New investor in Chicago seeking wisdom & guidance

Chicago, IL · Member since 2017 · 4 posts · 0 votes

Hi BP Community, I've been reading and digesting the forums to gain a better understanding of the business. I'm a new investor who sadly fell for one of those guru schemes and paid $28,000 yet felt ill prepared to actually do a deal. No need crying over spilled milk, im ready to cut my losses and begin paying off that education by wholesaling to build up cashflow then flipping. I would truly appreciate connecting with some experienced people in the Chicagoland area who won't mind assisting me with getting started. Thanks, Sharron Anderson New Investor

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Brie SchmidtBusiness Member
Moderator
Real Estate Broker · Chicago, IL · Member since 2013 · 6k+ posts · 5k+ votes
9y
@Sharron Anderson - Welcome to BP! You can start with this free how to guide:
https://www.biggerpockets.com/renewsblog/2015/01/3...
I would also check out networking events near you here:
https://www.biggerpockets.com/forums/521-events-an...
I know a lot of BP members will co-wholesale deals or offer your time for free in lieu of mentoring / training
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Ham Merritt
Co-Owner · New Berlin, WI · Member since 2017 · 224 posts · 71 votes
9y
@Sharron Anderson welcome to the BP community. I wish you the best of luck. I unfortunately do not know much about the wholesale market in Chicago.
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Wes Woodhouse
BOISE, ID · Member since 2014 · 77 posts · 45 votes
9y
Welcome to BP!
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Sharron Anderson
OP
Chicago, IL · Member since 2017 · 4 posts · 0 votes
9y
Thanks for the warm welcome everyone. I feel thankful that I stumbled upon bigger pockets. I felt really excited to join the world of real estate but soon discovered that i needed more help than that expensive education gave me in terms of application. I will definitely spend the next few days checking out the suggested links and I am looking for meetings to attend. If there is anyone who is willing to take me on as an understudy without pay I'm all for it. Best, Sharron
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Dhru Das
Investor · Chicago, IL · Member since 2016 · 160 posts · 41 votes
9y
@Sharron Anderson welcome to BP...losing money when you first start investing is normal unless someone is super lucky or just buys turnkey properties...the way I look at it is, if you didn't lose money initially then you are not learning!
as @Brie Schmidt suggested go to local RE meet ups, you will find lot of new and experienced investors to speak/learn from. I also go to the meet up Brie hosts whenever I get time from work. I think that one is coming up on July 18, I will be there..hope to see you there.
Cheers.
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Van Blackman
Real Estate Broker · Chicago, IL · Member since 2015 · 122 posts · 103 votes
9y
@Sharron Anderson
Welcome to BP!
Definitely take the time to read the beginner's guide that @Brie Schmidt recommended above. It is extremely thorough, but it will get you started.
Here are a few bullet points from my personal experience to get you started:
1. As a wholesaler, buying and selling investment real estate at its core really comes down to 2 things. You need to become an expert at locating deals (#1), and you need to become an expert at locating buyers to purchase those deals (#2). Simple enough. Strategies for each?
2. Locating deals - again, most of this is covered in the beginner's guide, but this is how I'm currently locating the bulk of mine. If you're licensed (it's much easier to locate deals if you're a licensed broker with MLS access), offer on as many MLS deals as possible. You should know that you will only buy a very small percentage of these deals, as you will not be able to get them at the price you need them at immediately. You'll need to offer on these homes, and then track these offers. I've bought several homes 6 months after my initial offer for staying in the agent's ear. While you're in the neighborhood, do as the guide says, and "drive for dollars." Take note of the especially ugly houses. Knock on those doors. Knock on its neighbors doors. Send letter. Talk to neighbors. Put stickers on houses. Throw bandit signs. Call every agent with a listing in that subdivision and see if they have any distressed listings coming up. There are many things you can do. Those happen to work for me.
3. Locating buyers - throwing bandit signs, Craigslist ads, and networking meetups have worked well for me in the past. Also be sure to talk to every person with a dumpster in front of their house when you're driving for dollars. 9/10 times these people are investors. Let them know that you're a wholesaler and would like to get them some deals for their consideration.
It might take you sometime to get started at this, but I can assure you, once you do and it takes off, it can be very rewarding.
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Sharron Anderson
OP
Chicago, IL · Member since 2017 · 4 posts · 0 votes
9y
Hi, Yes I will be at the meetup. I also spent last night reading through the starting guide and it did actually answer a lot of questions. I now understand what I was missing. Thank you all and i look forward to meeting like-minded people. Best, Sharron
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Alex Bok
Real Estate Agent · Chicago, IL · Member since 2016 · 283 posts · 71 votes
9y
@Sharron Anderson welcome to BP! Sorry to hear about your situation but often times this will help you bounce back twice as stronger! Wholesaling and doing it right is a great way to get started especially in this hot market. If you are able to get in at good equity there are buyers everywhere in this market
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Sharron Anderson
OP
Chicago, IL · Member since 2017 · 4 posts · 0 votes
9y
Thanks for the encouragement. I am doing just that. I feel more determined than ever to be successful in real estate.
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