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All Forum Posts by: Edgar Barbosa

Edgar Barbosa has started 1 posts and replied 20 times.

Post: US Air Force Newbie in need of some assistance

Edgar BarbosaPosted
  • Real Estate Agent
  • Chicago, IL.
  • Posts 25
  • Votes 26
Quote from @Nicholas Otero:

Hi Everyone!

My name is Nicholas, I'm new to Bigger Pockets. I'm active duty Air Force about to separate very soon. I'm looking to purchase my first investment property (Particularly a small multifamily) using the VA Loan. I'm just not sure where to begin to look, or when the deal is sealed how I find tenants. Could use a hand. Thank you guys and looking forward to hearing from you all!

- Nicholas

@Nicholas Otero separating from active duty can be a challenging time, however you've picked a great community to help with your transition. I've used my VA Loan multiple times and could guide you in your search. Here to help any time.

Post: Would love any advice on my first Multifamily Purchase.

Edgar BarbosaPosted
  • Real Estate Agent
  • Chicago, IL.
  • Posts 25
  • Votes 26
Quote from @Christopher Hunter:
Quote from @Edgar Barbosa:

Hello @Christopher Hunter, if i may ask, what attracts you to the Chicago (IL) Market? 

I'm stationed in Great Lakes as a drill instructor in the Navy, so I prefer to get eyes on my investment properties. If I was moving major volume, I probably wouldn't care, but when my next big move consumes all my funding, I just want to have a better warm and fuzzy with the deal I'm buying. Also Illinois seems to have the most supply of all brick multifamily units which I think is a plus. Mostly in the lower income housing districts, but if the cap/NOI is good, I'm ready. Does it cash flow, is their potential to grow the rents, is the market there up and coming, if so and the price is right....I want it.

Understood. Thank you for your service @Christopher Hunter  I’m a Marine Corps veteran. Did an active tour and also some reserve time with 3rd CAG in Great Lakes. I love the multi family housing stock in IL, especially in Chicago. There’s plenty of historic architecture that for the right price will be greatly appreciated renovated. Have you considered single family rentals for active military? Let’s connect and hopefully find you something within that range of criteria. 

Post: Would love any advice on my first Multifamily Purchase.

Edgar BarbosaPosted
  • Real Estate Agent
  • Chicago, IL.
  • Posts 25
  • Votes 26

Hello @Christopher Hunter, if i may ask, what attracts you to the Chicago (IL) Market? 

Post: Will little village in Chicago see gentrification any time soon?

Edgar BarbosaPosted
  • Real Estate Agent
  • Chicago, IL.
  • Posts 25
  • Votes 26
Quote from @Dan S.:

I did not, doubled down on Cicero. I have a 5 and 6 unit in Cicero.

Reasons 1)  Cicero has its own police force, they are responsive in my experience. If you have a problem you can get them to show up. LV which is part of chicago, has chicago police, and I wouldn't trust they have time to come to sort out someones car slightly blocking your buildings driveway in 15 min. I get that in Cicero, and I feel that is something I need based on how I run my biz (I dont have an prop manager who can spend time on this stuff, its all me.)

Also, I hear there more gang activity in LV then Cicero. 

2) Tenants and rent. The rents are going to be less, people just want to live there a little less. I can 100% get good tenants in cicero (income 3x rent, I background and credit check) because people want to live there... 

There are savings in LV, and you dont have to deal with Cicero inspections. Though I value cicero inspections.. as oddly or poorly executed as they can be sometimes. Cicero is trying to improve its housing stock. Also some nice new roads there

 I 100% agree with you @Dan S. I also have a 2 unit in Cicero. It's on the southeast border which is a very quite area and very family friendly. Close proximity to the Stevenson was another requisite of mine. Chicago police are very preoccupied so I also love that Cicero police are very responsive. 

LV has it's challenges, and while there are opportunities, I could tell you that gentrification will be very hard to pull off because there is a very tight knit community there. Also based off the fact that 26th St is the second highest income generating corridor in Chicago, next to Michigan Ave, the community leaders won't let that go without a fight. 

