All Forum Posts by: Kenneth Goldman
Kenneth Goldman has started 13 posts and replied 55 times.
Post: How Does Fix and Flipper find First Deal (Chicago Market)
- Investor
- Chicago, IL
- Posts 57
- Votes 3
Originally posted by Larry Smet:
The short answer is: I've established a great team in Chicago. Not to overwhelm you but over time you'll want to establish a solid team including at least: realtor(s), contractors, real estate attorney, property inspector and insurance agent. All of my team reports to me independently so I get several different perspectives on properties and areas. My inspector also serves as a project manager for my rehabs. At the end of the day it's the numbers that do the talking (in terms of choosing location), but I stay away from war zones. I find if your realtor specializes in an area that can work really well focusing there. After you've done a deal or two in an area you become more familiar and it gets easier because you have a better expectation of the outcome of any particular deal. For me it's critical to get report backs from all of my team members before acquisition and frequently during the rehab.
I think it's great if you are able to focus in your own "back yard" - it will make things easier, especially for your first deal(s).
Keep us posted on your progress.
Regards
Larry
Thank you! Great advice.
Originally posted by Chris Piper:
Chris,
I am looking for properties to buy and rehab in the Chicago market. If you have such properties, please add me to your list. Thanks
Post: Chicago Meeting for Bigger Pockets Members?
- Investor
- Chicago, IL
- Posts 57
- Votes 3
Originally posted by Sean Kuhn:
Sean,
Did you send your email address to George. He is arranging a meeting for Illinois people in November. His email is [email protected]
Post: How Does Fix and Flipper find First Deal (Chicago Market)
- Investor
- Chicago, IL
- Posts 57
- Votes 3
Originally posted by Larry Smet:
My first deal I found through the listing agent of an REO. It was in Northlake, IL and I found it on the MLS - can you believe it?? My 2nd was a short sale off the MLS (in Orlando though). 3rd through 6th deals were all in Chicago. 3rd was a traditional sale (pocket listing) that my realtor found - the same realtor that I worked with on the first flip. The 4th - 6th were done by purchasing judicial certs. The 4th through a wholesaler, the 5th and 6th by tracking properties coming up for auction and knowing the neighborhoods. My realtors have been critical in all these transactions and I expect that they'll continue to find properties for me to flip. Currently working on acquiring #7.
Having said all that, I'm currently also looking for good wholesalers in Chicago to keep things going.
Cheers
Larry
Larry,
Your advice is wonderful and I am grateful for the insights. I hope you don't mind a few more question and that is how do you go about locating, fixing and flipping properties in different states from where you live. I have only been looking in the neighboring areas to where I live since I am concerned about staying on top of contractors and schedules. Therefore, I would like to know how you manage from afar? How do you also decide which locations to look at? Thanks-Ken
Post: Chicago Meeting for Bigger Pockets Members?
- Investor
- Chicago, IL
- Posts 57
- Votes 3
@George Foster
George,
I am interested in trying to help arrange a meeting. However, are they purposeful and what types of people show up such as it is a mix of investers, buyers, fix and flippers etc... Thanks
Post: Wholesaling-How are properties found?
- Investor
- Chicago, IL
- Posts 57
- Votes 3
@Chris Piper
Chris,
Thank you so much. The advice is excellent. You have clarified many questions. Thank you again
Post: Wholesaling-How are properties found?
- Investor
- Chicago, IL
- Posts 57
- Votes 3
@Chris Feltus
Chris,
Your forum post is awesome. Can I trouble you with the verbiage used in the post card and are the post cards any specific type? Some wholesalers have stated that even the type of stamp may make a difference. I also have a question about the listing services and whether many investors use the same lists so that the home seller is being inundated with many postcards, yellow letters...etc. Thank you
Post: Wholesaling-How are properties found?
- Investor
- Chicago, IL
- Posts 57
- Votes 3
@Joe Gore
Joe,
I would be grateful if you would explain what you mean. Does USPS have lists?
Thanks
Post: Wholesaling-How are properties found?
- Investor
- Chicago, IL
- Posts 57
- Votes 3
I have listened to many real estate investors talk about marketing methods used to find properties such as yellow letters, postcards, direct mail...etc. One in particular even describes the amount of mailings his people send out on a monthly basis. But I want to know is how the properties are first located to target a certain area with my yellow letters. Is there a list to buy or do I just circle a neighborhood on the map and target every address? However that does not make sense either as not every house on the block needs rehabbing, is in distress or is the type of house that I am looking for. I beg for direction.
How do I find Wholesalers in the Chicago Market?