All Forum Posts by: Michael K.

Sounds like you are on the right path. What makes you feel stuck?

DM me if you want somebody to help you run an analysis or kick the tires on a potential deal.

@Jose Lopez hey man, gotta say, I love your spirit. That said, the unfortunate reality is that without any experience or money you are not going to find a real “partner” at this time. The word partner implies that there is some level of equality in the relationship. What you are looking for is a mentor, teacher or employer. Start by saving up some money and learning the business for a couple years. Get a credit card and start building your credit. Go learn something (not necessarily in college). Do all that and you’ll be in a great position by the time you’re 20. Best of luck!!!

@Mitchell Pudelski

They might not really understand what you mean by leaky toilet. Also might just not be paying attention. Either way it’s going to be hard to recoup your losses on this one. I would also wonder if all that cost can really be due to one toilet. I think you have the right idea in having them pay for their water, perhaps it was also the case of them being overly cautious about water usage when they co-paid, and now they have become overly liberal in their water usage since you assumed the cost.

@Craig Barter Where is your current home located? Have you considered house hacking?

@Craig Barter At first glance this seems like a convoluted means to getting your real estate license. Apart from start-up costs like any real estate course you take and the time spent studying to pass the exam, holding your license will cost you about 2-3k per year. So as long as you are able to close a few deals per year it will pay for itself and will give you the added benefit of access to the MLS. You can also make the buyer/seller side on your own transactions.

If you are planning to quit your day job and go full time into real estate I suggest you have a decent emergency fund of at least 6-12 months prepared. Even if you get clients the first day on the job you are looking at 2-3 months before any checks start coming in (and never spend the money until the check actually hits your bank account, you never know when a deal might fizzle out).

Hey Ricardo, too bad that it didn't work out. I would say, in general, sellers are not going to vacate the tenants for you. If the tenants have an active lease the only way you can get rid of them is to either buy them out, hope they are willing to leave early, or just wait until their lease runs out. If you choose the last option you will still need to give proper notice that you won't be renewing with them (typically 60 days on a year-long lease). Deals listed on the MLS will typically include the expiration dates of any current leases. But if you are buying something off-market then you will need to make sure the seller provides you with that info.

Just to clarify, what do you mean by not willing to vacant up until the closing?

@Tim Sipowicz if the property is in cook county you should be able to see what the tax bill is for 2020 and the first half of 2021 via https://www.cookcountyproperty...

I would also suggest looking to see what the taxes are on nearby properties with similar characteristics. Based on what you find you may want to either contest your taxes or prepare for higher tax bills in the future. I have seen crazy taxes on properties just to the north in Harvey IL (if I'm remembering correctly something like 12k yearly on a property selling for 150,000). I don't see that type of thing in the city.  

@Artric Love welcome to the scene! Can you talk a bit about your interest in real estate? There are lots of people on here who give good advice and free information. Cheers.

@Marc E. M.

Hi Marc, I’d be interested in connecting. I’d also like to point out there are already a lot of investor meetups in the area you might be interested in checking out. See link. https://www.straightupchicagoinvestor.com/chicago-real-estate-investor-meetups

@Wilson Hunter

One thing I have learned while working with clients is people have very different relationships to money. Some people make it a game to get every single cent out of the transaction, some people think 1000 dollars one way or another is a big deal. Other people are not so price sensitive or nit-picky, and just want to save themselves a headache. Point is, you will run into both types, so be on the lookout.