Sub-Forum for Meetups?

Question

Hi guys. I've been a member for a while now, but have not been actively using the website. In the mean time since I've joined, I have been listening and doing some reading. I've definitely developed a solid foundation of knowledge, I feel, as a beginner, but if I had to implement what I learned, I wouldn't be sure exactly how to start. EX: I'm looking to start with buy and hold, and would like to start evaluating and doing the math on properties to determine cash flow, but how do I start- Zillow/Trulia seem crazy inacurrate sometimes and I don't want to be mislead. Do I have to find an agent and ask for MLS listings just to do homework?? This is just one of my many questions I feel having a REI mentor/group would remedy.

I was wondering if there was a section of the forums for organized real estate meetups(The app on mobile is super buggy, and I can't seem to find anything). I'm from Plainfield, Illinois, a chicago land suburb, and was wondering if there were any real estate groups that meet often nearby. I've done a solid amount of due diligance, and now it's time to start interacting with other investors to further strengthen my knowledge about REI! Thanks! :)

Account Closed · Answer

@Adam Juodis

I never use the app. It's terrible to me. On my iphone I go thru Safari and just go to the mobile site. It always works great.

For meetups, go to "Community" at top left of page. Then networking events. Then search by state, city, or zip code.

If you don't already know about meetup.com, go check it out! Search for real estate meetups, or real estate investing meetups. Here in Atlanta, GA there are meetups almost every single day in Atlanta and the surrounding areas. Some are free and some are not.

Account Closed · Answer

You should start looking at properties and learning property values in the areas that you are interested in.

I love Zillow and Redfin! I use those apps every day! I think they are a good place to start. They can help you learn property values. I NEVER look at Zestimates! I spend a lot of time looking at properties that are for sale and properties that have sold. I'm looking for a duplex in Georgia. I've seen fixer-uppers and turn keys on there. It has taught me a lot about property values in the areas I focus on.

People can list a property for sale for any price they want. It's the SOLD prices that I pay more attention to when using Zillow or Redfin. That's the same way a realtor would pull comps for a property, by looking at other similar SOLD properties. I see some multi-families sit for sale for a long time. I assume they are priced too high or they need a lot of repairs.

You can set up Redfin to email you when properties are listed for sale, pending, or sold in different areas that you choose. It can help you learn your target area without having to search the apps or websites everyday.

First, pick a search area. It can be a state, county, zip code, etc. Where do you want to invest? For me, it is the county I live in and the 4 or 5 surrounding counties. Next, what kind of property are you looking for? Single family, multifamily, vacant land? For me it's multifamily. Set up all the details you want. I get emails almost every day for properties in my search areas that are listed, changed to pending, or sold. Every time I see a new listing, I will analyze it to practice. I'm looking for cashflow. If I find one that I can afford, and that will cash flow good, I will make an offer on it.

Nathan Waters · Answer

@Adam Juodis, I heard about that crash. That's crazy and random. The first is the hardest to get into usually. For me, I moved out of a house and kept it as a rental so acquiring it was easy. I bought my second and third at the same time and it took a few months to get them both renovated and rented but finally have them running smoothly. Plainfield will be tough to meet the 2% rule unless you can find some amazing off market deal. Thats why I look in Joliet.

Adam Juodis · Answer

@nathan waters thanks for the reply!  Crazy side story, i actually live a block from where the plane crash happened today... I'm looking to invest in the Plainfield, or nearby suburbs, somewhere that I can find a property that follows the 2% rule. Not quite sure if the properties around here can even meet that, by looking at the rent vs cost prices in my subdivision. Like I stated in the original post, I'm having trouble setting up property analyzations just because I don't know where to go. I will check craiglist though, thanks for the tip. And congrats on having 3 properties! You made it over the big hill and it should come easier from here on out. I'm still trying to get that first property, but I feel that after I do, it will be a big relief!

Nathan Waters · Answer

@Adam Juodis

I'm out of plainfield as well. I'm fairly new to investing. I have 3 rentals and looking to expand. I already had a real estate agent and that does help. Craigslist can be helpful to look at rental rates. I used that and Zillow to comp rent rates. I have a pro membership now, something I wish I had when I bought the last two houses. The calculators on here are very helpful. What areas are you looking to invest in?

Adam Juodis · Answer

Great info, thanks Russ!