All Forum Posts by: Ibn Abney

@Jim Williams In my opinion turnkey properties via the MLS or private direct sale (friend/family) is most common for a first or 2nd deal. However, as you grow and gain more confidence you realize the best deals are value-add.

Most value add properties come distressed and foreclosures are definitely one of the most common path of finding distress deals.

In my experience ive purchased foreclosures via online auctions and the MLS. So far, knock on wood, no surprises in either. the closing experience is very dry (dealing with banks/lawyers) but relatively smooth.

@Bob Crane you are about to start a riot!! :-)

All i know is the southside chicago is place to be and Pullman is the next big Hot spot!!!

My 2 cents...

@Tony Williams Welcome my friend. All starts with the Work Ethic!! :-)

@Brie Schmidt and @John Casmon both run local monthly meetups in the Chicago area. I've attended both and made some great connections! 

Good Luck

Hey BPers... Is it just me? 

I work fulltime, but all I seem to think about is doing deals, properties thats recently sold as comps, potetial deals, how to grow my network, etc. Starting to think I need to take a chill pill. 

How do you guys/gyals relax? I dont have kids or pets. I do try and run 15-20 miles per work and liftweights. I am trying to learn coding and website design. What are some other constructive hobbies to develop? 

One more week!!! 2019 is the Topic!! Looking forward to seeing everyone next weekend!!! Alot is happening out South. Check out Redfin's recently ranking. Southside is #1

https://www.redfin.com/blog/2019/01/hottest-afford...

@Mike D'Arrigo Thanks for sharing the data!! @Anthony Fecarotta I suggest you follow the data!! Buy when low, not when things are booming!

Chicago consistly tops the list (or top 3) for GDP, Populations, % of Renters, Household income, rent rates, Eduction levels, etc. 

An area on the soutside Chicago was just ranked by Redfin one of the "10 Hottest Affordable Neighborhoods of 2019"

https://www.redfin.com/blog/2019/01/hottest-afford...

Alot if happening on the Southside.. Dont miss the bus!

@Brendon Everswick South SIde Chicago!!  I Keep telling folks!!!

https://www.redfin.com/blog/2019/01/hottest-afford...

@Martin Neal $13K for a cash flowing asset, tax write-off, and a detailed eduction of the BRRRR process.

Seems pretty successful to me!

Nice work!!

@Brandon Turner More epsiodes on scaling. Alot of us got over that 1-5 deal hump. the next 6-20 deals is where we need help. Too small to scale massively, but to big to not think growth/efficency.

not a newbie but far from an expert too!

@Anthony Fecarotta i would disagree. Deals out there! I actually feel like MLA prices are coming down as well! I do have one under contract now. Its a foreclourse but was via the MLS

Few tips for shopping the MLS:

1. Dont waste time setting up a showing for properties you are interested. If the numbers work and assuming you know the area well, Just write an offer. People waste alot of time waiting to view units. in the meantime, serious investors are winning bids on the unit. Take care of any issues during the inspection period.
2. have a broker relationship established prior to making offers. Moving fast is key and if you dont have a dependable broker to write/submit offers, your deal can not happen.
3. Alot of greater areas on the upside. Dont be afraid to come more south/west of the city! Alot of good things are happening.  Lower property values, equals lower taxes, but yet rents are strong!
4. educate yourself on construction. The best deals will need work/rehab. Turnkey is overpriced.

good luck!