All Forum Posts by: Meghan McCallum

I analyzed 100, I made an offer on 4. I have an accepted offer on one, was countered $5K difference by another, have one writting a counter to my CRAZY low offfer and I'm in very friendly negotiations (just a few thousand apart) with a fourth who will seller finance until I can cash refinance my first accepted offer. Thats 10 units and a flip!!!!!

ALL OF THEM ARE DASTERDLY FANTASTIC CASH FLOWING NUMBERS!

I have to hand it to the guys here at Bigger Pockets, @Brandon Turner, I have been listening to the podcasts, reading the blogs, and reaching out and networking with other investors for not even a month. I have learned so much! I have a bank who sends me mail on pocket properties they have taken back and lets me in to see them to bid before anyone else, I have a woman from a title company who I forwarded the article 

https://www.biggerpockets.com/renewsblog/2015/11/04/title-company-resources-real-estate-investors/

She has read it and said that she hasn't done many of the things the article speaks of, but is going to do some research to she what she can do for me.

My loan officer is SOOOOO impressed with my property analysis (from Bigger Pockets) that she asked me if I would share it with her (there goes my secret) and she wants me to sit down with her and the loan manager to teach them about the Bigger Pockets analysis resources. Oh yeah, they are so happy to do buisness with me they are trying to allow me to submit my cash out refinance packages BEFORE I EVEN CLOSE! 

Thanks guys for the boost of confidence and education to turn my highly profitable hobby  into my full time (15hr week) career.

L.O.V.E.

Meghan

And it begins! I FINALLY got a deal. I put offers out on 3 properties. One came back w a yes (3 flat), still waiting on the others. I have one other in Geneseo in negotiations (two flat). I'm writing the contract today! I have already taken an information packet to the bank for the cash out re-Fi. My banker is beginning to process it even before I close bc she knows I want my cash out so I can get my BRRR on. I have an offer for the 5 plex across the street, so if all goes well, 8 units right near each other. COMPS are really hard to find. I just know I will cash flow immediately and should have more than 30% equity without fixing it up. So, looking forward to my cash out payday (my fam's plan is to live off the difference in the equity cash out from the cash I invested, all rent will remain with the property until paid off).

So, one down and three to land. Wish me luck!!!

Frank Sanchez I own a few properties in Evanston, and yes...getting a multifamily near you is tough....tho...it is doable. Look west Rodgers park. Northern hoods of Lincoln Square. Also, you may be able to find a solid deal near Northeastern University...or look at Niles IL. You may be able to find some deals there on the MLS. I would also start digging in at night. By that, I mean start getting on Cook County's websites and find owners who live out of states. Send them letters. Multi families are always for sale. Hope to get lucky. Luck=hard work meeting opportunity😀

Hey Zeke, Word of mouth is going to be your BEST way to go. Start buying people lunch. I will PM you my list of whom. Hold that thought, PM me as I'm on my phone and I can't reach out to you with the app.

Hey Zeke, Word of mouth is going to be your BEST way to go. Start buying people lunch. I will PM you my list of whom.

I would see if I could get a line of credit from a local bank on your AZ properties. They may have a problem w you investing the $ outside their lending area. They may not ask. Find local banks, make friends with the lenders, and have them teach you how to give them the answers they are looking for. I am having success w that.

Take a look at what local properties have sold for recently. This is an area that Poole are saying is "getting warmer". If I were you, I would offer $300k. This is an area that is mostly three flats. I have looked in the area and the competition for renters is tough for that reason, but...if you are willing to live in the basement (makes sure the windows in the "bedrooms" are no greater than 40" off the floor and have nine square feet clear outside each window=egress) and rent the other two...it's a great start. Also, those buildings usually have an enclosed porch...if you can use a spiral staircase or build a legal st air case to the roof and give the top floor tennant roof rights...you can get far more rent.

Hi,

My tenants have recently emailed me about mice. How much of this is my problem. I have rented before and when we had mice, we put out sticky traps. The property is in Chicago and mice come in door in all properties EVERY fall. What is fair to expect from their demands? I'm happy to bring over sticky traps and try to plug holes with steel wool...but I'm not going by everyday to pick up a dead mouse or two.

I don't know if there will actually be a "pitching of products". I'm just an attendee. I don't think there is...but just in case...ha ha. You've been warned.

Quad Cities Real Estate Investing Group is meeting Thursday Oct. 29th @ 6:30 pm at the Davenport Public Library - Fairmont St. Branch

3000 Fairmont St. Davenport

The topic is "7 ways to Find Real Estate Deals"

There are 9 of us going so far. This is a group that is on MeetUp.  Please join us.