All Forum Posts by: Eudith Vacio

haha wouldn't that be an amazing way to get some of the benefits? @Boston Caruthers

I think you might have to be a full-time professional to get the benefits, too. But I do like @Chris McCormack recommendation LOL marry one of us :) 

Hey @Declan McManus - wow, I like how you have fully committed yourself to growth by aggressively saving your money. Similar to @Paul De Luca, I am a realtor and investor that has house hacked and rehabbed a few properties. I work with loan officers that can qualify you for the right deal when the time is right for you. I always advise speaking to a few lenders to get a better understanding of the different options they have for you, but at the end of the day, it will be who you trust. 

Chicago is an incredible market to get started in if you want cashflow, appreciation, and future equity. I would definitely be careful with vetting your tenants because its a tenant friendly state BUT even then, always prepare for the worst case scenario and connect yourself with attorneys that can help you if you ever go through an eviction. 

Chicago is 30% down in inventory from last year AND we were already down in the number of new listings since the pandemic. It's tough because the number of new listings is down which is keeping prices up right now. I don't think we will ever go down to the 3% level but definitely should stabilize sometime in the next 6 months hopefully. 

I hope this information if helpful to you :)

Hey @Mark Nguyen, our listings are kind of tight, we're down 30% in the Chicago market and that price point might prove to be difficult if you're buyer is looking for a turnkey property unless they like the south side of chicago :) I'm a fan of the south side but definitely would be interested in hearing more about your buyers criteria. 

Hey @Ignacio Barajas - are you trying to quit your job to do real estate? or are you trying to stay at your job and do something part-time? 

If you have some money, not-so bad credit, you can try to purchase a building on the side while you work and then you can get started as a realtor part-time. It all depends on your goals, schedule, and what you want to commit to. You're still super young, so you have plenty of time to figure things out! time is on your side :)

Hey @Elliot Mould - that's really awesome to hear that you have already completed 2 flips as an out of state investor. Which states specifically have you done this in?

& as a realtor AND investor, I agree that you have to find the right team, communicate regularly on expectations. I have worked with many out of state investors, currently one right now with an investor from California that is flipping in Chicago. There were definitely some curve balls thrown at them, but we were able to pivot and figure the issues out. A little more work for the realtor lol but I hope you find your 3rd deal and you can get better financing. 

Congratulations @Ben Josephson 👏🏼👏🏼

Sounds like a great first deal!

Hey @Ashwin Abichandani

Similar to @Tom Casey, I am also with eXp realty and I love them, I joined because the commission structure is great - $16,000 cap and 80% commission. I am solo but I am licensed in two states so it works out great for me, just less paperwork, filing that I have to do. But definitely would consider if you're planning on being an agent investor!

Hey Christian!

That is amazing. Where are you thinking of purchasing?

@Paul De Luca gave some great advice. On top of that, I would start practicing deal analysis now even if you are not ready to buy yet. This is a invaluable skill every real estate investor needs to have.  Deal analysis will also allow you to develop your own investment criteria and recognize those deals that meet them. It will also help you avoid the temptation to try to make a bad deal work and be too emotionally connected to a deal.

Best of luck and let us know how it goes!

@Suzanne Reilley, yes same advice regardless. it just makes conversations easier and you are less likely to get taken advantage of with tenants, you are just the mediator not the one that makes the decisions, at least that's what I tell them lol 

Hey 👋🏼 @Thomas Whelchel - where in Chicago are you looking! 
It can be an issue but there are definitely ways to prevent this from happening to you.

While it might be hard in this market, you can negotiate the tenants to leave prior to purchasing the new building and once you have purchased, you would want to make sure that you have a solid screening process in place. Worst case scenario, there are some great eviction attorneys that can help you take care of evictions if need be. 

I wouldn’t get discouraged though!