All Forum Posts by: Lumi Ispas

Pat, 30 min one way is already too long, as the tenants need something when they get home, meaning at the traffic time, so your 30 min drive can become one hour easily. And that's only one way...

One thing to keep in mind is that the property could be within 30 min of your home or your work. If there are more options for good investment properties closer to your work, buy them there, and the best scenario is to look along your home - work path.

Regarding rental prices, I would advice you to call some Management Companies, Rental Agencies or Real Estate offices. This way you'll get the most pertinent information.

Good luck to you!

Hi @Gary Alford, EB5 viza for the first time in history has reached the amount of this type of annual vizas allowed,  in August this year. Some years in the past there were not enough applicants.

There is a number of developers that use the program in tandem with a handful of attorneys. 

For 2015 there are so many applications filled from China, that the number of visas allowed will be reached probably by Spring!

The attorney fees alone for these type of deals are starting at $10,000 per person and every international investor has to invest a minimum of $500,000. 

Contact me and I will send you the information of one of the attorneys with the largest book of business in Chicago that does only EB5 visas.

Good luck to you!

@Jessica W. I can't say that I know why others teach and help others, however I will give you my reasons. I will give you a bit of info about me so you understand how much other's help and advise has helped me in life.

I came int he States about 15 years ago with limited knowledge of the language (hence my spelling), from a formerly communist country in Easter Europe, meaning that we had no credit card system, credit scores, no Real Estate industry per say, as most of homes stayed in the family for generation.  So I had to learn the language and figure out things for myself. I am a huge reader so very fast I found out that 90% of the millionaires in this country were made of Real Estate. I always loved arts, so architecture was a passion of mine, and immediately got drawn into the infomercials late at night of the "No money down programs. " 

I started reading everything I got my hands on and start asking questions on everyone that listened to me and had some experience with Real Estate: contractors, RE attorneys, CPAs, Realtors, Investors, etc . Due to the help of others and the books I read, now I am a Real Estate Broker in Chicago and after years of learning and working in 2013 I was named by Chicago Association of Realtors in top 1% or Realtors in the City of Chicago based on the number of sales I do per year. 

In the same time I am the biggest recruiter in my office and I am mentoring the most agents in my office. If I would have thought that I create competition for myself, then I will have not brought anyone on board, neither teach them the business that took me so long to learn and spent probably by now over $100,000 investment in seminars, books and real Estate courses. 

As an investor, I own a handful of properties for cash flow, I do flips and I am ready to start building. In the same time, I will call my clients and friends investors and give them lots of great deals, as I can't buy all the deals on the market. There is a saying that "The deal of the Century is on the market every day. All you have to do is go find it".

The market is a large pool of houses and people. It will be impossible for me to buy all the houses, to sell all the houses or to flip all the houses in the market even if I wanted to.

My mentees are sending my way great deals that they can't buy or that they are looking to wholesale, and I learn or remind myself how to do things just by teaching them. There is no better way for me to grow into my business than teaching someone else.  Some days they make my days just through their heartfelt thanks. I don't train them to get back. I get back because I train them.

The book that is the most published in the world is the Bible. So even if you are not a believer, if you read it to become wiser you'll find the following passage:

"Ask and it will be given to you; seek and you will find; knock and the door will be opened to you."

The second most published book is "Think and Grow Rich" by Napoleon Hill. One of the chapters is "Power of the Mastermind".  Read this book, there is a reason is the most published book after the Bible. 

Everything I've learned and I have in my life I owe to others. 

I start all my training of Real Estate brokers or investors with teaching them about Mindset, because Mindset is 95% of what you need in life and your endeavors. 

Unfortunately very few people understand that skill is only 5%. If you believe that you can earn money in this Industry or any industry, you will find a way and not question the motivation of others. Everyone's motivation is different.

Learn, study, attempt, take risks and when the opportunity arises - give back with no expectations and life will greatly reward you with money and great friendships!

Good luck to you, and do reach to me if I can help you with anything!

Hi David, 

For that type of investment you might find very few properties in the North Side of 
Chicago, however you could get some units in the South Shore, or other neighborhoods in the South Side of Chicago and some South and West Suburbs.

Regardless of where you buy the units, you have to make sure there are no cap rates on rentals in the buildings, that there are HOAs present and some owner occupants in the buildings, so the property is well taken care of. You also have to make sure you are aware of all Board Meetings and the issues coming in the building, so cap rates are not instated without the existing investors being grandfathered in.

Lastly, you need a Realtor that will provide you good comps for purchase and rentals, a possible management company and Real Estate attorney, as in IL we use RE attorneys for all transactions versus California.

Good luck to you!

@Daniel Moctezuma add me to your list of investors. 

Regarding how to take title on a deal, just make sure on purchase contracts write the name of the purchaser as following:

"Daniel Moctezuma and or Assignee", and you can figure out if you'll take title in an LLC or if you'll just assign the contract later and make sure you have several exits in the contingencies and the terms written in the contract.

Congrats @Shawn Yezza! 

As this is your first rehab, I advise that you stay in close contact with the contractors and visit the job often. Make sure all the estimates you got from each sub are clear and very detailed, and it spells how the payments will be make. 

I also advise to pay for the job as work is getting performed with a last  5-10% payment after final inspection.

Remember that first thing you do after the closing is to change all the locks, and the code on the lock-box, as a lot of people could have keys for the properties, and make sure the property is secured during construction.

Good luck to you!

Call Magda 773-592-1793. She is great!

Depends what you mean by investor friendly. As long as you can close with your own founds, Saturn Title will do a simultaneously closing.

Message me for their info if you are interested.

Good luck!

Hi James,

Welcome to the site. 

You are in the right place and it seems that you have a very good plan! 

Good luck!

@Willa Pugh, 

There are great ideas posted here: craigslist & rentometer and I will add to that postlets.com,  and driving by and calling the For Rent signs close by a property you are analyzing. 

As this is your first property, I will also advise to call a Real Estate Broker that is familiar with the area and you'll get a wealth of information about the rental market, demand and prices.

For example, I just looked in the MLS and there are 21 total rentals units posted active today, with your average 2 bed, 1 bath remodeled units located in two flats going for about $1100.

If you look in Berwyn, keep an eye on Forest Park, Cicero and Oak Park also. I was able to buy a four flat at the beginning of the year in the area with my fourth unit covered entirely by the rents from the other three units.

Good luck to you!