All Forum Posts by: Sam C.

Dawid,

This is a very moving story. I'm first generation American born and raised in Chicago and my parents are also immigrants. They raised a family of 7 kids on minimum wage and now own several properties. I wish you the very best,  brother. 

So yourself a favor and read the beginners guide offer here on Bigger pockets. That should give you an idea of how to start. 

Good luck!

Hey, Garnett!! Welcome!

I manage property in those neighborhoods and costs to own here have gone up dramatically over he last few years. There are definitely lower cost alternatives around, You just need to look pretty hard. I also am very interested in the Milwaukee area rental market  as well. I will be taking a drive up there before the end of the month to feel things out. You may want to get in touch with @Brie Schmidt (@BrieSchmidt) as she has property up there as well.

Good luck!

Welcome aboard, Ben!

thank you, @anthonyarmstrong @anthony Armstrong. 

Will keep you posted!

@brian woitte

Thank you, kind sir!

@cliffordpala @clifford pala

Thanks, Cliff!!

Yes, I was digging for gold and was about to give up when I stumbled upon the deal. Yes, it's higher risk (south side burbs) but this will typically yield a higher reward. As I have personally managed and collected rents in some of our city's toughest neighborhoods for these past 4 years I know how to collect in these types of areas and how to handle vacancy. Some might find this intimidating but I'm grabbing the proverbial south side rental market my the horns!!

However, I may not get the appreciation long term as say, your northwest 1.75 deals. But you will ultimately risk less volatility and certainly better appreciation long term in the northwest vs south side. 

I appreciate the kind words and interest. 

If you every need any help with property management questions, feel free to ask!! I have lots of fun information FOR FREE. Always eager to help my fellow investors!

Cheers!

@JeffValentino @Jeff Valentino

Sure thing. 

After mining Craigslist for a couple weeks and stumbling upon the same re-re-re-wholesale deals, I actually found the listing from a gentleman that purchased it directly from a lender thru a nice connection. He's also new to the business and it seems like we were both at the right place at the right time. 

Stay tuned for my updates on how I rehab and stabilize the asset!!

Thank you for your interest. 

thank you, @rafael velasco!! Will keep you posted!

Well, guess what!!??

I'm under contract on my first deal. I 

My first deal!!

I actually posted a thread a couple weeks back. It's for a decent 3Bed/1Bath condo out in Matteson, IL - a Chicago south burb (B- to C+, blue collar neighborhood) in a great little subdivision. I actually partnered up with my sister, and I'm very excited as I may already have a tenant lined up for this unit. Here's the stats:

$18,995 cash purchase price. (Negotiated from $22.5K)

$15K needed in rehab. Mostly paint, carpet, appliances, floor replacement, bathroom and kitchen updating. A lot of cleaning!! 30 day Project 

$3K closing costs. 

Total invested: ~$37K. 

Property worth $70K. 

Gross rent: $1,200 (roughly 3%rule)

Plan: line of credit for about $35K in about 6 months and then look for the next deal!! Oooorrrrr sell to an investor for a discount. 

I want to thank Bigger Pockets and all the members here for the motivation, guidance and useful information!! 

On to the next one!!

I'll be positing pictures and document progress for all to see. If I can do it, anyone can. 

See you soon, BP!!