All Forum Posts by: Joseph Cameron

welcome to the greatest REI network of all time.

Hello BP,

Just a couple questions about properties in flood zones. A duplex just came on the market we invest in and its in a flood zone. I am not afraid to invest in flood zone areas because I can adjust my numbers to account for the flood insurance. So here are the questions I have:

A. Does properties in a flood zone get appraised differently? 

B. Will the flood zone hurt the ARV? I'm sure it doesn't help it, just wondering if it hindered the value of the home?

Thank you everyone for your advice and info. 

Awesome thread! There are some very helpful folks here in and around the Chicagoland. We are also looking for great lenders to help grow and scale our rental portfolio. @John Warren thank you for the greats services you provide. I hear a lot of wonderful things coming from you and Second City RE is doing. May I ask you to share the same information? Thank you. I would love to network with some great and knowledgeable lenders

Welcome @Felise Plata, we are also starting this journey into REI and from Joliet. I am always willing to help and chat about REI. Welcome and best of luck.

Welcome to BP. This is such a great community. Also, congrats on the SFH purchase. We (the wife and I) are currently going through inspection on our first SMF in Tinley Park to House Hack and rent out our current SFR in West Joliet. I would love to meet up and chat REI. We love the Small Multi-Family's in the all around West and Southwest burbs.

@Derrick E.

Wow! Out of the 200+ podcasts I listen too, I have not heard that strategy once. Great 👍🏽 idea. If I have tenant struggling to pay the full amount on time. You better believe “The Derrick Method” will be offered.

@Rachel Hertel

We own as well. We are planing on keeping the house add to add it to our portfolio. Once we have to many houses to manage, We will simply pass it on the our preferred P.R.  

Hello Rachel, Glad see people are moving back to the Chicagoland for a change, when everyone else is moving out. My wife and I are also tossing in the idea of house hacking for our first deal but nothing is set in stone yet. We both are new to REI and looking at many creative angles to get out first deal done.

So the first thing are doing to see what our budget might be in all the creative ways to start is: Going to lender/bank and get a pre-approval letter. Print out past 2 years tax returns, 3 months bank statements and pay stubs/ income generating assets. Just to see where we stand. Hope this helps you on your husband on y'all journey back home to Good Ol' Chicago. Also, it would be great if you can post back up the ways and steps you took to help future novice investors. 

@Dave Meyer Survey completed. The Pro membership has so many great tools. Great Job with everything. Just giving praise where praise is due. 

Yes, almost got scammed. Little did they know, we are BiggerPockets members and have the most professional REI community behind us. @Stephen White and I got out of the seminar and pretty said the same thing. "Everything they are trying to SELL us, we can learn for FREE on BiggerPockets and books at our library."

Thank you BP community. 👍🏽