All Forum Posts by: Scot Howat

I wish I could help you, but there are very few 2-4 properties in the suburbs near Barrington.  The closer you get towards the city, the more you'll find.

There's no wholesaling meetups that I'm aware of, but I also think wholesaling doesn't work.  It's a terrible business plan for most people.

Just jump right into the strategy that you really want to work in.  There's only 3 real wholesalers in the area, but about 997 people that think they are wholesalers (who have never done a deal).

@Scott W. PM me the info for the HELOC lender, I could use one of those.

I thought those were only for owner occupants.  I didn't know that.

Thanks for the info!

@Scott W. it's probably not a conventional loan.  I was a mortgage underwriter for 14 years doing conventional and jumbo loans and no one offers a flip loan.  

Maybe it's a community bank, or someone that doesn't sell to the secondary market.  

@Brandon Jackson there's plenty of hard money lenders out there that will lend to a first timer. But you might have higher interest rates or lower LTV that you can borrow. And there's a few that will do 90% of the purchase price and 100% of the repairs.

I do deals in that price range in the suburbs of Chicago.  If its your first deal, definitely find a partner that's done it before.  Most people I talk to lose money on their first deal, about 95% of people.  It's a tough job to do, HGTV makes it look so easy. 

I lost money on my first 2 deals and then figured out how to make money, so now it's not as difficult to do.  But finding good deals is not easy.  

I do deals up in the NW suburbs, and in DuPage (western suburbs).  Let's connect

Find a private lender, or find a better deal to use hard money.  Conventional for flips is not the route to go.  I agree with @Harjeet Bhatti

Come out to CAREIA.org (Chicago Area Real Estate Investor's Association).  We meet monthly in Lisle, Downers Grove, and Lombard.

Or there's a DuPage County RE Investors Networking group that meet's at Emmitt's in Downers Grove once a month.

Check meetup.com for details on those.  I work a lot in DuPage county and a majority of the people that attend those meetings invest there too.

I'd put as little down as possible on my primary residence because it's a liability.  I would rather use the extra money to buy cash flowing assets instead.

That's just my position.