New to BP from Chicago South Suburbs

[Dominick Adolfo]

Hi Everyone,

While trolling the internet I cam across Big Pockets and man was I surprised. I had no idea such a community existed and have been glued to it the last week.

I guess I'll start at the beginning. I've been involved in real estate some way or another for the last 15 years. It started when I worked for a tile company during a building boom in the south and southwest suburbs of Chicago. I was only 16 at the time and sort of just absorbed everything. From then on, I knew I wanted to do something in real estate. Fast forward a few years after college and getting a full time Jay Oh Be and having my real estate license on the side, I decided to try and flip my first property doing all the work myself. I had worked out all the numbers and left myself a large cushion.

My timing was impeccable...I bought a condo in August 2007. I made almost as much money that day as my starting salary out of college. um on paper. After a complete cosmetic renovation, I put it up for sale and rode that market down. I ended up selling it in 2008 with out having to bring money to the table, but lost out on carrying costs. The condo association did not allow rentals even after I sent them a hardship letter. I learned a valuable lesson during that period. Always leave yourself outs.

I took that one on the chin and decided I could do better. When I look back it's funny, it cost me about $6K and my sweat to learn something I have come across many times in the forums, podcasts, and blogs in just one week. It's little tips like that throughout this site that can save a person a lot of money.

In 2011, I decided the time was right for me to get back in. I bought an estate sale in Palos Heights, remodeled it, and decided to Buy and hold this one. I have had a positive cash flow since day one and have been saving that for another property which I will be ready to purchase in the next couple months. I have a lot of options I can pursue which I will probably scour the forums as well as post some questions. I have a plan of continuing to buy and hold properties in the future.

I look forward to conversing with you all and am excited to have joined Bigger Pockets.

Cheers,

Dom