All Forum Posts by: Jeffrey Ma

As a licensed broker and wholesaler, I would recommend getting your license if you are serious about building a business model around wholesaling. Now I am not an attorney and you should always consult one as well. With that being said if you plan to do more than the 1 assignment allowed in a twelve month period then you have to double close all your deals. Now if you are only doing a few that is entirely up to you. But I would otherwise say get your license just get it out of the way. 

Hey Salvador! I know you posted this long time ago, but I hope you are killing it in your wholesaling business. Would love to joint venture if you come across any deals. I also have 3 contracts that I specially use for different scenarios would love go over them with you'd like! 

Best,

Jeff 

Hey Sarah!

Not sure if you started wholesaling yet! I know this post is super old but if you need any help or looking to joint venture on deals would love to work together! 

Investment Info:

Other other investment.

Purchase price: $2,100
Cash invested: $8,000

A STR Arbitrage, leasing for $2100 and leasing out for $3200 . Fully furnished 2 bed 1 bath apartment. Focusing on traveling nurses and 30+ day stay travelers.

What made you interested in investing in this type of deal?

It was a opportunity to do a Airbnb but the landlord wasn't too keen on having multiple guest per month so we pivoted and focused on traveling nurses and business persons that typically have a 30+ day stay. This also allowed us to get the ball rolling quick because in Chicago you need a license to Air BNB if your guest stays less than 28 days, but if they stay more than that technically they are a tenant, that way we actually can screen our guest more thoroughly with credit and background checks

How did you find this deal and how did you negotiate it?

This is actually a relative that asked me, since I am a agent, to lease out the unit. They were still unsure so we ourselves negotiated a 6 month lease, with the option to sublet.

How did you finance this deal?

Everything came out of pocket

How did you add value to the deal?

We used air dna and sites like furnished finder to compare prices and potential income opportunities

What was the outcome?

A bit out a rough start getting things off the ground, but we had our first guest after 2 months.

Lessons learned? Challenges?

I had a partner that was suppose to do a lot of the work but unfortunately I had to fire them. Since I was putting the majority of the money into the deal, the expectation was for them to put more time into getting things ready, but they only wanted to do what they were supposedly good at which is staging. I should've vetted them more instead of trusting their word.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Nope

Hello!

How does one get into land development for truck stops? When searching for land what kind of zoning am I looking for? What are some tips and tricks to look out for? 

Hello!

How does one get into development for truck stops? When searching for land what kind of zoning am I looking for? What are some tips and tricks to look out for? 

@Jonathan Klemm Local to Chicago! Sending you a message

Thank you @Jonathan Klemm 

Hey BP Chicago Fam,

Looking for investor friendly title companies. Please send me your recommendations and have a great day!

Hello BP Chicago Fam,

Looking to pick up some deals in the City of Chicago and Chicagoland area. Would love to connect and get some deals done. Currently looking for SFR, and 2-4 Unit Multi-families. Please private message me. And have a great day!