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All Forum Posts by: Mel F.

Mel F. has started 9 posts and replied 64 times.

Post: Has any agent used any ChatGPT?

Mel F.
Posted
  • Lender
  • Chicago
  • Posts 66
  • Votes 25
Quote from @Anthony Stavro:

Has any agent been using ChatGPT recently? Has it been working?

Has anyone been interested in trying?


 I'm not an Agent, but I use ChatGPT daily with a Pro account. I've had a Pro account since they came available earlier this year. The trick is in the prompt. You can 100% make it sound more personable. It can help with contract reviews, social media posts, and deal analysis to name a few.

Post: AstroBlaster - anybody use this?

Mel F.
Posted
  • Lender
  • Chicago
  • Posts 66
  • Votes 25
Quote from @Cathy Li:

It's a white label software built on go high level. I feel like if you dont want to spend too much time figuring out the flow then it's a good alternative. But if you/your team like to spend some time building your own flow, feel like it's better to build it on go high level directly. 


I had never heard of that tool. Thanks for sharing. Does Go High Level have a built-in AI text generator?

Post: andrew holmes re events- real estate 3 day lecture series

Mel F.
Posted
  • Lender
  • Chicago
  • Posts 66
  • Votes 25
Quote from @Mario Morales:

Anyone attend this event before and have any feedback on the value. It's $147 for 3 days?

 Hey Mario, I'm attending Andrew's 3-day event this weekend. While I agree with @Nathan Gesner with the idea of reading other material, I will say the networking aspect of the 3-day event is unmatched. And NO, I'm not paid to share this with you. Chicago is a complex beast of a city with literally hundreds of suburbs, each having their own nuances. Although you can learn a lot by reading and watching podcasts/YouTube videos, getting to know ppl who are investing in your own Chicago backyard is a whole other level of learning. Today, we toured 3 properties to talk about repairs, exit strategies, etc. Stepping into a house and listening to the investor talk about what they did to acquire it and what their BRRRR or Flip plans are was the icing on the cake.

Just my $0.02.


-Mel

Post: Investors In Chicago

Mel F.
Posted
  • Lender
  • Chicago
  • Posts 66
  • Votes 25

@Carolyn Bernicky @Tremon P. If you need funding support beyond traditional banks, let me know. 

Post: Looking to buy an apartment

Mel F.
Posted
  • Lender
  • Chicago
  • Posts 66
  • Votes 25
Quote from @Jonathan Klemm:

Big fan of Chicago here @Mark Mazzucco!  We have price points across the board and a plethora of inventory that needs to be renovated!

Happy to help you connect to boots on the ground here if you are interested.


 Let's connect. I see something magical happening. 

Post: Looking to buy an apartment

Mel F.
Posted
  • Lender
  • Chicago
  • Posts 66
  • Votes 25
Quote from @Mark Mazzucco:
Quote from @Mel F.:
Quote from @Mark Mazzucco:
Quote from @Ashley C.:

@Mark MazzuccoI would love to help! What area are you interested in? 


 I’m looking anywhere where it cash flows since I plan to let someone manage. 


 If Cash flow is most important to you and you're ok with holding for 5+ years, there are TONS of apartment complex deals available ranging from $60k - $150k per unit depending on the area. Especially as investors used variable rate debt in 2020/2021 that's maturing this year into Q1 and Q2 of next year. The ones I underwrite usually have 8-12% Cash on Cash returns. Happy to send you some as I get them and after underwriting checks out.

I'm usually analyzing deals up & down I-55/57 (Milwaukee, Chicago, parts of TN, MO, MS, LA), and sometimes tertiary markets of Atlanta.

-Mel


 Mel - give me a message as I'm very interested in divesting some of my properties and doing a 1031 into one of these properties.


 You got it Mark!

Post: Looking to buy an apartment

Mel F.
Posted
  • Lender
  • Chicago
  • Posts 66
  • Votes 25
Quote from @Mark Mazzucco:
Quote from @Ashley C.:

@Mark MazzuccoI would love to help! What area are you interested in? 


 I’m looking anywhere where it cash flows since I plan to let someone manage. 


 If Cash flow is most important to you and you're ok with holding for 5+ years, there are TONS of apartment complex deals available ranging from $60k - $150k per unit depending on the area. Especially as investors used variable rate debt in 2020/2021 that's maturing this year into Q1 and Q2 of next year. The ones I underwrite usually have 8-12% Cash on Cash returns. Happy to send you some as I get them and after underwriting checks out.

I'm usually analyzing deals up & down I-55/57 (Milwaukee, Chicago, parts of TN, MO, MS, LA), and sometimes tertiary markets of Atlanta.

-Mel

Post: Online Gurus - Tom Cruz (Section 8) and Nate Barger (BRRRR Invest)

Mel F.
Posted
  • Lender
  • Chicago
  • Posts 66
  • Votes 25
Quote from @Jay Hinrichs:
Quote from @TJ Woolum:

Update... I pulled the trigger and joined Nate Barger's BRRRR Invest Academy. One week in and it is already leaps and bounds better than what I experienced in Tom Cruz's Section 8 Secrets. The support, training, and organization of this group is (so far) exactly what I have been looking for!


sounds good.. I do BRRR private money for my day job.. been doing it since 2002.. over 3000 properties i have funded for folks like you. Scale comes down to just a few items which I can tell you for free right here.

1.  deal flow  getting deals good enough leave enough forced equity to get your cash back at refi pretty simple concept.

2. cracker jack rehab crews that can get these turn overs done in time and on budget.

3. Good take out lender. Get pre approved so that when your rehab is ready appraisal gets done and you close without taking a ton of time.  Right now DSCR loans are an option along with your 10 loans for fannie freddie.

And of course a great BRRR lender who can fund on time every time. in my business I only work with experienced BRRR folks and as such I become a capital partner and allow them to scale with very minimum amount of capital and they dont make monthly payments. this is huge its the up front costs that usually hold folks back from scaling. so if they find someone like me then they can 10X what they are doing.. I have clients that I will help them get 10 to 25 deals a month.. with 10 being more realistic but I have one client in the mid west that can pop out 25 occasionally not often but it has happened.  The goal for most of my clients is to get to 200 to 500 homes.. I have helped a few get past 250 sfr's  so proud of that.



It looks like you've done an awesome job for those seasoned investors. How do new BRRRers with limited cash get to that level with help from teams like yours? Seems like a catch-22 if they don't have experience yet.

-Mel


Post: Rental Registration ? - City of Jackson MS

Mel F.
Posted
  • Lender
  • Chicago
  • Posts 66
  • Votes 25

This link helps explain the structure: https://www.jacksonms.gov/documents/ordinance-of-the-city-co...

I'm looking into Jackson and a Property Manager gave me a heads up that I might want to wait and see how this plays out before heavily investing.

-Mel

Post: Looking for a Lease-Option in the Champaign-Urbana area

Mel F.
Posted
  • Lender
  • Chicago
  • Posts 66
  • Votes 25

BP Fam,

We're taking our show on the road and will be moving to the Champaign-Urbana area in the next few months. My family and I will need a home when we move. We have other investments that have our cash tied-up and won't allow us to immediately get a new mortgage. Are there any investors in that area or close by (30-45 minutes) that's willing to work with me to find a good Lease-Option in a Class B+ neighborhood? If so, shoot me a message. Once I get more familiar with the area, I'll start investing their as well.