Figured I'd check in after four months to share my experience!

[Jake C.]

Hi guys,

I doubt anybody would remember me from when I joined this past February...I posted a topic explaining that I had moved to Chicago specifically to get into Real Estate investing and that I had $100K to start me off. Well, I figured its about time I checked in... After spending almost every day in my target areas, getting to know the streets and neighborhoods, and chatting up anyone in a 5 foot radius, I have made some progress! I have closed on, rehabbed and occupied four rental properties, with another two under contract. I have investor commitment for another four properties as well, and then I'll have to hunt for some new capital.

With G-d's help, in four short months the bankers and managers at my bank know me by first name, I have assembled two separate rehab teams that will follow me to the end, the Housing Authority officials think Im God (funny story, for a different time), I've had lunch with the founder of the largest tax lien buying company in Chicago, I have four big players as mentors and friends and I have true satisfaction in every waking hour of my day.

The past four months have been such an adventure for my wife and I, and I love every single day of it!

To anyone sitting on the fence and undecided about pursuing what you want: DO IT! Its an incredible feeling and success in itself.

Onwards!!

Cheers,
Jake

[J Scott]

Originally posted by Jim H.:

If so, how hard is it to get financing without a job?

I'm not Jake, but I can answer based on my own experience...

Unless you plan to work with HML, private lenders or portfolio lenders, you likely won't be able to get financing for the first couple years that you're in the business full-time, as lenders will require two years of tax returns as a self-employed before they will consider that income on your application.

So, expect that it will be two successful years before you can qualify for any type of conventional financing.