All Forum Posts by: Nnabuenyi Anigbogu

Hello @Alex Gershbeyn

I am a newer investor that is also interested in joining and partnering with like minded investors in the Chicago area. No fix and flip experience yet but currently own a total of 5 rental units in the NW part of the city. I would be interested in meeting up and just getting to know you and other investors.

@Leigh Ann Hughes How did the Oak Park properties pan out? I grew up in Oak Park and am definitely interested in investing there. I am scared of buy and holds there though due to the property taxes. Would definitely love to connect.

Thanks

Nnabuenyi

Hello Phillip,

Always happy to see another Chicago investor on here. I know that there are a couple of meetups that happen in the south side and a good course of action would be to start networking there.

A good way for someone to get started with bad credit and not much money would be to focus on finding deals and then partnering with someone that has what you don't. For example i have great credit and money to invest but haven't had the time to source for deals to invest in so im keeping an eye out for those with deals looking to partner. Once you get a couple of deals done then you will have enough money to do a deal on your own.

I have learned quite a lot on this forum and you are in for a wealth of information. Network and learn and you will have a deal under your belt in no time.

Oh and make sure to read the Ultimate Beginners Guide. Great amount of useful information.  http://www.biggerpockets.com/real-estate-investing

Regards

Nnabuenyi

Welcome to BP Sarah.

I will echo what Ryan said in regards to the meetups. They are an excellent way to learn and network with those that are actually doing what you want to do. Also the guides available on this site are invaluable and have taught me quite a lot in the last few months.

Hope to see some success stories soon!!

Take care.

I agree it seems risky. I just wanted to make sure I'm not over thinking it or not being fair.

Can someone recommend a real estate investor/Landlord lawyer in the northwest side of chicago? Irving Park/Portage park/Logan/Avondale and Northwest suburbs (Niles, park ridge, glenview etc)? I like meeting face to face with my representation and those areas are the easiest to get to.

I am looking to draw up a lease at the moment and will need other services as i get into fix n flip.

Hi all,

I am currently trying to rent out a 4be/2bth unit in my new building and wanted some advice on potential tenants.

I had four people looking to rent the unit as roommates. One of them has a eviction on his record from about 5 years ago, another one has a clean history but stated she will be filing bankruptcy very soon. The other two have clean histories and avg credit scores. All this info was volunteered by them and i have yet to do any sort of check.

I was just wondering if its even worth it checking them out. If it was one person with an eviction record then it automatically no. But if he is signing with 3 others that have clean rental histories (not yet confirmed but assumed) do you make an exception?

Thanks for any input

Hello again BP community,

After closing on my current property, my fiancee was talking to one of the tenants and found out that the 2 flat next door to mine is vacant. Apparently the old woman who lived there could no longer live by herself and had to move in with her kids about 2 hours away. 

The kids want her to sell the place but she does not want to yet. Also it hasn't been remodeled in probably 30 years (60's wallpaper still abounds in the property apparently).

Now this got my mind clicking. I have heard about grandma houses (houses in good shape but have not been updated in years) and i know they are supposedly good investments. What i want to figure out is the best way to approach acquiring the property now that i have info others don't and before she is convinced to sell.

Will sending yellow letters be a good starting point? If so what kind of language is appropriate for this situation. The kids i hear come by one or twice a month and collect her mail. If i could run into them that would be ideal because i can build a relationship.

Thanks for all the help

Morning everyone,

Wasnt sure what category this fits in so ill ask it here.

I am trying to figure out the best route to go to get money for my first fix and flip. I do not have a deal yet and im starting my marketing for off market deals and searching the MLS with my agent. I want to be ready once a deal comes knocking.

I am looking at several strategies

1. HML - Pretty straight forward and definitely the most expensive. could be 10-15% interest + points. However without a track record it might be harder to get them to loan to me.

2. HELOC - I just bought a 500K owner occupied 4 unit building that i put 20% down. I have seen some banks that allow you to do a 85%ltv to 100%ltv heloc. This will allow me to draw anywhere from 25K -100K. Interest is between 4.5% - 9.5% based on my research.

3. Personal loan. - I just heard about this from one of the podcasts. It is essentially a loan from a peer to peer lending site (best egg, lendingclub and so on). I can get approx 35K at 6%-10% (credit is excellent).

4. Partnership - This is ideal and im working on how to approach this since i have no fix-flip track record. However if i went this route i do have approx 15k in the bank to contribute so i would have skin in the game. 

Please let me know your opinions. 

Thanks

Hi Carrie,

Welcome to Bigger Pockets

I am currently in the same boat as you and looking to take the plunge on my first flip. One route i suggest is to go to some meetups in your area. I know i have run across some in the western burbs that seem nice. Im currently networking looking for potential partners since my capital is low.

How are you going about looking for deals? From what i understand once you find a good deal, money is much much easier to find.

Wish you good luck and i hope to see your success stories soon.

Take care

Hello,

I am in the process of trying to replace 30+ year old carpet in the general stairs of the 2 story i just purchased. It is a 2 story 4 unit building and i counted approximately 25 stairs and 2 4X4 landings. I am trying to get a ballpark of what this could potentially cost to put some high traffic cheap carpet on the stairs and also looking for recommendations as to who to use.

Property is located in NW side of Chicago.

Thanks