All Forum Posts by: Dyryl Burnett

@Theo Hicks Thank you.

@Taylor L. Thank you very much

@John Corey Thank you very much!

Hey! 

I'm DB from Chicago. I have about 8 individuals (private lenders) interested in investing in a multi-properties. I am in need of help in creating a plan that will structure all deals, returns, processes, etc. I have been waiting to invest in real estate for 5 years and finally, I feel I have found a great opportunity. However, I am clueless about my next steps. 

I have reached out to about 12 individuals. Next week, I would like to give them a plan that shows them how deals will take place, how they will invest and how they will get returns on their investments. 

I do not have a property just yet, but I am working on (which is easy due to my networks) soliciting my realtor, lender, contractor, and lawyer. Also, are there any recommended BP podcast episodes to help with private investors? 

Thanks and greatly appreciate your help! 

DB

Peace All! I am currently looking for a good, reliable, credible and effective General Contractor located in and/or close to Chicago(licensed & bonded), who could qualify for an FHA 203K rehab project. My previous GC really dropped the ball on us. If you know of any, please share their information! My wife and I would greatly appreciate it. DB

@Randall Barrett Amazing job! Congratulations on the perseverance.

Greetings All, I would love to hear from anyone welling to help. My wife and I received our pre-approval letter last Friday. We desire to house hack by purchasing a duplex in need of a rehab. We are currently renting and are tired of it. Whiling riding my speed-bike (biking for dollars) around our neighborhood, I came across a good amount of vacant multi-family buildings with absolutely no “for sale” nor any owner information. I wrote down all the addresses and did the following for the building we desire the most: -Researched and called Cook County Assessors -Researched and called the Water Dept. -Looked up the pin/address on the Deed Department -City of Chicago: Building Department The personnel at the water department told me that this particular building is owned by the city. My question is how do I find the seller of this property? I am really not sure if the City of Chicago owns it. If it is owned by the city, is there a process to purchase a vacant building? The taxes, although late this year, have been paid each year. Our goal is to purchase low and rehab (203K). Just looking at the exterior, a lot of money needs to be put in this building, which we hope to be covered with our mortage loan. It is in the PERFECT location for us and we are very confident we will attract good tenants. I spoke with my realtor and he told me that I am approaching this building like a wholesaler. If I am, would any wholesalers (especially in Chicago) be willing to give your wisdom? Please advise DB

Greetings All, I would love to hear from anyone welling to help. My wife and I received our pre-approval letter last Friday. We desire to house hack by purchasing a duplex in need of a rehab. We are currently renting and are tired of it. Whiling riding my speed-bike (biking for dollars) around our neighborhood, I came across a good amount of vacant multi-family buildings with absolutely no “for sale” nor any owner information. I wrote down all the addresses and did the following for the building we desire the most: -Researched and called Cook County Assessors -Researched and called the Water Dept. -Looked up the pin/address on the Deed Department -City of Chicago: Building Department The personnel at the water department told me that this particular building is owned by the city. My question is how do I find the seller of this property? I am really not sure if the City of Chicago owns it. If it is owned by the city, is there a process to purchase a vacant building? The taxes, although late this year, have been paid each year. Our goal is to purchase low and rehab (203K). Just looking at the exterior, a lot of money needs to be put in this building, which we hope to be covered with our mortage loan. It is in the PERFECT location for us and we are very confident we will attract good tenants. I spoke with my realtor and he told me that I am approaching this building like a wholesaler. If I am, would any wholesalers (especially in Chicago) be willing to give your wisdom? Please advise DB

Greetings All,

DB from Chicago here! Summer is finally here, which means us Educators get a 1.5 month break! 

In the spirit of taking action, one of my goals this summer is to get my real estate license. Chicago and some surrounding suburbs have some accelerated (2week) 90 hour classes to qualify for the state test. 

What companies would YOU suggest?? Coldwell?? B&W? Keller Williams? 

I am NOT looking to become an real estate broker in the traditional form; this is MORE so a tool to have in furthering my knowledge, aiding in bringing down some cost when purchasing, and networking. 

Thanks ALL!!

DB from Chicago

@Mark Ainley Thanks alot. 

I starting to really see that this 203K comes with some "hassles" depending on the person.