All Forum Posts by: Crystal Smith
Crystal Smith has started 65 posts and replied 2753 times.
Post: MLS Listing - Comps
- Real Estate Broker
- Chicago, IL
- Posts 2,814
- Votes 1,750
Quote from @Nika Fouquet:
I know I can create my own spreadsheets for comps, but I was wondering if there was a program I might not be aware of that would allow you to pull that data quickly?
I'm not a realtor, so I don't have access to the MLS, but would like to be able to pull data sets to analyze ARV, i.e., Bed/Bath count, Sq Ft, Price per sq ft, DOM.
Feedback appreciated!
There are some software products that you can use to pull comparables and run financial analyses. Although I'm a realtor we use REIBlackbook to analyze many of our deals. Their program includes tools to pull comparables, renovation costs, financial analysis..... We've been with them for nearly 10 years and have an affiliate link if you're interested. There's a free trial period.
Post: Limited Liablity Company
- Real Estate Broker
- Chicago, IL
- Posts 2,814
- Votes 1,750
Quote from @Lee / Lisa Colon:
Do i need a separate LLC for each property i own? and if i do have an LLC for each property, should i open an LLC that owns all the other LLC's
I can't get into details on the forum but there are asset protection strategies where you can establish what I'll call an umbrella or holding company that owns and controls ownership interest in other companies but does not operate those companies. if one of the operating companies has legal issues the holding company, if properly structured, can be shielded. One of the things that makes this work is where you establish the holding company. There are reasons that many companies are incorporated in Delaware, Wyoming or Nevada. I've given you enough so you can start your research.
Post: How do you mitigate risk in your investments?
- Real Estate Broker
- Chicago, IL
- Posts 2,814
- Votes 1,750
Quote from @Diego Martinez:
I'd like to gain a deeper understanding into the key factors investors consider before committing to an investment property. I understand that some investors take a more conservative approach than others. What criteria do you use to determine whether a deal is worth pursuing?
One way we mitigate investment risk is to invest in assets that have multiple exit strategies.
Post: Help Understanding A FHA Loan Contingency Section
- Real Estate Broker
- Chicago, IL
- Posts 2,814
- Votes 1,750
Quote from @Matthew Lindsey:
Hi,
I'm very new to anything related to an FHA loan. We are selling a property that has been freshly renovated. The buyers want to use an FHA loan and I'm not real familiar with the FHA loan process. However, when reading the FHA Loan Contingency Exhibit, section 20 reads:
Home Warranty:If the improvements on Property are less than one year old at the time of Closing, Seller shall, if required by FHA, provide a home warranty certificate acceptable to FHA.
Does this mean I have to personally warranty any issues on the property that may arise within a year or buy a home warranty from a company that offers that. Can someone please explain this and if that clause is normally imposed on renovated properties?
Property is in GA and built in the mid 80’s but renovated the end of last year.
Thanks
There are a number of 3rd parties, such as American Home Shield, that will provide you with a home warranty. Just purchase one.
Post: Chicago Investors we have a serious problem : Call to Action
- Real Estate Broker
- Chicago, IL
- Posts 2,814
- Votes 1,750
@Brie Schmidt- Thanks for posting this. I had no idea that this was being considered and I'm a little shocked that it passed. We will spread the word through our network.
Post: Smartest Way to Invest 25K- Seeking Advice from Experienced Investors
- Real Estate Broker
- Chicago, IL
- Posts 2,814
- Votes 1,750
Quote from @Zoe Brennan:
Quote from @Crystal Smith:
Quote from @Zoe Brennan:
I’m looking for the smartest way to invest $25K to generate the best returns and scale my portfolio as quickly as possible. My goal is to make the most strategic move that maximizes profit while managing risk effectively.
If you had $25K to invest, what would be the best option? Would you put it toward a down payment on a long-term rental, BRRRR, house hacking, partnerships, or another strategy? What type of real estate would you target—single-family, multifamily, commercial, etc?
For those with experience, what has worked best for you? Any key factors to consider or lessons learned when trying to scale efficiently?
Appreciate any insights—looking forward to learning and connecting!
Coming to this thread late. I can't address what is the "best option". Of the options you identified, the one that we used at the beginning was partnering - 4 people $25K a person $100K total & then we used leverage to do Fix & Flips. The profits from the fix and flips was then used to acquire assets to hold.
