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

[Account Closed]

@Dominick Adolfo

Welcome to Bigger Pockets. I am in the Chicago area as well. First let me just say that Kudos go to you for not giving up after your first deal didn't work out so well. Many people just pack it in and give up. You didn't, and that is a testament to your character! I applaud you.

I look forward to meeting you at local REI groups and networking events.

Good luck to you and awesome on your buy and hold decision.