All Forum Posts by: Larry Smet

Biggerpockets is a fantastic resource.  But I'm also finding it can be time consuming and sometimes distracting from my goals - just like any other social media.

Do you limit your time using biggerpockets?  

Do you have any tried and true strategies to keep focused on the other things we need to do everyday to keep our businesses moving forward - but still effectively give back on bp?

Thanks (in advance) for your tips and thoughts BP nation!

Welcome @James Lehmann 

Good to see you're listening to the podcasts - I think they're a great way to start.  It's also a good idea to set up a keyword alert (say, for "Chicago") and read the other free publications on BP

Let us know if you have any questions

I agree with everyone above - it's more about finding the right deal.  If you find a great deal the money will come

Good luck

Thanks for the warm welcome @Dave Visaya , @Brandon Turner , @Justin Stamper and @Sharad M. 

To quote Brandon - "It's awesome" to be here!

Nice to see representation from east coast to west coast (Orlando to Washington) and in between (Indiana!).  

But where are all my friends from Chicago??  I heard there is 10 million people in my market - and not one has said hi!!  :(

Thanks for the welcome @James Wise 

It's great hearing from other long distance investors - congrats @Sara Cunningham and @Elizabeth Colegrove for your long distance successes.  We all need to keep hearing these success stories to keep us going. :)

Elizabeth - I'll definitely check out your website.  Thanks for mentioning it.

Let's hear from some other Canadians investing in US real estate!  Where are you from and what market(s) are you in?  Any others investing in Chicago or NW Indiana?

Cheers

Larry

So I guess my "newby introduction" is long overdue - considering I've been posting on biggerpockets for a while now.

I'll try and demystify my Subject a bit and explain my history at the same time:

I live in Toronto, Canada but have some good experience flipping properties long distance in Chicago (5 and counting - with 4 more on the go) and Orlando (1).  I want to continue flipping but also start to build up a rental portfolio in Chicago and NW Indiana.

I've worked with private lenders, hard money lenders, funding (equity) partners [my favorite, by the way] and even some of my own money!  :)

Most of my partners and private lenders are Canadian but I also have a partner from the Washington DC / Virginia area.

Biggerpockets has been great so far and I'm looking forward to doing a lot more business with you all!

I challenge anyone reading this to leave a comment listing their hometown and market - let's see if we can trend this intro!  Woo hoo!  LOL

My favorite realtor.  :)

Of course he's gotten them through regular MLS listings, estate sales, pocket listings, through his network of fellow brokers - and from wholesalers. In Chicago we've picked up some good deals by buying judicial certs from wholesalers who pick them up at auction. That strategy you take on some more risk (and work) compared to a traditional purchase but as long as the property is discounted enough, there's a built-in cushion.

Hey @Iman Jalali 

I've been flipping properties on the north side of Chicago for the last couple years and would be happy to give my perspective.  Send me a message and we can set up a time to chat.

Regards

Larry

thanks @Chris L. 

Simple and boring wins the race!  Lol

Hi @Eric T. 

Just to echo what other have said, it's vitally important that you get your team set up before trying to buy a property.  Yes, your property management company is probably the most important for buy and holds, but their are others that you'll want to connect with as well.  Laying that ground work is important so you have resources to draw upon when you start putting offers in.

When  you mention "multifamily" properties did you mean small (<5 units) or commercial (5+ units)? 

@Chris L.  - now you have everyone's curiosity piqued!  What's your market(s) and what type of properties do you pick up?  Also wondering what your buying criteria are...

Thanks