All Forum Posts by: Patience Echem

You would have easily seen that the sewer line was in need of replacement if you had scoped it during inspection. It also would have been obvious that there was only one water line/ meter for 2 units by simply counting the number of water meters. A lot of jurisdictions are requiring separate water taps for each unit in duplexes now, so this is also something you should have looked into. It can be up to $100k to add a new water tap in some jurisdictions around here, and often is at least $40k, so it’s definitely something I recommend buyers look into before purchasing. No offense but it doesn’t seem like anyone screwed you here, but rather that you failed to do proper due diligence. These are things that buyers normally check during their due diligence and inspection time period, prior to closing, and then negotiate price accordingly. Expensive lessons learned. 

So this from @Eshe Harvey page

“This project reimagines a large, underutilized property in Chicago's South Shore neighborhood as a multi-use cultural and economic destination. Anchored in local pride but designed with global appeal, the vision includes ghost kitchens, creative studios, flexible event space, and marketplace for emerging entrepreneurs. AI driven tools will be integrated as well to assist with day-to-day operations, vendor coordination, and overall efficiency.

Strategically positioned just minutes from the forthcoming Obama Presidential Center, the development is designed to complement the anticipated rise in tourism, investment, and foot traffic across Chicago's South Side. It presents a rare opportunity to activate an iconic site with both community impact and scalable economic returns.

Currently in the planning phase-focused on gathering resident insight, cultivating brand partners, and aligning with forward-thinking investors and civic stakeholders ready to help shape a legacy project rooted in culture, commerce, and change.

Due to the unique nature of this concept, additional project details may be shared upon request and may require a mutual non-disclosure agreement (NDA).

Serious inquires only.”

So, assuming this is the venture the OP is referring to in her post, we can see this is NOT the normal beginner investment we usually see or hear about. 

We don’t know the education, knowledge, experience, ability, network, etc of Eshe Harvey, nor do we know the outside support this project may generate.  What we can assume from her posts is that she has great passion for the project; has a genuine belief that the project can be accomplished; and has positioned the project in a way that can attract both private and private funds, and possibly equity as well as grants. Also, Eshe Harvey appears to understand that she needs to bring in many individuals into the fold to help her achieve this projects success.

She’s shooting for the moon; but what’s wrong with that?  She’s heeded the warnings (which I see as real concerns) but she being in the best position to judge doesn’t think the individual she’s met with has underhanded motives.  Most people wouldn’t have made it as far as she already has. 

I hope she succeeds beyond’s her wildest dreams.  The best “American Success Story” are those who started with little or no capital and still were able to “put the deal together”.  I’ve seen a number of successes in my almost 50 years in real estate, and far too many failures, scams, and bankruptcies.  I hope this one is one of the successes.  

This is awesome on the face of it. I have had a few like that in my time. They are partially responsible for where I am now. I try to pay it forward here and there but so many are just not that serious and it just wastes time. Sounds like you have an ace here, but still, I advise to never let your guard down. Just looking at your profile pic, if that is you, there are several people that would throw all kinds of advice to you but have other stuff in mind. One thing that sounds great is his solid, established reputation. That goes a long way. Best of luck because a true and legitimate mentor like this, with no other motive aside from helping can be very limited. 

There are a couple of ways to start:

1. Find an investor friendly real estate agent that will double as a mentor. This is what I do for my clients. I have clients where we have been able to buy multiple properties because I'm there from start to finish. Grill the agent in asking how they can help beyond just opening a door.

2. If you are going with a property manager, find ones that will be honest with you. I invest out of state so I rely heavily on my PMs to be honest with me. I'll send them interested properties and if they won't manage it, I won't buy it.

3. Consider house hacking. If you have the capital, save it and house hack. Your cash on cash return will be much higher in the long run.

4. Do not rush into something just because you are eager, but also understand that it is not timing the market, but time in the market. 

Me and my friends planning to buy  a $400K (Loan) property with $100K cash (20% Down).

The rental in this area is at $2000-/ the emi would be $2500/M.. we have to pay additional $100-$200 Monthly for HOA and all. What are your thoughts on this deal?

Behold....The Bigger Pockets Mount Rushmore. A mountain of men so awesome at real estate that there are 5 heads instead of 4. These 5 men have amassed a stockpile of votes big enough to fill the hole left in your heart after your Dad never came back after saying he was going to the store to get some cigarettes. 

These 5 men are tough as nails. 

These 5 men season their steak with pepper spray.

These 5 men put hot sauce on their cereal. 

When Elon Musk gets to Mars, one of these 5 men will make him fill out a rental application.

When these 5 men enter a room, they do not turn on the lights, they turn off the dark.

These are the 5 men whom the monster under your bed has nightmares about.

@Jay Hinrichs @Nathan Gesner @Russell Brazil @james wise @joe villeneuve 

___

It's silly to ask, but if you've got a Bigger Pockets Mount Rushmore that differs from the one seen here with the 5 G.O.A.T's....Who's on it?

Let me be clear on where I stand._

People who come to BP solely to post a promotional piece citing the advantages of the service or product they’re selling are dangerous to anyone not experienced in real estate and finance who may believe the “ad”.                          
It’s still an “ad” even if the poster calls it a “discussion” and even if they do not directly mention their ‘services” in the initial post (they hope someone “bites” and so they can mention on in follow up posts).                                                     

The danger is especially acute when the poster offering the service has very little experience and is new to this service.  It is further dangerous when the poster offers misinformation, half truths and outright lies in their post.  

This OP, as I pointed out in my previous post, “doubles|down” on the lie that 
(1) personal assets are not at risk  - they absolutely are as the OP admits, albeit with some non sensible justification about specific assets not being pledged

(2) protects personal credit - as already stated the personal guarantee necessary will affect the credit card holders credit capacity , and as such find its way to their credit report, and hence affect credit scoring. 

(3) is lower risk - this may be the biggest lie of all.  Financing a property with a loan that in 6 months charges interest of 19.8 - 24% is beyond risky - it’s suicidal.  Unless the property is sold or refinanced, a large negative cash flow is all but guaranteed.  

Can credit cards be used in certain situations with a reasonable chance of success? DEFINITELY, early in my career I did so myself. However those circumstances are limited to investors with the ability to refinance when the promotional rates terminate, or those who have a sale of the property in place. 

And IF you desire a business credit card, all you have to do is do a Google search, and APPLY for the ones offering the most advantageous deals.  No need to pay this clown 10 - 15%, for his non existent “consulting” services (by someone with 60 days experience).