All Forum Posts by: Ryan Maes

Yes it’s already rented and will cash flow ~$250/month. It’s only a 1br/1ba condo [with parking] so nothing to be envious, but glad I could find a good deal without having to do any major renovations.

How I found it: I was passively looking at properties on Redfin/zillow/trulia for a couple months before I found this listing. I saw the property the day it was listed and put in an offer 10 minutes after viewing; it’s difficult to find properties like this in north-side Chicago market so naturally I couldn’t let this opportunity get away.

Just closed on my first rental property this past month. Thanks to BP and all contributors for giving me the tools and determination to start on this journey! Looking forward to contributing where I can!

Independent agents are my go-to resource as they can shop all the carriers for better rates and limits based on your personal situation. Not to say that insurance carriers don’t provide value, I just find solace that I can go back to the same person if I decide to change carriers should rates go up or if I’m not happy with any claims processing from that carrier.

Who I use: McCutcheon Insurance out in Mokena; they’re fantastic at walking you through the process from start to finish. They do commercial lines in addition to personal lines.

There are plenty of independent agents to choose from in the Chicagoland area and elsewhere.

You could always put in an offer that's contingent on the seller buying an environmental/pollution liability policy for the land. They're usually good for several years and would cover the cost of cleanup if anything is uncovered in the future. Just a suggestion. You should consult an insurance broker or agent to get more info on what's possible.

Hi Kyle - I'm a little late to the game, but I have the exact same question. I live in Chicago [and in a garden unit]. My fiance and I don't mind it as it's a cheaper alternative and realistically we spend a lot of our time outside when weather permits. Our condo has had no issues in the past 15+ years [since converted from apartment] even with torrential downpours; the only drawback I've personally encountered is the change in temperature during the seasons. It's harder to keep the unit warm in the winter, but in the summer the AC rarely turns on because the ground keeps it cool.

I was recently looking at a potential lead for a garden unit as a rental and decided to search BP and this came up. Did you end up pulling the trigger on a garden unit? Curious to see if anyone else out there has found this strategy advantageous? 

Loved this episode! Thank you! I am in Chicago and looking to get into the condo real estate space.

Thank you everyone for the greetings and valuable feedback. I look forward to continuing to educate myself and can't wait to start contributing.

Let me first say real estate investing has been a dream of mine for a long time. I just joined not long ago after a friend recommended me to this website. After listening to several podcasts and reading The Ultimate Beginner's Guide within the past week, I am really excited to continue learning and can't wait to "get some skin in the game". 

I'm currently living in the city while I have some family in the 'burbs. From anyone's experience, is a buy and hold strategy easier in the city or the suburbs? I can see the added value of investing in the suburbs but at the same time (as a millennial) I am envisioning greater long-term opportunity in the city since most millennials prefer urban dwellings.

I, myself, graduated a few years ago and still have some student loan debt, so I would prefer something that isn't terribly capital intensive. Maybe that sounds counterintuitive to what I am leaning towards? Having a full time job, I'm not too sure on the viability of other REI strategies until I gain more hands-on experience.

Ideally I would prefer to gradually build a portfolio and start bringing in cash flow to fund future projects (whether that's buy and hold or if I decide to try out other REI options). What are your thoughts/experiences? I'm an open book!

Thank you!