All Forum Posts by: Dale Stevens

I was like you. I fought the request for paying money. But then, it hit me, when I sat down with one and he explained why he stopped taking on "interns". And yes, if you want to work while you learn, it is an internship. But yea, he basically took his time away from his deals, away from his family, only to teach someone. 

He explained that something he can do quickly takes far longer when you slow down to explain it to someone. That isn't bad if they are always there to do teh job. But the "intern" either quits, because they aren't getting paid. They quit because they don't have the true passion it takes, etc. Or worse. they become the competition. (stated by a prior poster).

So I thought long and hard about it. I agreed to pay my mentor/coach. For his time and knowledge. Now, how did that turn out? I mean I was afraid, I was scared, hearing horror stories. But this one seemed different. He didn't care if i signed up or not. I heard from others, he turned them down after they asked to pay him. 

So, I agreed. His first payment was $4k at the time. With more due over the next 18 months. Let me tell you. I would pay far more than I did.  I now have 17 fully cashflowing rental properties, with 2 more under contract. I have completed 21 flips in that time as well. Without the mentor, I would still be suffering from fear and being paralyzed.

Now I do this full time. I now golf a ton. Found out I actually do enjoy the game. GO figure. So maybe, the question is, not to find someone that values your time, But you need to be the "mentee" that values the mentor's time, experience, connections, etc. What is that worth to you? 

IN our country, people go to college and leave after 4-5 years with sometimes over 100k in debt. But most say it is worth the price. Here in REI we hesitate at paying 5k, 10k, etc. for hands on education (not theoretical and book education like college) to earn back the investment plus make a living.

A portfolio lender is simply a lender that does not sell the loan off, but rather keeps it in house and on their books. 

Pella Windows did good by me. They have an office on Route 83 just south of Roosevelt road. I think that is Oakbrook Terrace there.

I would have to 2nd what @Adrien C. has stated. Depending on the location of the property, the numbers seem extremely thin for what can easily be found in the area. 

Is the popcorn buttered?

I met a guy at a local REI Club meeting in Elmhurst that does FHA loans. Many people there used him. Feel free to reach out to me, as I am sure I have his card still.

Is the mortgage in your own personal name? If so, really no reason to be honest. I mean the recorder of deeds is a matter of public records freely available to anyone. If you personally have the lien against the property (the mortgage) in your personal name, you have already given any law school student let alone attorney of a few years, the easy way to pierce the liability afforded by the LLC.

I asked why many do not meet in Chicago proper, and all give me the same answer. $$$$..

It costs so much to get a room, and/or spring for a guarantee in spending of cocktails or food from the attendees. So that is why you don't see many in the heart of the city. ON top of the taxes levied on room rentals, booze, etc. Tons of that going on.

So many meet just outside of the city for that reason. May be wise to find one or two and attend them, even if in the burbs, as the people in attendance are what you are after.

@Ross Denman is on point. With Indiana properties that are occupied, I have the eviction paperwork ready when I win the foreclosure. I don't even mess with offering money. Where I invest, the eviction is quick. 10-14 days I have them in court, 6 days later, they are tossed. 

Cost me all off about $350 total between court and attorney fees. 

I have no sympathy for people, because I find most are just LIARS. Toss them out, move on.

I invest in NW Indiana and find great value in hitting up the more established groups that usually meet in the western suburbs of Chicago. Many people there either have connections, money or also invest in NW Indiana. With that being said, I think @Adrian Chabot is starting one in NW Indiana.