All Forum Posts by: Scot Howat

What areas of Chicago are you looking in?

Try to find a realtor that actually owns investment properties (I know that's a challenge) and that'll still be willing to work with the general public.

I'm getting a lot of people contacting me too, but most have unrealistic expectations.  They hear all these amazing success stories and they think that's the norm.  I've had a few slam dunk deals, but it's certainly a small piece of my portfolio.

I blame HGTV and all the flipping shows they have.  They make it seem like you can make 50k flipping a house in a half hour.

Personally, I screen a lot of people first before we ever look at deals. 

You got to figure out a way to keep buying.

Buy until you die!

I spent 14 years in the mortgage industry and now I'm a full time investor and realtor.  I was an underwriter.

If you're interested in doing sales and learning about investing, then maybe the better path is to be a realtor.

That's more deals than most wholesalers.  I'm biased, but I'll say that you're in the wrong business.

You need to get into rentals.  Wholesaling is a job, and who wants that?  Buy rentals and don't look back.

Your co-op commission was 0.5%????  Wow.  That's the opposite of how I play the game.  I offer 3% with no minus fees.  The better the commission, the more buyers agents want to show it.

Either way, nice rehab job. 

Investment Info:

Single-family residence buy & hold investment in Lisle.

Purchase price: $71,000
Cash invested: $1

Private funding at 100%, bought at a 10% discount, and signed a long term lease with a highly qualified tenant.

How did you find this deal and how did you negotiate it?

This was on the MLS.

How did you finance this deal?

Private funding, with 100% funding.

How did you add value to the deal?

Paid "cash". No rehab needed, just needed cleaning.

Hey, welcome!  I know a guy that might be willing to unload a few rentals in Joliet.  Message me if you're interested.  

Welcome!  And congrats on your purchase.  Buy until you die, that's my motto.

Rich Dad

Cashflow Quadrant

BP's Book on Rental Property Investing

Millionaire Real Estate Agent

BP's book on Flipping Houses