All Forum Posts by: Elbert D.

absolutely not lol they get their stuff from wholesalers. I went on the site last year and said wait.....this is the same stuff in 3 wholesalers rotation....in summary, they charge you a monthly fee to basically get on wholesalers list. 

@Severin Sadjina as far as the zillow estimates. Here in Chicago and for The Indiana markets what I usually do is go to Zillow for a ballpark figure of where a house ARV may be.....sometimes Zillow does have the park ball number right. Sometimes they are off by 200k!!!! Underestimated and I seen 35k overestimated. Looking for deals and or trying to make them happen a investor needs to know accurate numbers for ARVs and sold comps or comps. It doesn't matter if your wholesaling or fix flipping, being off 5k could kill profit. Some people don't factor in "holding" cost such as closing, realtor, etc...

Wow....didn't know it was this many IT and software engineers on the site....anyway I think there is a ton of potential for software to disrupt some things in real estate. Even the smart home concepts are still in it's very early stages. I would think whoever can solve some major problems within real estate via software will end up with a ton of money. Zilllow estimates are actually 95% off either overestimation or underestimations. But it's ok because that means either they can fix that or someone will develop some program and take some market share from zillow. Also whoever can figure out a way to provide very reliable and solid sold comps or comps either for residential or commercial will provide a ton of value as well. I'm actually surprise how many agents don't know(or just too lazy) to provide sold comps for people. Which brings me to my next point. I honestly think overtime maybe within 15 years agents job duties will be over 70% automated. If by some miracle someone can develop a program to see current pics of the insides of homes via VR or some kind of technology than I would be very scared if I was a agent. But then again software/digital tech will replace a lot of jobs.

Jeff Burdick thanks for posting that link and I agree Chicago is taking a bad rap thanks to all the fake news(corp interest, doing anything for views) such as Fox, CNN, espn, abc/Disney and other big name mainstream media. Bashing Chicago is pretty much the cool thing to do now. The city isn't perfect but it most definitely has its upsides still. Anyone still looking to get into real estate still can do it. It doesn't matter if your wholesaling, flipping or buy and hold there is deals out there but due to the current economics of America right now this isn't the best time to come in and think "I'm about to make a lot of money" because you aren't right now. The city is still offering great ROIs and cash flowing deals. Excluding the CPD and government corruption as a whole Chicago is a excellent place to invest. I know most of the good and neighborhoods so it isn't hard to stay out of the bad ones. Also for people that just don't want to invest in chicago due to the taxes keep your eyes open to Northwest Indiana as well it's very close to Chicago and considered the Chicago suburbs as well.

yeah exactly. Well with most of real estate it's all a numbers game and I'm sure it's the same with FB and Instagram advertising as well 

I'm still wondering the same thing as well. Instagram and FB have a tremendous amount of untapped potential because of the traffic they receive. I have Ads on FB and Instagram but haven't ran into any serious buyers there

If I'm not mistaken I believe you would get taxed on the rental income as well as the appreciation if there was some gain and you sold it.

As far as wholesaling it depends on the person. Some wholesalers just wanna make money and don't care about anything else. Here in chicago and Indiana what I do is much different and just separating myself from the other wholesalers. For one by providing accurate rehab numbers and sold comps. The next is making sure the contracts on both sides have what everyone wants. It's understandable for people to try and get the most of what they can but you have to sometimes bend some things so everyone is happy and comes back again for business. Wholesaling is a business just like flipping and becoming a landlord.

IMO I'll say buyers. Wholesaling is a business and just like any business if you don't have buyers/customers you have no business. Atleast that's how I look at it....also you could JV with another wholesaler and being your buyers to the table to help move properties faster.

Honestly I wouldn't do it.....if a property has been sitting that long in this economy that means there are serious problems with it such as a leaky basement or something along the lines of that which will cost the rehab of the house to make the house a nondeal. In chicago and Indiana if a property sits for awhile the price will go down some but if it sits for too long it's taken off the MLS. Deals that are good are gone very fast because of how the market is right now. You should really look into the details of that house. Take a GC and go over the house with a fine tooth comb if numbers still work ok and the house is ok then take it. Just my two cents.