All Forum Posts by: Lucien Perreault

@Joe Gilroy

They’re all over the place in Chicago. I own one in Roscoe Village which is about a mile from Wrigley Field. Chicago gets a bad rep but the right neighborhood and right price can make you some great cash flow. I have an excellent realtor I can put you in touch with if you want to go further. Good luck on your search!

The question is what is “morally right”? It depends on your perspective which is developed over time by the experiences you have had.

I saw this STR issue first hand in San Diego. The housing issue was first created by all the red tape that gets in the way for developers and then the problem was exponentially grown by STR's and then the mass movement of money during Covid. I set a record in my old condo neighborhood when I sold for 565k(2bd 2bs 984sqft w/garage and ocean view 2 miles from the ocean) in 2021. One condo just sold for 765k a week ago which is absolutely insane.

Where do “morals” come into play though? Is it moral to create so many hoops for developers to jump through? Is it moral for condos that deal with raw sewage water from the Tijuana river to sell for 1mm?

Maybe the government should have stayed out of the way in the first place?

@Brent Huling

Thanks for posting your issue and i hope it works out for you. I learned plenty from this whole thread.

@Allison Ottenfeld

I’m in the Waukegan, Zion, Winthrop Harbor market and with plenty of people moving out of Chicago and some people getting priced out of Wisconsin, those 3 locations are right in the middle. Also, plenty of rent upside with the military base that I work on in Great Lakes. There’s a rental shortage and a wait list for military housing so finding a military member with or without a family to rent to should be easy. I have some connections up here and a great lender if you want check it out. Happy to help.

 Thank you very much for this detailed list. I have all except number 5 and now I'll need to figure out how to put that all together. 

Good Morning BP,

I am planning on writing an LOI for a property in the next week. The deal will be either a 4, 6, or 10 unit property(depends on who accepts my offer). These are all LTR that require some work but the extent of the work isn't too drastic, mostly cosmetic. My goal is to get the investor to partner with me and they will bring the reserves, deposit, down payment, closing costs, and rehab funds to the table and I will get the rest from a lender. When I present my offer, what are the big ticket items I should be presenting to the investor? Myself and a couple buddies will be managing the property and all the work that needs to be done so it will be very hands off for the investor if they so choose. I have a pretty good idea of what to present the investor but since this is my first time doing a real estate deal in this fashion, I wanted to get some advice from the BP community before I execute.

Thank you in advance for the help!

Very Respectfully,

Lucien

I look for Multi-Family deals and it seems like all of those are still flying off the market. Every time I check the MLS, the vast majority of properties listed are either contingent or pending. Best place to find a deal is and probably always will be off market. There seems to be plenty of turn over right now from one generation to another as well. Plenty of opportunity but you have to be willing to move fast, you won't necessarily over pay but the faster offer wins out.

I look mostly in Lake County, IL with some Cook County, IL and South East Wisconsin.

Good evening BP,

I’m looking into investing in some software for my real estate investing. I have read multiple reviews on multiple products but before I buy, I wanted to reach out to the BiggerPockets community to see what y’all have to say. Does anybody have any recommendations?

Thanks I’m advance!

V/R

Lucien

@Sapir Simply

Absolutely not. Your name makes you unique and a standout if you ask me. My name is difficult for most as well but almost everyone says “wow that’s a cool name, never met a Lucien before.” Right there in that moment I’m already ahead of everyone else.

@Mike Eichler

I have experienced both. I bought a 4 unit, lived in one, rented out 2 as LTR, and did the last unit as a STR. The city of Chicago frowns on STR's so there were a couple of hoops to jump through just to get approval from the city before Airbnb let us use their platform. Once we got everything up and running, it was fun for a couple months but eventually it wasn't worth the time and effort. Cleaning services were charging astronomical prices, Airbnb was not landlord friendly with some of the issues we dealt with, and quite frankly, I didn't like seeing someone trash my property which a couple tenants did.

As for the LTR side, my tenants are great and the system is more of a set it and forget it. As long as the prospective tenants have been screened thoroughly, I'm ok with them being there for a long period of time. The STR looks great on paper but from my experience, it was not worth the extra $500-$1000 a month. Good systems have to be in place before running an STR and even then, it's still an active job.

STR can definitely make you extra cash flow but it all depends on how involved you want to be. And as an investor, I'd rather have one steady tenant over a year than 100 tenants. Sure the 100 tenants will increase my revenue but, how much did they add to my bottom line?