All Forum Posts by: Patrick Britton

Guru-free round-table discussion of anything real estate related.  Topics of discussion have included:

• notes
• private lending
• fix n' flips
• out of state rentals

This month's meeting we will have an in-depth discussion on Solo 401k plans and how they can propel your real estate investing goals to warp speed.  

More details here:  https://www.meetup.com/Bellingham-Real-Estate-Inve...

This month's meeting will be a little different as there will be information made available on Solo 401(k), IRAs, etc., and how to use those funds for real estate.  

About a month ago I finally closed on the purchase of 4 single-family properties.  It took over 3 months thanks in large part to lender incompetence.  Here's my take-away from the wretched experience:

Use a lender you have already worked with.  If not, give the new lender only a single property/deal in order to determine their viability, process and hidden fees.  Giving an unproven lender the entire portfolio is a significant risk.  

that's all for now!

Looking for a general contractor for southside Chicago rehab.  Looks like it should be cosmetic only ($20,000 - $30,000).

Needing this person to be able to start by end of the month.  

@Naomi Yamasaki  If you're a PM in Vancouver I might suggest getting started in WA state, or anywhere else in the US, with something you're familiar with.  Buying land to build anything outside of a stick built home is often too problematic thanks to the bureaucracy of the anti-development local government here...
Perhaps consider buying a larger MFR with a partner down here? As a PM, you could handle the day-to-day operations and the partner could play role of silent partner, financier or whatnot?

@Keri Middaugh @Drew Brown  do either of your have a recommendation for an online class/instructor?  @Keri Middaugh  Kaplan could not have been that bad, after all you're now licensed :) Would you use them if you could go back in time? 

@Kimmara P. sorry but you are 6 years too late.  wholesaling these days is done by people spending 20k a month on advertising and have been doing it for 8 years.  

I would suggest spending time and energy looking for the next wholesaling "thing," whatever that is.

@Stacy Walker I flew out to look at the general area/neighborhood but i have yet to see any of my 7 rentals in person.  I found my property manager here on Bigger Pockets.  reach out to him @Mark Ainley and yes, I think Chicago is great for anyone.  But again, it's all about the PM.  They matter far more than the realtor, home inspector and lender.    

@Stacy Walker the first rental I bought is in Chicago and I live in Bellingham.  Out-of-state rentals is easy with a great property manager.  There are no deals here in WA State that cashflow like they do in other areas of the country.  And 20k will get you very little, if anything here.  

If you're comfortable with SC, then do it.  Just get a good PM lined up first.  

@Keri Middaugh 1 week licensing?  that's all it takes?  wow!  nice...

I am interested but I am unsure when I would move to MI.  It could be in 3 months, maybe 9...i just don't know :(