All Forum Posts by: Ibn Abney

Hello all !! Late post on my end, but I am a Chicago based investor spending the weekend driving to Indianapolis and Cincinnati for more market research! I would love to connect with local investors, contractors, and property managers. I am looking for 2-12 unit properties. Anyone open to connect? Breakfast, lunch, dinner, coffee? Please let me know!

@Meera Lakhavani Bridgeport is definitely HOT!! Deals wise its possible, but limited.

The goal (in my mind) is to look for the next logan square or wicker park. this way you have a better chance at cash flowing and appreciation.

Compared to Inglewood or Austin, definitely much safer areas, but Chicago is still Chicago. McKinley Park is great as well, but I think bronzeville is a better area IMO.

Good Luck!

@Meera Lakhavani I would consider looking on the southside if going the FHA route. Lots of opportunity in bronzeville and Brighton park, east garfield. Much more inventory and trust me these areas are changing fast! cheaper as well.

I have no experience with 203K loans, so cant really say, but doubt you can do it from a wholesale standpoint. Try homepath.com. First time buyers get preference.

good

Non Chicago Folk,

    60% of residents rent housing. Chicago generates the 3rd most economical output in the country.

 With these facts known, Please stay out!! There is absolutely no money to be made in Chicago!! There are just no deals here!!! No body sells at a profit here. Nobody cash flows here!! 

Sincerely,

-a greedy Chicago RE investor, who is trying his best, to limit competition

U.S. Bureau of Economic Analysis and the U.S Census Bureau: 

Also, markets should  be judged on the MSA from a commerce standpoint. Chicago-Naperville-Elgin, IL-IN-WI (Metropolitan Statistical Area) is a great place to be!

@Eli K.  

1) with 5% down you can buy a $100K house with $5000. 

2) Get a roommate  to help lower monthly expenses (live almost for free).

3) Put the another $95,000 in a low interest account and keeping learning for at least 6-12 months. 

4) then use the $95K, which is a great headstart to get a 2nd and 3rd and 4th deal... 

my 2 cents.... good luck

@Account Closed

a) essentially make sure the tax lien is for a property worth $, without any easement issues.

3) Various by State. IL is 18% ever 6 months Max or 36% annually. 24% for OTC.

4) redemption period vary by state. Can be up to 3 years.

my 2 cents

@Tom Wolff Wow congrats if it all works out!! Easment is a big one though. Any utilities installed? 

Getting ready for the tax sale in Chicago in a few weeks myself... Great motivation to keep digging through the 60K PINs.

 best of luck...

@Curtis Jackson was the house denied by the city or you just haven't registered yet? Are you trying to Register via airbnb? its free and easy (unless its a condo/high-rise type of unit).

@Ian Dikhtiar Hello!!

IMO i would focus on buying a personal residence first. this will get you a property and teach you the process from market/property selection to property management. With the numbers you mentioned I would focus on units $80K-$100K, with 5%-10% down. 

Also, condos/town-homes are fine. Don't corner yourself or looking for cheaper areas. Money is not free. You have to sacrifice somewhere for gains tomorrow, usually in the form of location or property type. 

Lastly, I would not recommend taking any money from your mother. All investments involve risk and you are risking 14X the amount of money you personal have in reserves. If you can save $2000/month then you should be able to take down a $100K property in 1-2months (with 3.5%-5% down). use that $45K for the 2nd or 3rd deal.

@Terry Lao Got to love them!!! I call those people tenants!! :-)

Try talking to people about F.I.R.E..... 

Same face... 8->