All Forum Posts by: Naeem Barbour

Hey guys I came across a deal that fits my criteria. I found a property in Ohio that is a 15% cash on cash return the asking price is 43K its worth 75K and only looks like it needs about 15k of work in it. Currently it rents for 900 a month on section 8 and with a few 10k added it can increase rents to 1033/month. After ruling out some factors the deal still works. How would I go about funding this property being that I don't have 43k just sitting around and I dont think any one lends that low. Maybe a partnership or lending? Currently after everything is paid the cashflow is $450. if I get a partner how would I pay them back? Need an experienced investors input on this.

Hello family, 

I'm starting to think outside of the box and starting to get involved with more investments like wanting to own a self storage facility , hotels, or billboard investing. This is a brand new lane for me, what advice would you give to someone that's just now trying to learn as much as they can on Billboard investing. Getting started....how to research the best area...funding.....where to find brokers etc. I'm open to any advice and success or horror stories that someone may have to share.

Yes! I'd really appreciate that!

Quote from @Amy Pearson:

I mostly work with buyer investors on multi-units in Chicago. I totally agree on the ADU or if the building is permitted for 4 units when it is only a 3 unit building. I am starting to wonder if long term tenants are a negative because in Chicago there is a new rental regulation that you have to give 120 day notice before lease expires to increase the rent if the tenant has been there over 3 years.

 Hey Amy! I like the info your providing on your post. I have some multi unit questions that I'd like to connect with on. Are you free to connect? Maybe set up a meeting?

Quote from @Funsho Adesanya:

Hello BP Family!

I'm a Chicago investor currently owning 10 units (2 fourplexes & a duplex) and looking to start scaling into larger multi-family properties (5+ units). Would love to connect with like-minded investors/operators in this space. 

Thanks!

Hello Funsho,

Congrats on your properties! I'm actually and investor that owns only one 2 unit building as well. Looking to purchase my next 4 unit building and scale to larger multiunits like 6-12 units. If your open to it, I'd like to connect with you since we have similar interests and your actually a step ahead of me. Maybe you can teach me a thing or two.

Quote from @Jonathan Sor:

Hi Everyone,

I'm currently looking at a 16 unit apartment in Stickney, IL and was wondering if anyone had any insight about the city. Doing some preliminary research so far and wanted to get a broader scope of opinion from individuals who live in the area and are much more familiar with the city and surrounding area. 

My initial impression is that it's a small town with almost half of it's city proper taken up by the large water reclamation plant.  The city itself seems to be working class with what I would classify as B-/C+ neighborhoods.

I live in Southern California and have only been to the Chicagoland area a few times.  I have a 12 unit in Lansing, IL but haven't had a chance to scout Stickney and the surrounding area yet.  

Any insight would be  Much appreciated,

Jon

 Hey Jonathan, Amazed how your in Cali and found a 12 unit property. How did you go about finding it? I'm actually in the Chicagoland area.

Quote from @Kerry Noble Jr:

code violations and preforeclosures

 Are those code violations on the county website? Then once you get the code violations, do you skip trace the owner like you would if you just came across a vacant building? Like what exactly do you do with the code violations? I ask because some codes can just be zoning right?

Quote from @Marty Boardman:

I'd be surprised if any such list of utility shut-offs existed. I could be wrong, but I thought ComEd was the major utility in Illinois and they are a private company. They'd be in a lot of trouble if they disclosed publicly a list of customers that were past due on payments.

Up until 2019 I was getting my flip deals primarily from wholesalers and a network of Realtors. But I think those days may be over for good. I'm now targeting pre-foreclosures and auction properties in small to mid-size markets. You may want to search outside Cook County since there's so much competition there. I'd suggest McHenry and Lake counties. Good luck Naeem!

 Hey Marty, 

I've actually considered Indiana just really didn't know where to start to be honest. They told me to find a realtor in Indiana and have them source on for me. With pre foreclosures don't you have to pay off the balance of the rest owed first? I'm asking for understanding because I'm not sure how it works. My first deal was from someone that owned free and clear.

Quote from @Jake McVey:

They are hard to come by... but the mls still has deals!  I'm in the Chicagoland market as well and just finished up a flip we found on the mls two months ago.   

I struggle with the mls. It seems like the mls is still high priced. My first deal I got was from driving for dollars I bought for 38k and sold for 166k. On the MLS everything seems within 100k. Then on top of that I dont really have a specific neighborhood but it seems like everything that's for sale is placed in Englewood etc. Also do you attend any meet ups monthly or weekly? I think that might be my problem in not being finding a mentor in this game.

Hey guys,

Looking for more flip leads. Besides driving for dollars, and going to real-estate meetups I would like to know some effective way to get leads. Someone told me that you can pull the county's utility shut off list but I'm actually having some trouble location this list. Are there other lists out there in Chicago that acts as a lead? Or maybe more strategies that you acquire properties in Chicago?