All Forum Posts by: Kathryn Marchetti

Rich,

I like what @johnSantero said about setting specific goals because like the old saying "if you are not aiming at anything, you will hit it every time.  Also,  why not partner up with some of the mentors around you.  Ask what you can bring to the table and work your butt of for them.  Its a great way to see the "inside" of a deal without much exposure.  good luck

Jason,

 To get a good subcontractor you need to have a very detailed scope of work so the old "we never agreed to that" doesn't happen.  Also, ask to see the last 2 jobs they have completed and do a walk thru.  

@mikekrieg The way I analyze a deal includes always figuring in a management fee.  I would find a good management company and like @kylegregg mentioned, create as much distance a possible.  good luck

@GeorgeFoster  Nice post!  I am in complete agreement with the detail of your bids.  The more documentation the better.

I started out always thinking of the future and the appreciation I would gain.  Unfortunately, it was 2004 and the market was on fire so my understanding of the market was impaired to say the least.  As I continued to learn, I realized that planning for the future is extremely important but relying on appreciation is a crap shoot and I now look for solid cash flow.  Just my humble opinion :)

Here in cook county, the only way I would do an eviction is through a lawyer.  Its about as bad as California (I don't know if @WillBarnard would agree).  We had a "professional" tenant that requested a jury and completely played the system, took us almost 8 months to get them out.  Do it right and do it once.  Good luck!

History always repeats itself.  

Google street view?  At least you can get an idea what the neighborhood looks like.  I personally wouldn't buy a property like this, but its a start.

Chad,

I am an real estate agent here in the Chicago area and I find all my deals on the MLS. If you listen to the podcasts and have been on this site for any amount of time, there are lots of different ways to find deals from yellow letters, to working with wholesalers, even craigslist. The bottom line is to absolutely know your market. Just because a "deal" isn't on the MLS does not mean its a good deal. I would find a killer real estate agent as well as looking on craigslist etc. Good luck!

Chrystal,

Maybe I'm not following the story completely but has this contractor done work for you before?  If he has, were you happy, was the work good, maybe its time for a sit down to go over exact scope of work.   If he has not done any work for you yet it would definitely be better to find other contractors who are more upfront.