All Forum Posts by: Scott Steffek

Saad,

One thing that investors forget is rehab costs on 2 or more units. The most expensive rooms to rehab are the bathroom and the kitchen. So if you buy a 2 plex, you may have to rehab 2 -3 bathrooms and 2 kitchens. This could substantially reduce your profits. So be careful when you look at multi units. Rehab costs can eat you alive! You might want to look at Northwest Indiana or a couple of the south suburbs. We have one south suburb that is getting $1000-$1200 a month in rent and the prices of the homes are less than $55k and that includes rehab costs. Taxes are reasonable too. Plus, it's NOT a bad neighborhood. The CCR runs anywhere between 12-%20%. Best of luck to you.

Joe,

Welcome to BP. You might want to look at the Northwest, Indiana area. We're about 40 minutes from Chicago and about 3 hours north of Muncie. We find properties for investors based on their criteria. We'll also rehab them and manage them for you, if you need those services. Prices start at $50k and go up from there. Rents are running about $900-$1200. Best of luck to you. 

Felix,

This is just my opinion, but I would stay away from Harvey. Their very strict when rehabbing properties and it's extremely difficult to find quality tenants.  I think you might start pulling your hair out if you invest there! Lake County Indiana is a great place. There are also a few south suburbs, other than Harvey, that have some very good cash flow numbers.  We can get you into decent areas for less than $70k in Illinois as well as Indiana. We find properties for investors like you and we'll also rehab them and manage them for you, if you need those services. PM me if you'd like more information. Best of luck to you.

Jeff,

I can get you Gary properties and the surrounding cities. Some are occupied and some need rehabbing. Let me know what you're interested in. PM me. 

Guys and Gals,

I read all of the threads, but I didn't see anything as to whether or not any of you actually stepped inside the properties you were interested in. Personally, I would never buy a property sight unseen. But that's just me. You may want to try and find a reputable wholesaler in the area you're looking to purchase homes. For example, we send pictures of the homes, the asking price, the "correct" dollar amount needed to rehab the property, the ROI, sold comps and the cash on cash return percentage. We'll also rehab the property for the investor and flip it or manage it. This makes it much easier to make an educated decision. But beware on sold comps, the ARV and the rehab costs. Many wholesalers have no idea what the actual rehab costs are and they will inflate the ARV and will give you comps that are too far away or aren't "true" comps. We have our contractor actually go into the property and give us a rock solid rehab cost and provide a detailed scope of work. If you're wholesaler can't provide those things, be careful. By the way, I have an out of state investor that uses auction.com and I go out and look at the properties for him. It makes him feel much more comfortable! Best of luck to all of you.

I agree with Jay Statzer. This site is for information and learning purposes. I don't feel that this forum is the place for arguing about whether or not a company is legit.  I think that if you have solid proof that a company is a scam, then yes, it's appropriate to let people know. I just don't see any solid proof that George's company scams others. It's always very difficult when starting a new company in any business. References aren't there, there may be nothing on the internet about the company etc. But that doesn't mean the company is a scam. Michaela is not claiming that George's company is a scam, but shes inferring it. I have to say that if I were a new company, I would be defensive as well. Articles like this, can damage someone's reputation very quickly. I guess time will tell whether or not the company is a scam. 

Mike,

Call Luke at Cal Homes Inc. in Crown Point. He does my houses and his entire team is very professional and they do great work.  

Brian,

If the property is in Crown Point, good luck with the zoning. They're extremely particular and if you don't know "somebody", it could be a big mess! Good Luck

Algernon,

Call Karen at Property Boss in Hammond, Indiana. You can google the number. She takes care of my rentals and she's very good. She has an excellent software program for landlords too. Tell her Scott sent you. Best of luck.

Adam,

I've told many beginners that you must have a large pool of buyers, or you have no business. I'm up in Northwest Indiana and work with investors on a "personal" level. I wholesale, but only to my investors. I will, occasionally, put a property on BP. I would suggest you network with people on this site. I have found quite a few investors here. Also, go to your local REIA meetings in your area. This is an excellent way to network with others, including investors. Talk to some wholesales in your area too. They may be willing to team up with you on a property, with an investor they have purchasing a property. Good luck and let me know if I can help you.