All Forum Posts by: Steve Kachniewicz

I have a 3 year old and one on the way. 2 Boys! I take the 3 year old with me on every part of the job from looking at the properties, to checking on the rehabbing to showing the units and meeting the tenants. I use this as a valuable learning experience for him to show him from a young age all about this business. I hope one day he will see the value in what we are doing and start his own real estate business. He loves going with me and being a part of it. Even though he is only 3 he learning about a great business and the value of hard work and the value of money. I wouldn't have it any other way!

well at least where I am from which is Chicago area, I use Empire and they come in and remove the old carpet and put in new. Its included in the job. I never touch anything. I assume you will be putting new carpet down? Get the company you hire to get rid of it for you. Might cost you a bit more but its worth it.

You can't worry about what your family thinks or says. Your an adult and you are making an adult choice what to do with your money. Some people invest in gold and some people invest in stocks and bonds and some people choose real estate. Chart your course and follow your path. You know what you are doing. That's all that matters.....

Its the same here in the Chicago Area. I get most of my buy and hold deals from people I know and not from the mls. Making contacts is key. I will have someone come up to me and say "Hey my friend wants to sell his place, would you be interested?" I say sure and work out a deal so he/she does not have to get a realtor involved. Most of the time it works. Prices are inflated again through the MLS and I can see a bubble starting to form especially in the near northwest suburbs. I can tell you that southwest Michigan is still one of the few places that flippers and buy and hold works and the deals are still very good. I am thinking of expanding to that area as all of my family still lives there.

Tampa is a huge flip market. You have too much competition with deep pockets and tons of experience. My advise would be to look in a less populated area where not as many investors are all competing for the same distressed houses. Also, the $1300.00 monthly rent for the house you are referring to seems low. Especially if you are able to rent it in a day. I would think you should be able to get a minimum of $1700.00 a month if not more.

Seriously what are you thinking living there? I Know this area as my parents are from G.R. and I would under No circumstances live there. If anything live someplace safer and rent out both but in my opinion this area won't be coming back for many many years if ever. There is a reason its so cheap. Find something is a better neighborhood with better schools. In the long run it will pay better and you can cash out with more money in your pocket.

My advise is to head into the burbs. Better schools and lower taxes. Better deal too. Neighborhoods change fast in the city so one minute it's a good area and before you know it things change. Also the landlord rules and regulations are not in your favor in Chicago. I invest in Park Ridge and other near northwest suburbs that follow the Metra northwest line. Easy to rent and very few problems.

Make sure you state NO PETS in your rental advertisement. Plenty of people out there without pets to rent to. Pets are NOTHING but a problem. Not worth it. 

Bottom line is will it give you positive cash flow even if minimal and how soon can the property be payed off so you can make lots of cash flow. At the end of the day. That's the bottom line.....

I agree. Buy his units. Own the street. Kick out bad tenants. Fix it up and get good tenants. How much could he want for the hell hole anyway lol.