?

2. If they allow rentals, is there a cap? Many Condo Associations Cap the number of units that can be rentals (NOO) to allow for FHA financing for other buyers. So check on that.

3. Also be sure to follow the Residential Landlord and Tenant Ordinance in Chicago. It has some tough penalties if you do not follow it to the "T".

Welcome to Bigger Pockets, and thank you for your service!

Get out to local REI Clubs. Don't jump at the first exciting concept or person. Rather, visit clubs, talk to actual active investors, and get a feel for what they are doing. Then figure out what style/type of investing you want to do. Then see if you can find a mentor that is an actual investor focusing on what you want to do. Not all forms of investing are the same!

Just be sure to avoid those that are "faking it until they make it". 

Owning a rental in South Chicago from such a distance without a competent manager that knows that area and has connections in that area can be a nightmare. The Chicago RLTO is burdensome for those that don't keep up with it. (Residential Landlord & Tenant Ordinance). 

Honestly if I were you, I would DUMP IT. Take the losses as if you keep it, they will only add up. Just move it. Something simple as finding, via the MLS, the agent that has listed and sold the most properties in that area, and give them the listing. Also reach out to buyers agents that have done the most closings in that area as well.

In the end, the one mistake you really didn't list was Real Estate Rule #1. LOCATION LOCATION LOCATION. Know it like the back of your hand. Buying in the wrong location will kill you. As others have said, the south side of Chicago varies by block let alone neighborhood. You really have to have boots on the ground locally to know which is which.

I fear you are going to the Northern IL REA, which is 100% run and operated by RENATUS. Search that name here on BP and you will find out why I am hopeful you may reconsider the event. 

SO I also see Mr. Dyer works for the company, so the first two who enthusiastically posted they were going, work for the company.

If it looks like a duck... etc.