All Forum Posts by: Account Closed

@David Smith

Depends who you are talking to get an actual feel for the market. I would recommend talking to several people at a local REI group in the area. Look her on BiggerPockets for a local meetup or look on Meetup.com. If no luck there call a several real estate brokers and find some that invest in the area of have clients who do and see if you can take a few people out for coffee/ lunch. Try to find people who are "actually" investing in the area to get the best feel for the area.

If your looking to branch out into a different market. One good thing to know about analyzing a market for rental properties would be the average rent rate to purchase price ratio. Or for quick numbers just use the 1% rule. If you can easily find properties for sale in an area around say for examples sake 120k and using a site like rentometer you see the average rent price is around 1,200 or above then that’s probably a good market to dive into learning more about. 

Also setup auto searches on this site for IL and check the marketplace. See where wholesalers are offering up deals, see what places are being talked about commonly and make some contacts in those areas to learn more. 

@Elyse Moore I'm interested. I sent you an email directly to discuss!

@Audrey Moss

There some discussion here and there, but for the most part yes not as much discussion for how large the city is. If you setup the right keyword searches you can be alerted to the conversations just as I was for this one. 

What are you investing goals for 2019 and where would you like to target your marketing in Aurora? 

Hey @Audrey Moss I would be happy to share with you. Aurora is a great market. 

I work with many investors as a broker and have done wholesaling in the area as well. 

Any questions you have or just looking to start a general discussion? 

@Bill Flannagan

I would say your probably right the tenant is smoking pot in the house. The skunk story sounds a bit far fetched!

But like you said you don’t have proof. If you really feel you would like to pursue evicting the tenant. I would consult with an attorney and your review your current lease for ways to ways to pursue that without physical evidence besides for the smell. 

If your curious my opinion though I would say if there is no physical damage to the property or signs that the tenant is participating in disturbing drugs at the property (lot of cars constantly in and out) or no complaints from the neighbors. I would let it pass and if it bothers you seek a new tenant after expiration of lease. 

The smell of marijuana smoking will not remain in the property after your current tenant leaves. Whereas if it were the scent of tobacco smoking that will remain for some time. 

@Mike Ganske

Yes @David Monroe has the best idea here. Although it might be challenging to find the broker that has it under contract yourself. Ask  the broker you worked with or the listing agent for the brokers contact info. 

They would need to ask their client 1st if they would allow them to give our their contact info, but it would be worth a shot. 

Also you can always place a backup offer even higher then your original bid amount if you are wishing you bid higher. That way if they get into any sort of negotiation back and forth about inspection issues/ financing. While they are within contingencies the sellers can back out of the current contract and move on to your now higher offer. 

@John Wilkins

Hey I’m a local broker and investor. Would be open to meet up and help you get started in your investing journey! 

Yes @Allen L. you are correct in that you need to have your license for 2 years out of the last 3. 

I believe you are misunderstood that when you pass the licensing test in IL you do NOT receive your license. You actually receive a 45 day sponsor card which you MUST take to a brokerage and sign up in order for you to get your actual license. If you do not hang you sponsor card with a brokerage. You are not officially licensed and cannot practice RE or do any transactions. 

The purpose I believe is to have a more experienced managing broker audit your contracts written over the 1st 2 years. Once you have experience of 2 years then you can upgrade your license to managing brokers and open your own shop and work strictly on your own. 

@Allen L.

I believe your on the right track and I believe its a no brainer to get your license as an investor. The benefits FAR outweigh any negatives that I am sure others will try to bring up. Also to your point the amount of time invested to get your license and cost will pay for itself in your savings with one deal. 

I hear your concern you don't want to work for another broker and want to be independent. But like @Brian Ploszay said you cannot at this time qualify to be your own managing broker and run your own brokerage of 1. 

I would recommend finding a brokerage that does not have set workload requirements or expectations. Also if your not planning on producing a lot and only using license for personal use I would make sure you find one with low montly fees if non at all.  Therefore you can just enjoy the benefits of having your license and not feel like your working under someone.