All Forum Posts by: Account Closed

@Dannika Shambee

I would agree with @Chris T. deals are more important to focus on than building a buyers list. 

I would say go to a few REI groups that you can find within BiggerPockets and/or meetup.com. When there meet a few solid cash buyers that are buying regularly in your area.

Then reach out to a few Realtors in your area that work with investors that have cash buyer clients. Your value proposition to them would be you can provide them with off market deals they can turn over to their cash buyer clients and after they are rehabbed the realtors can list them for their clients at full rehabbed price. You can find these realtors either on this site or by looking current homes for sale that are obvious rehabbed homes. 

Don’t spend more than a few days on this. After that focus all your attention on finding deals, otherwise you will be out of the business quickly as many are that come in trying to be a wholesaler. 

Also getting your brokers license is a good way to supplement your wholesaling income. As you will find many prospects you come across will reject your cash offer and will want full retail value. Those people are great prospects for a realtor. Even if you don’t have time or want to be a practicing Realtor, you can get the license just to earn referral commissions by passing along the lead to another’s active Realtor. 

Hope this finds you well! 

Welcome @Melvin Kim! What attracted you to real estate investing? 

And make sure you check out the BiggerPockets podcast 

@Mitchell Riggs

To best answer your question about suggestions on making investing in Chicagoland lucrative, I would suggest take what you have learned from the podcasts and develop your target ROI. Know what cap rate and cash on cash return your looking for.

Just like the old saying “one mans trash is another mans treasure” , what could be a lucrative deal for one investor, may be a NO deal for another. Your question might better asked by looking for suggestions of how and/or where to find deals in IL that hit a certain percentage cap rate. 

Once you have those numbers then reach out to local realtors and wholesalers in your area to see if there is any deals in your local market that hit your numbers. 

If  not then you would be forced with the decision to either lower your investment returns or branch out to areas of the county where those returns can be achieved. 

If you need help determining what your ideal ROI is going to be and/ or if my local market has deals that hit those numbers. Give me a shout!

@Joe Hermanson

About how much in Maint, cap ex etc (variable costs) are you looking to spend/save a month to get the $300 cash flow? 

@Amanda Aesho 

Yes flipping is very active, but competitive in The Western Suburbs of Chicago. Are you thinking of getting into the industry in this area? 

@Joe Hermanson send me your variable expenses metrics your going to use for calculation and purchase price capabilities and I will send you what suits your needs. 

Naperville is always tough to find profitable buy/holds! Taxes, HOAs and competition with owner occupants really throws off the numbers. 

Are you open to investing in Aurora, Joliet, or Elgin? 

@David Riska I’m in the area and might be able to work out some sort of deal with my group. Let’s talk would be happy to help see what we could do.

@Nate Anderson 

Good Question. As far as I know you can only get MLS access as a realtor or as a realtors assistant.

Maybe there's another solution to your needs. What are you looking to use the MLS for when you gain access?

@Kumar Tummalapalli

I believe you are referring to the State Exam that AMP notifies you that you are ready for. 

This will be your final exam if I’m understanding where your at. When you leave after passing they will give you a 45 day sponsor card. You take that to the brokerage you are signing up with to activate your license. 

What brokerage are you joining? 

Also @David Smith a great strategy would be to buy right on your 1st purchase! Find a home you can house hack or can live in and turn into a rental later.