Post: Questions for investor friendly agents

Edgar BarbosaPosted
  • Real Estate Agent
  • Chicago, IL.
  • Posts 25
  • Votes 26

Congratulations on your pursuit @Rebecca Maas. I recently became licensed here in Chicago as well. My best advice is to join your local REIA and get input from there since they are boots on the ground. If you're going in full time, a team would be great to learn from and sort of have the training wheels for the time being. Don't be afraid to ask questions. Set expectations, and understand what is expected of you. Working primarily with investors means they already understand the process and rely on you to provide them with insights rather than hold their hand. Best of luck.

Post: General Advice For New Househacker!

Edgar BarbosaPosted
  • Real Estate Agent
  • Chicago, IL.
  • Posts 25
  • Votes 26

@Carl Dela Cruz Love the plan to action!! I started my journey house hacking as well. To me it's the best strategy if your lifestyle allows for it. And you're starting so young which is the best part! 

Which grad school will you be attending? That will play a huge role in the price point that you mentioned. With the market at its current state, you have to be diligent about finding both a deal, and a primary residence. 

Other than that I wish you much success. Let me know if I could answer any further questions or if you'd like to connect. I'm located in Chicago and would love to help. 

Post: Is the Chicago Market a dead-end, is it a bust for home purchase?

Edgar BarbosaPosted
  • Real Estate Agent
  • Chicago, IL.
  • Posts 25
  • Votes 26

@Carolyn Bernicky I think this depends on who you ask. I'm sure depending on your strategy Chicago is a very well rounded market to be profitable. Some have their biases and others just flat out don't like the policies and regulations. However, I know many people that have had much success in Chicago and surrounding suburbs, and continue to do so. It's the Midwest hub. It helps to have in depth knowledge of the city, but with the right team you'll be set up for success. 

Post: Realtors - Lets Connect!

Edgar BarbosaPosted
  • Real Estate Agent
  • Chicago, IL.
  • Posts 25
  • Votes 26
Quote from @Jacob Zimerman:

I am located in Chicago, IL. I have a few folks that are from out of state and would love to connect them with other amazing realtors in their desired areas! Please let me know where you're located!

 Hi @Jacob Zimerman!! Would love to connect. I'm local to Chicago as well. Former active duty military so I have connections with realtors in CA, AZ, NC, TX, and LA. Feel free to reach out. Thank you. 

Post: Illinois RE Broker COMING SOON

Edgar BarbosaPosted
  • Real Estate Agent
  • Chicago, IL.
  • Posts 25
  • Votes 26
Quote from @Aaron Cooper:

Hi BP family,

I am currently studying for the Illinois’ broker exam. I have completed the course book and successfully passed each exam. I have done some overall review but there is just SO MUCH information.

Are there any suggested tips or recommendations for compartmentalizing the information to better retain everything?

I begin my 15-hour live instruction portion on June 7th and I feel so unprepared!

 @Aaron Cooper congratulations on jumping in! I'm from Chicago and recently obtained my license as well. My experience with the studying and exams was pretty simple and quick. Do not overthink the questions. Like @Jake McVey mentioned, types of agency was on multiple questions, real estate math is on there (they provide conversion chart), and ways to take ownership. As long as you understand the basics and ethical practices, you'll be good. The great thing about real estate is that it is so vast! Once you're in, you could really niche down and specialize. Best of luck!

Post: Brand New and Need Direction HELP!

Edgar BarbosaPosted
  • Real Estate Agent
  • Chicago, IL.
  • Posts 25
  • Votes 26

@Feras Majeed hello and welcome!! Super exciting to have you be part of the BP community! I could tell you that you are more than capable of accomplishing everything you mentioned. I'm a Chicago native and real estate investor/agent. The more you network the more opportunities that open up. I know of two teachers turned real estate investors. They will have much more specific knowledge to your situation. I suggest getting on Facebook and reaching out to local Chicago investor groups. Let me know if I could send you more information. Best of luck!