All Forum Posts by: Gurleen B.

Is it better to make an offer for $544,000 (his counter-offer) but ask for $25k in closing credits which I can use to buffer any potential issues with repairs/upgrades/renters not being happy with rent increase, etc?

Thanks in advance!

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Hi all,

Looking at making a final offer on a property and wanted some input on two options I have in mind:

Is it better to make an offer for $519,000

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Hi all,

Looking at making a final offer on a property and wanted some input on two options I have in mind:

Is it better to make an offer for $519,000

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Quote from @Clint Koehn:

Thank you all. I’ve hashed this out with the tenant and ultimately got the rent up to $1,600. And keeping it month to month. I’ll probably raise it $50 - $100 each year until it gets to what I’m hoping to get ultimately. Keeping it simple.

Well done! I was just going to post that I don't see any harm in raising rent to meet the market. As long as you are presenting facts/data they will appreciate it. If they don't, it likely is a good time to part ways.

I am curious why some landlords prefer month-to-month rentals. Isn't the uncertainty maddening?

@Bjorn Ahlblad @Steve Milford

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Oklahoma City, Oklahoma

Quote from @John Warren:

The biggest property tax change that is coming out is a new program that mirrors the old Class 9 program. If you are in affordable housing (many B- or C locations) then you can do renovations to your building and get a long term 25% reduction to your assessed value (which is huge). We are in the middle of this process on multiple buildings in Berwyn, and this could raise the value of our buildings substantially.

John can you tell me more about the property tax change you referenced here?

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Chicago, Illinois

Quote from @Account Closed:

Hi @Nick Purslow, I manage our bootcamp program at BiggerPockets. I think you could get away with either bootcamp, but it sounds like Rookie might be a slightly better fit—our Short-Term Rental bootcamp is pretty hyper-focused on STRs, and won't really talk about other investing strategies.

That being said, we do have a 30-day refund period—if you start with STR and decide it's not the right fit within those first 30 days, we could switch you over to Rookie. Hope this helps!

Hi Stephanie! I'm in a similar boat, I am not sure if it would be better for me to do the Rookie Bootcamp or the Multifamily Bootcamp.

I currently have a long-term rental and my primary residence.

1 Vote

Quote from @Jonathan Klemm:

Hey @Gurleen B. - Welcome to the Chicago BP community! Nothing to be gunshy about here. Loads of smart people on here that are more than willing to help.

I've always found for me, that mentors have come pretty naturally by demonstrating my drive and being a genuine person.

What do you envision as your next steps on your REI journey? Let us know how we can help.

Hey @Jonathan Klemm! I am not sure yet honestly, multifamily properties seem interesting. How's the market in Illinois?

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Chicago, Illinois

Quote from @John Warren:

@Gurleen B. you are in the right place! Welcome to the forums. You should check out the Straight Up Chicago Investor's podcast if you want to find out more about what is happening in the Windy City.

Expert Perspectives on Investing in Chicago Real Estate | Straight Up Chicago Investor Podcast

I also would recommend attending local meetups, and the podcast website has one of the best lists of meetups in Chicago. I host one in the western suburbs in Berwyn if you live nearby, and there are a bunch of great ones in the city.

Chicago Real Estate Investor Meetups (straightupchicagoinvestor.com)

Thanks @John Warren, I will certainly do that!

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Chicago, Illinois

Quote from @Mark Ainley:

@Gurleen B. congrats on converting your primary to an investment. Pretty exciting. What move do you think you want to do next? I assume you will stay in Chicago?

Thanks @Mark Ainley!

You know that scene at the end of Castaway where Tom Hanks is driving in his car and he comes to a four-way intersection -- one heading North, South, East and West -- symbolizing he can go anywhere? That's me, except much better looking lol

Currently I am interested in STRs and MTRs (but not idea where) and LTRs but, again, no idea where.

Any suggestions/experience in that area?

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Chicago, Illinois

Quote from @Olivia Radziszewski:

Hi @Gurleen B.- Amazing that you are getting started! It can be very intimidating to get started in real estate. So great that you are reaching out and looking for community! If you are not already listening to podcasts and reading REI books, I would definitely get immersed in those. Facts can help battle your doubts and fear when it comes to investing. Good luck!

Hi @Olivia Radziszewski! Thanks for reaching out!! It is very intimidating but the more I talk to people the more I hear that you just have to jump head-first into REI.

Currently I am trying to learn more about BRRRR, short-term rentals and creative financing. Any podcasts or books you recommend?

I read that some individuals were able to get a mortgage with 0% down when using the BRRRR method, is that accurate/how does that work?

Thanks in advance!!

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Chicago, Illinois

All Forum Posts by: Gurleen B.

Gurleen B. has started 10 posts and replied 31 times.

Post: Better to offer less money or more money but ask for closing credit?

Post: Better to offer less money or more money but ask for closing credit?

Post: Better to offer less money or more money but ask for closing credit?

Post: Raising Rent - Good Tenant

Post: Looking for feedback on Chicago market for multifamily CRE

Post: Rookie Bootcamp vs Short-Term Rental Bootcamp

Post: Hello from Chicago -- Brand New to REI

Post: Hello from Chicago -- Brand New to REI

Post: Hello from Chicago -- Brand New to REI

Post: Hello from Chicago -- Brand New to REI