Greetings from Chicago!

[Maria Bocanegra]

Just wanted to introduce myself here! I've been lurking, reading, planning and cannot say enough about how impressed I am with BP, the information available and most importantly- how genuinely everyone on here wants each other to succeed! I apologize for no profile pic still working on that!

A little about myself: I'm a legal professional here in chicago with extensive experience in civil litigation matters concerning work and auto injuries. I also previously dabbled in labor employment matters before I entered a new position in the legal community that I absolutely enjoy! 

Currently, my real estate portfolio includes a recently acquired bank owned foreclosure with positive equity, rental property in the Denver, CO metro area generating generous cash flow  with equity approaching 90k and a timeshare with no equity  (don't ever buy one!) but one that I still manange to squeeze cash flow from.

I'm interested in my local residential market (BRRR, buy/hold, fix/flip) and very interested in learning literally everything on here, mentorship, partnership and partnering with hard money/private money lending.

I currently have enough liquid assets to pay cash for the right deal or to contribute alongside a hard money/private money lender and look forward to my first local acquisition!

Thanks!

Maria

[Thomas Franklin]

@Maria Bocanegra Since you are interested in fix and flips, I propose the following action plan. The first step would find an Investor Friendly Realtor assuming you do not have access, to the MLS. I would suggest that you interview several Realtors and ask them the following questions, to ascertain if they are truly Investor Friendly, or if they are throwing you a sales pitch.

1. How many investors do you currently work with and how many investors have you worked with, in the past?

2. How many transactions have you closed, with investors?

3. Do you currently own any Investment Properties? If so, what type do you own?

4. Are you a member of any REIAs?

The next step would be to work with the Realtor and determine the hot markets, in your County, with the greatest number of sales over the last 90 to 120 days. Personally, I would prefer 90 days because markets are always changing. This list would contain the zip code and corresponding name of the municipality. In addition, a breakdown of the number of SFRs, Townhouses, and Condos, with corresponding ADOM (Average Days On Market), and Median Sales Price, for each municipality. This will be your Farming Area. From this data, you can utilize a website bestplaces.net that will give you a breakdown of the percentage of homes that sold, in various price ranges, for a given zip code. You can identify the two highest retail price ranges, in greatest demand, per zip code where you can list the rehabbed property.

You can use the Realtor to help you find deals and also use Wholesalers. If you acquire a property, from a Wholesaler, once the property is rehabbed and ready for the Retail Market, allow the Realtor that provided you the zip codes, to list the property for sale. This creates a WIN-WIN Situation and gives the Realtor incentive, to work harder on your behalf.