Lots of lessons learned which I won't go into here, but the biggest one is how to effectively network and find partners.
You're absolutely right, and I really appreciate your insight! Networking is such a crucial part of real estate investing, and I definitely want to focus on building strong relationships and finding great partnerships. Is there anything specific that helped you network more effectively? Your experience with partnering and leveraging fix & flips to acquire long-term assets is really inspiring. Thanks for sharing!
I can't say there's anything that helped me network effectively other than to say it's a contact sport & you just have to go out there and do it.
Post: Smartest Way to Invest 25K- Seeking Advice from Experienced Investors
- Real Estate Broker
- Chicago, IL
- Posts 2,814
- Votes 1,750
Quote from @Zoe Brennan:
I’m looking for the smartest way to invest $25K to generate the best returns and scale my portfolio as quickly as possible. My goal is to make the most strategic move that maximizes profit while managing risk effectively.
If you had $25K to invest, what would be the best option? Would you put it toward a down payment on a long-term rental, BRRRR, house hacking, partnerships, or another strategy? What type of real estate would you target—single-family, multifamily, commercial, etc?
For those with experience, what has worked best for you? Any key factors to consider or lessons learned when trying to scale efficiently?
Appreciate any insights—looking forward to learning and connecting!
Coming to this thread late. I can't address what is the "best option". Of the options you identified, the one that we used at the beginning was partnering - 4 people $25K a person $100K total & then we used leverage to do Fix & Flips. The profits from the fix and flips was then used to acquire assets to hold.
Lots of lessons learned which I won't go into here, but the biggest one is how to effectively network and find partners.
Post: Chicago Investors: What’s Your Mindset When Sourcing Off-Market Deals?
- Real Estate Broker
- Chicago, IL
- Posts 2,814
- Votes 1,750
Quote from @Account Closed:
I work with investors in Chicago who are actively buying off-market properties, and Ive noticed that everyone has a different approach when it comes to sourcing deals. Some focus purely on numbers, while others look at long-term value, location trends, or creative financing strategies.
For those of you investing in Chicago (or similar markets), whats your mindset when evaluating off-market opportunities? Are you primarily looking for cash-flowing properties, distressed deals, or value-add opportunities?
Would love to hear your perspective and how you approach your decision-making process!
Looking forward to the discussion.
Value add opportunities
Post: Navigating the 90-Day Flip Rule – Need Advice!
- Real Estate Broker
- Chicago, IL
- Posts 2,814
- Votes 1,750
Quote from @Mike Romano:
Hey everyone,
I have a buyer ready to submit a full asking price offer on my flip, but the 90-day flip rule won’t be lifted for another two weeks. I really don’t want to lose this buyer—what’s the best way to make this work?
Would it be a good idea to take a deposit to secure the deal until the rule clears? Or should we sign the contract now and set the execution date for two weeks later?
Any advice or experiences with this would be greatly appreciated! Thanks in advance.
Here's what I would do:
Option 1- Talk to the lender to make sure that the buyer is strong. Once verifying see if you can talk to the buyer directly & explain the 90-day flip rule and see if the buyer is willing to wait 2 weeks before submitting his offer. This means having to take a chance and take the property off the market for 2 weeks
Option 2- Accept the offer with a provision that allows you to continue to market the property, knowing that there's a chance FHA may not fund the deal. If you get another offer then a kick-out clause to kill the first offer.
Option 3- If they have qualified for FHA; counter the offer to see if they can qualify for low downpayment conventional loan
Post: Wholesaling a Family Member’s Home
- Real Estate Broker
- Chicago, IL
- Posts 2,814
- Votes 1,750
Quote from @Jerry Velez:
Hi Community,
I have been thinking of some creative financing ideas and this one has been intrigued. Would it be legal to wholesale a family members home (est. 1M), and receive a fee for the wholesale services?
Theoretically, I should be able to collect the funds from the deal, should my family member decide to go through with the deal. And they will get their payment from the buyer.
I am focusing on the part of your post asking -"would it be legal". Put aside if the owner of the home is a family member. You need to check with your state laws on wholesaling with and without a license. That's the only way you will know if it's legal.
In a true wholesale deal you are putting the property under contract, then either assigning your contract or double closing. Are you going to sign a contract with your family member?