All Forum Posts by: Andy V.

@Carrie Miller Welcome to BP!  I am in the Plainfield area now, but used to spend a lot of time in Wheaton when I was in high school.  

@Jerome Lanier Welcome to BP!

@Albert W. Welcome to BP!

@Christopher Madden Congrats on the condo & welcome to BP!

I need to get opinions on something.  I have been talking with a realtor and I'm supposed to be meeting him tonight to look at a property in the Chicago metro area.  He sent me a text a little while ago asking if I had a problem signing an exclusive agency agreement and that he'd be bringing one with to the house he's showing me tonight.  

First, what exactly is an exclusive agency agreement? Does this prevent me from buying property except through him or the broker he works under?  I've also been speaking with a couple of wholesalers who were waiting on calls back from home owners in my target area.

Second, should I sign it?  I searched quickly on BP and saw posts about non-exclusive agreements, but I also saw one comment to amend the contract to list this specific property or only properties that he brings to my attention. 

Any thoughts would be greatly appreciated.

@Ben Mitchell First of all...welcome to BP! Second, I have to agree with what has been said above. I do not recommend looking into condos or townhomes. I have a friend with a condo just outside of Lincoln Park. He is not an investor, but purchased in that area because he wanted to have access to all that the city has to offer. However, the HOA fees that he pays typically run between 600 & 700...and there's always the possibility of a special assessment (aka - an additional lump sum of money that the HOA decides you need to fork over with no say in the matter).

I would strongly suggest that you find a 2-flat (duplex) or 3-flat (triplex) in a desirable area that fits your budget and live in one part while renting out the rest.  The podcast referenced above was with @Brie Schmidt.  She has already been dealing with the types of properties you're probably going to be interested in.  Good luck to you!

@Chevron Humphrey Welcome to BP!  It's a great site to network and learn.

@Jamie Napier Welcome to BP!  I'm in the Joliet/Plainfield area now, but I was born & raised in Hanover Park.

@Elante Coffey Welcome to BP!  This site is a great place to network with like-minded individuals and learn about becoming a great investor.

@Chris Benitez Welcome to BP!  It is a great place to learn about real estate.

My first thought would be to try to look for a multifamily to buy where you live in part of it and rent out the other. However, like you said, San Diego can be expensive and you're on a limited investment budget. Picking up a condo to live in for a while and then renting it out later can work, but you have to be careful. Most condos come with HOA dues which can, at times, eat up both your cash reserves and any cash flow you're getting from the property.