All Forum Posts by: Aaron Mikottis

Timothy, I am interested in properties in the Joliet area. Send me some addresses and other pertinent information and I will take a look.

Welcome to Bigger Pockets! I have a duplex under contract in West Joliet as well. I really like its prospects for the rental market. 

Best of luck. If there is anything that I can do to help, just let me know.

If you are committed to investing out of state, I would highly recommend partnering with someone local. This goes double because you are new to real estate. I'm not sure why you want to drop 200k down on your first deal instead of testing the waters with something smaller... But having that capital available puts you in a great position to find a partner. Use BP to find someone in your investment area who is currently suceeding in the multi family arena - many active investors have more deals than cash.

Financing rates are still sitting at record lows... Finance now and save the cash for a less optimal time for leverage.

Oops, sorry I haven't replied already. I am unable to attend this one - I've got a work commitment . Count me in for the next one.

Thanks for the list! I've heard of many of these entries but have never dug too much deeper than the BP Podcast... I usually stick with books. This is a great reminder to open my ears to all the great content available to us.

Yep, there sure is. Looks like someone beat me to the walkthrough. While we're on the topic, does anyone else wish there was a way to save and compare previois versions of a property analysis?? I switch up factors such as means of financing, repair price tag vs increase in rent, etc all the time and I think it would be great to be able to compare scenarios without having to run a full new report.

Something to consider is the goals of the person who might pay a little over market value as well as the means and methods for paying for the deal. For example, I am looking for an owner occupiable 2+ unit property, which I would like to finance with an FHA 3.5% down loan. I am willing to accept a lower cash flow in this situation, because I am aware that my cash-in-the-deal barrier is set very low. I would not consider weak cash flow if I was paying all cash. You mentioned seller financing this deal, which might be enough to persuade someone to pay above market value. Good thinking. Note that there is a huge ethical difference between an educated buyer paying above market value for legitimate reasons and straight up taking advantage of someone. I guess some part of it deals with your goals and morals but I do not recommend the latter and it sounds like you may be toeing the line. People who operate in this way may make a quick buck, but are not likely to stick around for long. There is a boomerang effect on generosity and honesty, if I were you I would look at the long approach.

I am incredibly busy working on getting my architectural license, working freelance, and working lots of overtime at my day job. That's not going to stop me, though! Just got an offer accepted yesterday. Here's to making 2016 the highest earning year to date.

Rentometer is a great resource for picking out rents - you just gotta do a little digging to make sure that the compa they are pulling are actually comparable. For example, a 2 bedroom single family with a garage is going to demand higher rent than a 2 bed unit in an apartment. City-data.com is another fantastic resource. You can pull demographics, median rent, % change in income level since 2000, unenployment, the list goes on.