New to BP and Real estate investing

Chicago, Illinois
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New to BP and Real estate investing

Alexis Ambrose
Chicago · Member since 2023 · 6 posts · 8 votes

Hi! I’m new to BP and real estate investing. I’m looking to get into wholesaling here in Illinois and near by states like Indiana and Ohio, if you guys have any tips for a beginner that would be great! 

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Remington LymanBusiness Member
Real Estate Agent · Columbus, OH · Member since 2017 · 6k+ posts · 7k+ votes
3y
Quote from @Alexis Ambrose:

Hi! I’m new to BP and real estate investing. I’m looking to get into wholesaling here in Illinois and near by states like Indiana and Ohio, if you guys have any tips for a beginner that would be great! 


Here is a good video The Ohio Division of Real Estate made about wholesaling in Ohio https://www.com.ohio.gov/real/

I recommend you just get your real estate sales license.
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  • Brandon P.
    Lakeland, FL · Member since 2018 · 242 posts · 148 votes
    3y

    Listen to a few podcasts, read a few posts, and get to work! :) 

    1Reply
  • Jimmy Bostic
    Investor · Columbus, OH · Member since 2023 · 73 posts · 82 votes
    3y

    @Alexis Ambrose if you're considering Ohio look into Columbus and Cleveland markets 

    2Reply
  • Remington LymanBusiness Member
    Real Estate Agent · Columbus, OH · Member since 2017 · 6k+ posts · 7k+ votes
    3y
    Quote from @Alexis Ambrose:

    Hi! I’m new to BP and real estate investing. I’m looking to get into wholesaling here in Illinois and near by states like Indiana and Ohio, if you guys have any tips for a beginner that would be great! 


    Here is a good video The Ohio Division of Real Estate made about wholesaling in Ohio https://www.com.ohio.gov/real/

    I recommend you just get your real estate sales license.
    [email protected]614-541-8475Podcast Guest on Show My Job Laid Me Off, So I Replaced My Salary with Rentals
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    4Reply
  • Bryce JamisonPro Member
    Rental Property Investor · Mebane, NC · Member since 2015 · 493 posts · 439 votes
    3y

    Wholesaling is a a paradox. It's what many new investors want to jump into because they have lots of time and low capital. You need to know where to find and how to get undervalued properties under contract and have loads of buyers lined up for all the different property types and locations you acquire. The problem is when you're just starting out you don't have these things. The people who know where and how to find these deals and know buyers willing to buy them are the ones with tons of experience and enough capital to where they don't need to wholesale. Obviously newbies can do it, but I'd guess 95+% stop before ever making a deal. I'm by no means trying to discourage you! I just want to share what I've observed.

    If you're serious you need to start meeting as many buyers as you can at meetups, through BP, and word of mouth / self advertising. You'll also need to convince these buyers you're a real player because we've all had numerous people give us their wholesaler pitch then never hear from the again. You'll also need to be ready for weeks, or months, of hard work and phone calls before you ever make your first deal.

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  • Joshua JanusBusiness Member
    Realtor · Cleveland, OH · Member since 2021 · 1k+ posts · 1k+ votes
    3y
    Quote from @Alexis Ambrose:

    Hi! I’m new to BP and real estate investing. I’m looking to get into wholesaling here in Illinois and near by states like Indiana and Ohio, if you guys have any tips for a beginner that would be great! 




    Cleveland, Ohio is a great market to focus on for cash flow and specific pockets have gone up 2x and upwards of 4x in the last 5-10 years even!

    Examples:

    44109 (median home price went from roughly 50k to 125k in 8 years)

    https://www.zillow.com/home-values/77009/cleveland-oh-44109/

    44102 (median home price went from roughly 30k to 120k in 8 years)

    https://www.zillow.com/home-values/77002/cleveland-oh-44102/

    44106 (median home price went from roughly 100k to 200k in 8 years)

    https://www.zillow.com/home-values/77006/cleveland-oh-44106/

    It has the highest rents on average in all of Ohio for major cities and the median income is not even in the top 3. That creates a really nice price / rent ratio which is favorable for investors looking for cash flow. The median home price is also very low nationwide which creates a low barrier to entry. You can get solid cash-flowing single families in the 90-120k price range and duplexes in the 130-180k price range. There are cheaper one’s in D/F areas but I would be careful as those can create a laundry list of additional issues. In 2022 the rents increased 12.1% year over year which was the 3rd highest in the entire country per https://www.axios.com/local/cleveland/2023/02/14/cleveland-rent-prices.

    Here are pockets I focus on for cash flow:

    West side - West boulevard, Cudell, Clark-Fulton, Jefferson, Bellaire-Puritas, Old Brooklyn

    East side - Fairfax, Buckeye-Shaker (the north side), Waterloo Arts District, Garfield Heights, Maple Heights, Newburgh Heights, Lee-Miles (the north side), Bedford

    Here are the areas that I focus on for appreciation:

    West side - Lakewood, Edgewater, Old Brooklyn, Ohio City, Tremont (above 490)

    East side - Buckeye-Shaker (the north side), Waterloo Arts District, Fairfax

    *I have a graded neighborhood map of these areas as well if you would like to check it out.



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  • Kerry Noble JrPro Member
    Investor · Indianapolis, IN · Member since 2018 · 2k+ posts · 1k+ votes
    3y

    Open to connecting here in IN...

    1Reply
  • Jimmy LieuBusiness Member
    Real Estate Agent · Columbus, OH · Member since 2019 · 3k+ posts · 2k+ votes
    3y
    Quote from @Alexis Ambrose:

    Hi! I’m new to BP and real estate investing. I’m looking to get into wholesaling here in Illinois and near by states like Indiana and Ohio, if you guys have any tips for a beginner that would be great! 

    Hi Alexis, I recommend that you look into Columbus Ohio and as someone who works with a lot of out of state investors - there's so many catalysts for why you should invest here. Specifically, there's job growth (Intel, Honda, Amazon, Nationwide, etc) and the population is growing (unlike Cleveland or Cincy). I really see Columbus Ohio as an extremely safe bet for the next 10-20 years. Plus, there's still so many positive cash flowing and 1% deals here in Columbus Ohio. As a local investor and agent here in Columbus, let me know if you have any questions or want to connect!

    [email protected]614-300-7535
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  • Cesar Delgado
    Member since 2022 · 1 post · 0 votes
    3y

    Welcome to the BP community! From what I know, you can only legally wholesale one property in Illinois per year. Anything after that, you are subject to a large fine.Unless you are real estate broker. Hope this helps 

    Best- 

    Cesar -

    0Reply
  • Jonathan KlemmBusiness Member
    Moderator
    Contractor · Chicago, IL · Member since 2016 · 4k+ posts · 2k+ votes
    3y

    Hey Hey @Alexis Ambrose - Network, network, & more networking!

    What's your why for getting involved in wholesaling?

    I have several friends who are doing volume wholesaling here in Chicago.  I would highly recommend joining someone else team to start because they already have the systems and processes in place.

    Make sure to start working on your real estate license if you decide to go out on your own here in Illinois.

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  • Tyler Peddle
    Member since 2023 · 25 posts · 3 votes
    3y

    Hey @Alexis Ambrose - Congrats on getting into the real estate investment world! First step, is I would get your real estate license so that you can do deals on your own here. Next, I would start building your network here in the city. I know some good wholesaling events connecting other wholesalers in the city I can recommend. If you are interested, shoot me a dm

    0Reply
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