All Forum Posts by: Dale Stevens

I would concur that many people are interested in multi-units such as these and I have seen bidding wars ensue on them. So be careful to not let emotion enter your brain and stick with rational thought, evaluation and numbers.

I stand corrected sir. Yes there is the penalty, but then also the taxes to be paid back on "pre-taxed" savings money. I had forgotten that part entirely.

Here are my thoughts on this topic. 

1. I have a mentor/coach and I wouldn't change it for the world. I don't think I would be where I am at without him.

2. I live in Chicago. The Hawks have been around forever, and have had some solid players. but it wasn't until they hired Joel Quennville that they are now being talked about as a dynasty. While Kane and Toews are great, without Quennville would they have CUPS?  the same can be said for the Bulls under Jordan. I might be showing my age here as this was in the late 80's early 90s, but the Bulls had Doug Collins and nothing to show for it. Enter Phil Jackson, 6 titles. How important is a coach... Jackson goes to a loaded Lakers team that had no titles, and secures 3 more titles.

3. So using the above, not only do I feel a coach is important, but the key is to get the RIGHT COACH. I, like many others, squandered money on a coach that is a "name" used to market an education company that is just a call center based out of state. Mine as in utah. They told me some high level stuff, but until I got a local guy that walked me into the county building, showed me where to record items, search records, challenge tax assessments, showed me eviction court the local rules, laws, etc.  I lost money on deals prior to that. The phone coach said to find 3 local contractors for quotes on rehabs. The local mentor said, Call these two guys i use for quotes. Which would you want? 

So there is my bias in a nutshell. Let us know if you get one and how it goes! 

the penalty is 10%, but what is the IRA's return in the last year?

right now the penalty woudl be $7,500 so you would only have 67,500 to start. But if the IRA is doing well, why not roll it to a self directed IRA. then if/when the returns slow down you can utilize more effectively for investment purposes. there are limits and I suggest you speak with a Self Directed IRA custodian for those.

@Matthew Koczwara

 Welcome to bigger pockets. I do have to ask, why "THE" before Ohio State University? I have always and will always view that as a statement of nothing short of arrogance. 

Be proud of your school, yes, but it is said in a way to belittle other schools, in my opinion.

With that said, an owner occupied multi-unit is definitely a worthy aspiration for you. I know many people that have utilized the FHA 203k Loan program that allows acquisition and renovation costs with as little as about 3.5% down I believe. That could allow you to haev your savings towards other investments giving you a larger return when you add all the investments in.

Good luck to you!

@Drew Millard

 I am specifically asking about those two individuals. I am after people that have dealt with them to either tell me they actually do deals and make money, or that they have done deals with these two only to be left holding the bag.

So I have been going around and attending many different networking and REI Clubs in the Chicago area. Some I have found useful, others I wouldn't call a club but more an infomercial for the guru pitching a product. Some I would caution you to put your wallet into a safety deposit box before attending.

There is one, I have yet to attend, but I wanted to ask for feedback here. I have asked everyone about all clubs. There is one called the "Chicago Wealth Club".  They are marketed, I think, by a guy from Texas, but run by two local guys. 

Has anyone attended this group?

I have met multiple people that claim the two guys running it, have a history of bad deals and still owe them money from as recent as a bad deal 2-3 years ago, to one guy saying he is still owed money from them from a deal done about a "decade ago" (his words).  I don't want to miss out on a good opportunity if it is just sour grapes.

Has anyone else been left holding the bag by Robert Bock or GD Chaplin that run this group? I want to see if it is worth going or yet another person that just started their own club so they can find a new audience of people as they aren't allowed at other groups due to past dealings.

@Hugh Scarlett

 sorry for the delayed response. I do not know any full demo and build contractors. Wish I could assist.

Save the $200 next time. Attend your local RE Clubs. As many as you can. Some even let you attend for free! Then, join the one that you "relate to". there are so many here in chicago area. I was to go to one tonight, just I think a graduation ceremony I have to attend will prevent it.   I really wanted to learn how to appeal my local RE Property taxes too.

Most clubs give you an annual membership for far less than $197, and the people there are more serious than those that heard a radio ad, or saw a TV commercial late night. Plus, usually they have more knowledge and experience.

Ok, this has to be asked. 

You have deals, you will show us deals and the areas, and you have access to the funding you will share with us.

Umm. if you have deals and funding, why do you need me????