All Forum Posts by: Jake C.

WIth 100K cash and 6 months to focus on success, what aspect of real estate would you choose to concentrate on and what would be your game plan for building wealth?

The money in question is my savings and I have separate funds to take care of me for about 8 months. I don't have any debt, and at this point I do not have an income. Ideally, I would like to establish an income on which to rely for the future...

Thanks for the insights!

Hey guys,

Ive been lurking around this forum for a while trying to glean some knowledge until now. I figure that I'm in a perfect position to either make a ton of money or lose it all, and it might as well be a an experience that others can learn from, if nothing else.

Ive been interested in rehabbing property for a very long time. Ive never really looked into it farther than reading material, but there came a point when I decided that its either RIGHT NOW, or never. Heck, I'm young enough to still make mistakes. So, after three months of much research, I quit my job and moved to Chicago with the intention of making rehabbing my full time job, for a few month trial period anyway.

So here I am, two weeks into Chicago. I have money put aside so that we dont have to be distracted by bills while Im working, I have about 100K in cash that needs to be multiplied and I have some ambition that should come in handy.

The past week or so I've just been driving around target neighborhoods, trying to get a feel for streets, value and home styles. I actually put offers on two separate houses; one just fell through and the second Im waiting to hear back from the bank on. Now Im just kind of wandering from neighborhood to neighborhood trying to figure out what to do next.

Anyway, thats my story. Glad to be a part of this great community and I hope to learn a lot!

Joel,

I had that same reasoning as well and gave lowballing a try a few times. A house with major repairs in a great neighborhood wanted 130K, they dropped to 105K in 30 days. I offered 45K, they countered at 104K. I re-countered at 46K, they re-countered at 98K. I re-countered at 47.5K and I never heard from them again. With lowballing, it seems to be a real numbers game and Im assuming that there are many more aspects to it than just a low offer.