All Forum Posts by: Elbert D.

HUD is such a pain to deal with at times. Not only does the 15 day window exist for owner occupied people...they also require EMD within 48 hours .Or your offer is rejected. So you have 48 hours to do all your D.D. and thats if your offer is accepted. Me personally what I noticed now HUD overprice these properties knowing someone will put a offer on it. If its in a very desirable area they are pretty much licking their chops knowing there will be high demand for it and someone is going be paying more than the asking price. Thats with the asking price being overpriced...

I once went to a HUD property in Chicago suburbs and I seen it needed 75k in rehab and the listing price was 99k. The comps also didnt come back very well on it....but hey....if you can manage to find a good property on HUD after all D.D. is done and it appears to be a good deal go for it.

Certain parts of Chicago are indeed nicely cash flowing properties. Even in the pockets of some of the suburbs of Chicago as well. You wont find many cash flowing properties anywhere in the Northern part of Chicago or near downtown for the most part. Those areas are mostly good for fix and flips. But only if you can get them at a good price. Im surprise no one has brought up any parts of Northwest Indiana.....There are more "available" areas in Northwest Indiana than in Chicago due primarily to Chicago being tenant friendly.....a property manager is essential if your investing out of town. A good one....because there are many that arent good at all.

Whiting is a decent area for rentals. As mentioned already as you get closer to to East Chicago(depending on the block) you have to really pay attention. The same goes for certain areas in Hammond and Merrillville for the areas that are close to Gary.I personally love the returns in Indiana if you know where to look. 

It all depends.....its on a block by block basis. But your going need a solid team in place if your thinking about renting or flipping. I know a lot of investors from the West coast such as California, Seattle and Utah are looking at the midwest for investing. But, in summary it depends where your looking. Some areas around there I would not look to flip. I hope you also trust the contractor you have or looking to have do the work in a timely manner. Thats the key to being successful at investing out of state. 

Hows it going @Colin Monnier you shouldnt be too worried about the upcoming crash. If you run your numbers correctly you will be fine. Your aim should be to ensure your cash on cash return percentage or CAP rate(if your going have 5+ units) will be around 10-11% I can tell you one thing....If your looking at getting rental property anywhere up north the cash flow will be terrible. around 4-8%. I cant tell you how many houses and apartments I have been to that look ok until you run the actual numbers and include your rehab price with purchase price along with expenses....Unless your going purchase off the MLS which I wouldnt recommend as the prices are too high .Not to mention the extremely high taxes on properties up north......Taxes are never going down. Never so its no reason to complain about it. But there are still good properties that cash flow if your looking at rentals. The same goes for ROI if your looking at fix and flipping.

 Also consider Northwest Indiana, if your so concerned about the rent controls in Chicago. Its going be hard to find a good deal regardless, as they are usually snatched up within a day or two. I can answer any questions if you need help.

Its whats being promoted in the society today. SMH. Keep you distracted with a bunch of foolish news. Keep you drugged up and never question anything. Its not just in Chicago but all over America. To be honest a lot of people just want the lifestyle of the wealthy/rich and not do the work......

buying homes?????Nahhhhh we dont do that. The thing to do is go to college and rack up debt. Not having a clue what we plan to do after we graduate. "We are going with the flow" In the meantime we are in college we are getting accustom to the "turn up" lifestyle gotta always go out every weekend and party right? This is afterall the thing to do in society right now...^__^ smoke and drink so much we arent able to function the next day. Then spend the next day sleeping/recovering from the night before.

Once we graduate we complain about the lack of jobs and how life sucks. In the meantime we are living with either family or friends or we are renting in one of the trendy areas of the city. ^__^ we have to always be in the know....ya know? Cant miss out on any event or concert that goes on.....

*end of sarcasm* sadly.....this is what most people do near my age.....

Hello everyone, well the year is pretty much over. What did you learn about yourself as far as being successful in real estate? Was this year a good year for you? Is there any major improvements that you could have taken? What did you learn new within the industry? What are your new plans for the year? 

Me personally, this wasnt a good year for me. But I learned a lot! Im getting more potent and experience as the time goes on. I have a very good grasp of the real estate industry on a macro level and a fairly good grasp within a variety of sub topics within real estate. I look at 2018 as a refinement year. Lots of growth mentally for myself as well as learning more and more on the industry. 2019 will be a super aggressive year for me. I will be engaged much more within real estate in all facets.  Please share your thoughts and comments.

^___^

Always be willing to learn things, persistence, marketing, communication, patience and discernment(many people don’t have your best interest within the industry, it’s the truth) 

Wow. Didn’t think Airbnb would be such a very huge company within real estate. Coming from when they first started. Wow.....But. The questions should start coming in.....how will this affect home ownership and rents? I’m sure property taxes will skyrocket as well as other expenses where the company chooses to start building. Such as gas, water and electric bills in these cities. I personally think homelessness will continue to skyrocket and more and more people will be force to be tenants.....just my two cents on this matter.