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Updated about 8 years ago, 10/25/2016
Come in and say hello to a friendly new face from Chicago, IL!
@April R. - Welcome! We have an awesome group of Chicago investors who are all about helping each other.
Have you narrowed it down to an area yet?
I also want to suggest a alternative financing strategy.... if you don't currently own any property you can do a 5% down conventional loan program. The PMI is lower and you don't pay the UMIP. Then in 6-12 months you can buy another property with a 3.5% down FHA loan. Essentially using two low money down programs, but it doesn't work if you do FHA first.
This is a strategy almost all my clients use and we plan the first one so that we can get a second one quickly.
- Brie Schmidt
- Podcast Guest on Show #132
Great strategy Brie!
I also agree one of the first steps is to narrow down the area, but also talk to a lender to get a better idea on pricing. Let me know if you'd like an introduction to some of the mortgage people I've worked with in the past.
Girl share the love!! What are your favorite books, seminars, and podcasts thus far??
Originally posted by @Marlon Fong:
Hey @April R.! welcome to the site! It's great to have you here. Feel free to ask any questions in the forums.
Hi there, Marlon! It's great feeling like a part of the community. Thank you for the warm welcome!
Originally posted by @Dorothy Wulf:
Welcome April!
Thank you, Dorothy! So much to do here, I'm so excited!
Originally posted by @Chris T.:
welcome to bp @April R.
Find some active BP members in your area, and network with them. Attend some local REI.
Good luck!
It took me a bit to overcome my apprehension just introducing myself, but I've received an overwhelming response and def feel more comfortable networking. Planning for this and the following weekends for local REI meets! Let me know if you attend BP meets in the Chicago area!
Originally posted by @Brie Schmidt:
@April R. - Welcome! We have an awesome group of Chicago investors who are all about helping each other.
Have you narrowed it down to an area yet?
I also want to suggest a alternative financing strategy.... if you don't currently own any property you can do a 5% down conventional loan program. The PMI is lower and you don't pay the UMIP. Then in 6-12 months you can buy another property with a 3.5% down FHA loan. Essentially using two low money down programs, but it doesn't work if you do FHA first.
This is a strategy almost all my clients use and we plan the first one so that we can get a second one quickly.
Wow, that's a BRILLIANT suggestion and a strategy that can make a world of a difference, esp for a new investor like me! I will now re-strategize financing before shopping for property. I am looking into Humboldt Park and Avondale for now but very open to any suggestions. I would love to get in contact with you and your group of investors! Thank you again, your insight means a lot!!!
Originally posted by @Alex Fraher:
Great strategy Brie!
I also agree one of the first steps is to narrow down the area, but also talk to a lender to get a better idea on pricing. Let me know if you'd like an introduction to some of the mortgage people I've worked with in the past.
Hi, Alex! I definitely need to do more research for potential properties, but so far, I'm open to Humboldt Park and Avondale being up and coming areas in Chicago. And YES, I would be more than happy to get connected with your mortgage people! And perhaps CPA and attorney recommendations, if you have any! Thanks a million!!
@April R. Welcome to BP. I would also suggest getting to Local REI clubs. There are so many. I was overwhelmed with the sheer number of them. Then after I attended one I almost gave up, but I gave another a shot. Turns out, each club is different and has its own personality. Some may work for you, and not for others.
Some are nothing but sales, some are full of people that TALK the Talk but never Walk the walk.
I have offered to people to have a private message chat about the clubs. I prefer to share my insights privately, as they are my own thoughts, and fear an attack, as they are honest.
Feel free to contact me for that information, if you so choose. If not, good luck to you, and again welcome to BP.
Originally posted by @Brittani Gonzalez:
Girl share the love!! What are your favorite books, seminars, and podcasts thus far??
HEYYYYY Brittani!!!!
My favorite podcasts are definitely from BP! I love listening not only to learn about real estate, but I find myself compelled to the relatable, down to earth personalities of Josh, Brandon, and literally every guest they interview. It's inspiring how this community sincerely supports each other by sharing ideas and experiences, being open to collaboration, and offering real assistance. I particularly enjoyed Podcast 196: LLCs, House Hacking, and Saving on Taxes with Brandon Hall because it's very pertinent to my chosen real estate strategy. I also loved the most recent episode Podcast 197: Starting with $10k and Buying 52 Units in 3 Years with Chris Heeren because this guy is the quintessential go-getter. He epitomizes the phrase "If there's a will, there's a way."
My break through book (which also seems to be everyone else's here in BP) was recommended to me by a mind I highly respect, called "Rich Dad, Poor Dad" by Robert Kiyosaki. It's a mentally transformative book that galvanizes our most substantial skills: critical thinking and problem solving! It demolishes mental barriers/excuses/limitations we create for ourselves and promotes creative solution finding to making the 'impossible' possible.
"The Tax and Legal Playbook: Game-Changing Solutions To Your Small Business Questions" and "What your CPA isn't telling you" by Mark Kohler, are outstanding books for incredible tax saving strategies and a gateway into entrepreneurship. Mark Kohler is the super passionate CPA and attorney who conducted the seminar I was referring to in my post. He was impressively engaging because he speaks our language!
My all-time favorite book is titled "Money, Master the game," which is written by my favorite human, Tony Robbins. (Check out his Netflix documentary: "Tony Robbins: I am not your Guru") I'm still working through it (it's a hefty 641 pgs total) but WOO!!! This book is a must-read! He lays out the advantages and disadvantages of various investment strategies (stocks, bonds, mutual funds, index funds, annuities, IRAs and retirement accounts) in the most digestible manner. He also takes the common denominators from successful strategies of the wealthiest people in America in order to provide us with applicable formulas for our very own investment portfolios. The objective of the book is for us to take action by setting incremental, obtainable goals and to ultimately achieve financial independence and spiritual wealth.
What are some of your favorite podcasts and reads? I would love to hear what sources have encouraged your break-throughs and inspired your journey!