All Forum Posts by: Eudith Vacio

Hey @Jorge Leon 👋🏽

congratulations on your first deal with a family member! have you called the listing agent to inquire if there have been any offers on the property & check what the seller is looking for? If your sister really wants it, she might not have the option of negotiating concession upfront. Right now, the market is extremely competitive and there are still multiple offer situations happening. I usually try negotiating concession post inspection, if you can. Also, if you don't mind me asking 😃 what brokerage are you with? 

Hey @Jason R. Besanceney👋🏽

I definitely would recommend house-hacking if it's you're first investment. You can use the FHA loan to purchase a multi-unit for as low as 3.5% and because you make $70k a year, you might even be eligible for a 3% downpayment. As far as extra income, maybe Uber? or any type of freelancing?

I'm in Chicago, so I'm not sure how the CA market is, but I would definitely start initiating conversations with an agent / lender to understand what your options are! 

Best of luck 😃

@Mary Arents of course :) 

I would interview a few agents from eXp because eXp works a bit different than your traditional brokerage. Once you interview agents, you choose your "sponsor" and your sponsor is basically the agent that should help you succeed in the brokerage. It's an agent centric model. Our managing broker has bi-weekly meetings that are recorded and while they are helpful, its mainly agents helping other agents. When I joined, I remember I needed help with a listing and I received multiple messages in less than 2 hours where at Keller Williams, it was a struggle to get help. 

& yes it was quite an interesting story that I hope to never have to go through again...to say the least! 🤣

& FHA 203k loan is for a live and rehab project and is only for owner occupants. My investments are on the south side of Chicago and Northwest Indiana :)

here to help if I can!

Hey @Mary Arents 👋🏽

Kudos for you on converting your 3-flat into condos, I am sure it was not easy feat! 

1) I recommend Art Betuzzi, he runs iloverealestateschool.com - I absolutely loved his self-study program and his videos were super engaging. He also has a high pass rate with his students, definitely check his stuff out! 

2) I started off at Keller Williams but honestly their cap / commission structure and even technology was crap - and I was already a seasoned investor and I knew more than the average agent just starting out, so then I moved to eXp and honestly, NO REGRETS! I am a solo agent but I produce 2-3 deals each month and their commission structure / training is EXCELLENT as @Tom Casey mentioned. 

3) My first purchase was a condo that I house - hacked and then got a 3 unit that was all cash that ended up as an accidentally gut rehab but I learned a lot. And then I recently bought a mixed used 3-unit with an FHA 203 loan. I'm a huge advocate for those loans!

I wish you the best of luck, PLEASE keep us updated on your journey as a broker 🙌🏾

Hey @Norman Hiner - I totally agree with @John Warren. I would definitely figure out which neighborhoods you want to invest in and then back into the numbers. When I post a rental ad, I always aim high and then if I don't receive any qualified candidates, then I can lower the rental price BUT I am always super conservative on rental prices when I run the numbers to be on the safe side. Where in the Chicago suburbs are you looking?

I say Chicago & Northwest Indiana 😃

Aww you're leaving Chicago?! 🥹 

Where in Chicago do you currently live? a HELOC might prove to be a good option, OR you can simultaneously sell AND buy. You can do a post-possession closing if you sell your home prior to finding something in Dallas.

Hey @Marco Ragudo - there are many meetups that you can attend in the city - I definitely would recommend attending a few meetups and picking up a book by BiggerPockets. I wouldn't focus on knowing everything because a lot of real estate is learned through experience and things are always changing but if you're around the right people, then you should be OK! Best of luck 😃

Hey @Shamar Gregg  👋🏽  - wow, that is amaaazzzing! I hope you celebrated a little with the cash out profit you made LOL

Where in Chicago did you purchase this investment property? Did you use an FHA loan or what type of financing did you use to purchase the property?

CONGRATULATIONS and definitely motivation that making money in real estate can be done! 🙌🏼

Hey 👋🏼 @Alfredo Gallegos - really really good questions. 

@Scott E. provided some great useful information. I personally started off as an investor but I was also passionate on helping other invest in real estate. Wholesaling is very tedious and not easy but I definitely agree on starting off through house-hacking if you can and then working yourself into wholesaling or whatever you decide on because there are SO many different avenues you can take in real estate. If you want to get your RE license, I can help you get that started in Chicago. I started in Illinois and now I'm licensed in Indiana, as well. Most people will get their license in other states but it just depends on what you want to do. :)