All Forum Posts by: Dale Stevens

Chicago REIA? You mean CAREIA? Not the new one by Andrew Holmes right? I would hope you mean CAREIA. I have been to a few. Amazing how different they can be. Some are purely sales, others full of people that are "FAKERS" and others seem to be legitimate. Going to one tonight actually. Good luck in your quest for a refund.

I don't have much to add here aside from that they don't necessarily change names to hide, but rather for it to fit their new "flavor of the month". This company simply goes after anyone that was on TV to use their name to essentially "Endorse" their product. These TV personalities don't actually have a 'System'. They don't want to share it with you, etc. They simply allow their name to be used in exchange for money. 

So "Property Wars" the company name, was PROBABLY (as I don't have hard evidence to prove that), used for the marketing of Doug Hopkins from the show of the same named that Aired for a few short seasons about foreclosure bidding in Phoenix. 

Either way, anyone that says you should increase your Credit Care balances to pay for anything. RUN, don't walk RUN away. I like to hold some investments after doing some flips. So to hold, you have to refinance, if you have maxed out your cards for education, your ability to get a real loan SHRINKS because of your DTI (Debt to Income). I am not a lender, but had this come up in many conversations with them.

Do I feel they owe you a refund. YES! If they didn't provide services yes. But you must also shoulder some burden of responsibility here as you allowed yourself to be talked into this. 

--

With that being said, we are practically neighbors. Have you visited any of the local REI Clubs yet?

I have purchased all but my first property using 100% private funds. The only way to go if you ask me! I was turned onto Private Lending from an online forum (no not Bigger Pockets).

@Mike H.

 - I agree about landlords being asked to pay more. Don't see why? They aren't getting twice as many services as an owner occupant. If the home is occupied that person is partaking in services and paying their share.

I will say that Indiana did actually approve a limit on these "rental registration fees". Municipalities were just using them as a income source, so the state stopped that. $5/unit. If you have 5 or more in one building is is just $5/building because it is deemed a "community".

I heard Hammond was fighting this law, but not sure where that stands. I do know that Hammond also charges a larger "rental registration" fee to non-hammond residents. I know someone that had a property there. Didn't pay the fee, and then had to not only pay the fee, but was taken to local court by the city, had to pay court costs, the fee, and a $500 fine. 

So if anyone is investing in Hammond, IN (and I know some on here are) better register those properties.

I am not sure on Chicago laws, but I know a friend has a rental home in nearby Lake Geneva, and they just voted to limit short term rentals. that was how he made his money. So he isn't sure if he has to sell his place as it won't make money for him anymore.

SO be sure to check into that as you don't want to wind up like him!

I will be the first fellow Chicagoan to welcome you to BP! 

I am not a fan of any MLM type situation. I got into Real Estate to do REAL ESTATE. I leave the sales of my properties to Realtors (ya know salespeople). I have deals to be doing.

I have been approached on numerous occasions by RENATUS and prior to that NOUVEAU RICHE. I was turned off immediately each time. I also note, that in most of the threads discussing them, those that post to "defend" usually have less than 5 posts, most with just that one.

To another point, someone mentioned College Courses. For that I also disagree. I would rather learn from someone that is active in the industry every day. Someoen I can walk onto job site with, see they are doing actual deals, see how they deal with their tenants, contractors, etc. I come from a family of teachers, not knocking the profession, but as muh as I love my family, I wouldn't trust any of them to actually do work in the areas they teach in.  (YIKES!). 

I also meant to add, that this morning I was meeting with a contractor that was hired to do some work in a certain area. Twice during that project his van was broken into and all the tools and materials were stolen. TWICE! He left the job and never returned further, he billed the owner for the lost supplies and equipment, then when that wasn't paid, he put a lien on the title.

Not sure how I feel about charging for the supplies, but this goes to show, while numbers on a deal initially may make sense, not knowing the area, and having crime like this. Doesn't make it worth it to me.

In REI, the property is our MONEY. Would you put your money in an area where crime is rampant? Risk = Reward, but sometimes to much Risk leads to constant Failure.

I am just getting caught up on this thread. I wanted to say I commend @Mike H.

on his comments about Numbers are only one part of the deal. There are other factors that will determine if a long term hold makes sense from a "Stress or Unseen costs" perspective.

With that being said, Mike you are incorrect about Indiana. Yes, they have a law on taxes, but there are three steps. 1,2,3. The taxes are 1% if Owner occupied ONLY. 2% for rental and 3% for commercial/industrial. 

@Mike B.

 I couldn't agree with you more. Just keep doing you @Ben Walhood, and i see we are neighbors!