All Forum Posts by: Victor Carreon

@Drake Turner Congrats on your early moves into REI. My first flip was at 21 and was a total bomb in 2007. Took me 4 years to unload at a heavy loss. And now 10 years later I am barely getting back on the saddle. I am looking to close on a 3 unit mixed use soon. So I am no Real Estate pro but Ill tell you that during those rough years my debt is what kept me down most. It took me a very long time to come back from it. Currently I am debt free and have a good savings to start making moves without having to worry so much about personal debt. Speaking from experience I would say knock out some of the debt (the 7% at least and be careful with deferments if you have to pay interest on it. It adds up quickly.) and really focus on your current investment, schooling, starting your career and coming in head strong with a better financial position. Look into creative ways to invest without having to use your own money or very little of it. The website has tons of information the topic. Again congrats on your decision to move forward in RE and your early successes. Look forward to seeing you continue to grow on here.

Jerry who do you use for appraisals? I am in the South Side as well and have a property I want to get appraised.

@Eric S. Great information. Do you still work with that attorney you mentioned? I am searching for a good RE Attorney in Chicago and was wondering if you can send me their info if you don't mind.

This is awesome. I am new to REI and would love add value to the group if possible. I am excited to get started and looking to become a full time investor. How can I get more information on joining you guys for the next outing?

I am looking to acquire my first investment property. I currently rent a store front of a mixed use building from a relative. The building has two apartments (1 with tenant who is said to leave this month and the other occupied, both are renting for about half the current rates) and the storefront will be empty as I will be leaving the space for another opportunity. The building is paid off by the owner but wants nothing to do with the property or RE as soon as I leave. I offered to purchase the building from him and he is willing to finance me the deal. How and what do we need to do to put everything on contract and come up with the payment terms, amounts? I would appreciate any recommendations on great attorneys with experience in this around Chicago/NWI. What would be the best way to go about to minimize fees, payments, taxes on both ends? He has owned the property for about 20 years now. He is retired and is also worried about paying capital gains. The building is worth about $150k. He hasn't given me a final sale price but I think it will be reasonable.

I am looking to invest in the NWI. Would love to get on your list. Thanks.