All Forum Posts by: Account Closed

USAA is solid and easy to work with. I served so that helps me, but I know that Travellers has some solid Landlord stuff. It also helps to have a good local agent in your corner, that can go to bat for you with the company. Not only for these items but also when you actually need to put in a claim.

@Justin Aymer that is awesome. very very happy for you. I have often said and will continue to say, the biggest and hardest deal for a person is their first one.

Keep us informed on how the deal goes for you!

Happy Investing!

Some cases people do just that, but other cases they wholesaler is fearful that if they tell a seller they are "reselling" the seller will want more money.

Further, if you say you are just "reselling" there is a fine line between what is really "acting as a realtor" in a transaction without a license.

I just ask this question instead, if a wholesaler can find cash buyers, why not find cash lenders and stop wholesaling and start doing deals yourself?

You say it isn't a great way to raise capital, but if you aren't out of pocket for living expenses, seems to me you are building capital.

Have you investigated using a FHA 203k loan? Those require just 3.5% down. Great way to get started on living in a 4 unit.

Happy Investing!

Yes, a glass company can replace the pane or "reseal" but there is a loss of continuity already there. If you are flipping the house, may not be an expense you want to take on in replacing the windows. If it is a rental, get it replaced as you will be the one replacing them down the road anyway at a more inconvenient time.

@Carl B. welcome to Bigger Pockets. Always like seeing follow Chicago area investors joining the website and sharing their experiences and knowledge. Congrats on selling the lot.

Have you noticed a change in the demand for lots? I heard today that Builder Confidence had dropped substantially as demand has gone stale.

Here is that article: Darker U.S. homebuilder mood not just due to bad weather

There have been many posts about wanting a coach/mentor, hiring one, and the coaches themselves. I remembered I had written something about coaching about 5 years ago. So I went back, found it, and posted it as my latest Blog Entry.

Would love your thoughts and feedback. Either here, or if you are Chicago Illinois come ask me in person at a local event!

But if you have a coach or will be engaging one soon this is something you need to read.

Get the Most Out of Coaching!

Anything with your contact information is better than nothing. But setting up your business, (even if it is a name you use for marketing and not owning properties) comes across as prepared and more professional. It shows experienced investors you take things seriously.

As to your business, many states have the ability search the registrations for "NAMES" to see if it is available.

Here in Chicago, I knew a guy that had a business name, but he was just doing the "DBA" thing. JOE was Doing Business As JOES COMPANY. The problem was after doing that for a couple of years, someone came in and registered JOES COMPANY with the state since he never did.

@Brandon Pearsons

I have been investing for over 2 decades. I have seen many an "Investor" commit fraud or flat out lies in order to get a deal or two. They may even get away with it for a while, but eventually Karma comes calling and gets them.

This is a business you plan on doing for life. Yes, some deals you will lose because someone actually wants to make it their personal home. I am not upset by that, as I like seeing people making a solid home in an area I am investing.

Many properties do not go via first look and I am there to bid on day 1 when ready. You should consider the morality of what you are doing. Understand why Fannie Mae wants the First Look there.

Being honest and not falling for the "it worked for me" argument when another investor claims to get away with something will give you a longer career and one where you can live with yourself and sleep at night.

I knew a guy that created a non-profit so he could bid early on HUDs. THen he would "Sell" immediately to his for profit.. in the end, he was nailed because his Non-Profit was falsifying documents to claim they actually had a real charitable cause. So all the properties he bought... he lost, he also had tons of FINES! It isn't worth it.

So I agree with @Jon Holdman most are being dishonest and hoping they don't get caught, but over time.. they usually do!

The number 1 rule of Real Estate is location location location. So I have never understood why people are willing to pay tens of thousands to someone that has never invested in the area you are, never visited, doesn't know the local codes, requirements, etc.

Further, you also want to find someone doing exactly what you are wanting to do. If you want to rehab and rent, then find someone that understands what it is to rehab for rental holds (Yes this is different than Rehab to flip, and straight rental)

Also, you want someone that has experience in the eviction process if you want to be a landlord. For all the best tenant screening you do, eventually you will have to do an eviction.

Excellent post on how you found these people. I couldn't agree more with the Local REI Clubs.