All Forum Posts by: Angie Taggart

Join us for our next meet-up on Wednesday, September 18th at Fannie's. This month investor is going to teach us how to analyze an investment property without using the MLS. She should know, she has bought 9 rental in the past 10 months! Anastasia is also a managing real estate broker, so bring your questions! Networking begins at 6:30 and presentation begins at 7:00. Hope to see you all at Fannie's!

Ready to learn more about the BRRRR method? In this meeting we will take a closer look at how you can Buy, Rehab, Rent, Refinance, and Repeat with little or NO money left in a deal. This type of creative financing can be used on both single family rentals and commercial deals. We will take a deep dive into a property I recently BRRRR-ed. Networking will take place from 6:30-7:00. The presentation will start at 7:00. Bring your questions!

@Zack Aboona Take as many practice tests as humanly possible.  AMPs has an online practice version of the test that I found to be helpful.  In addition to the class text book, I ordered a practice book from Amazon.  Good luck!

I work FT and went to CRES's 5 week Saturday school during February and the first week of March.  Classes are from 9-4 with a few breaks.  The instructor knows exactly what is on the test and explicitly tells you "this is 100% on the exam".  Not sure you get that information from the online version.  Classes were actually fun and I met some great contacts.  I took the test a week after classes ended and studied VERY hard.  I passed the first time.  Good luck!  

Hey @Nick Clare!  I invest in Chicago and would love to meet up and share my experiences.  Have you attended any local real estate meet ups?  Talk soon!

Investment Info:

Small multi-family (2-4 units) buy & hold investment in Chicago.

Purchase price: $525,000
Cash invested: $300,000
Sale price: $945,000

This was a family venture where each family lived in their own unit on the property. Title was held in just one name.(yikes)
Purchase price: $525,000
Cash invested: $300,000 construction loan for front house

What made you interested in investing in this type of deal?

We found an ideal property to rehab as a family. It was a 2 unit front house with a coach house in the back. We converted the coach house into a 2 unit. Everyone lived on the property in their own units (think compound) for 5 years. We eventually rented out our unit and moved to another house. It was a house hack before I knew what "house hack" meant.

How did you find this deal and how did you negotiate it?

It was found on the MLS during the bubble in 2008. (yikes)

How did you finance this deal?

One person got financing and went on title. We all put in sweat equity and paid personal funds for rehab of each "owned" unit.

How did you add value to the deal?

Gut rehab all units.

What was the outcome?

We sold the property in 2017.

Lessons learned? Challenges?

Lessons learned:
1.) Get everything is writing ahead of time. When it came time to sell, ownership percentages were not solid.
2.) Be in the know of what is happening with the loan even if your name is not attached.
3.) Going into business with family can be challenging.

@Brie Schmidt- We are doing rate and term refi.  Do you know if we are limited with these too?  

@Account Closed- 60617 in Calumet Heights

@John Warren- We found that each inspector would find something new and add to the list of items that needed to be repaired.  It felt like the inspection process was never ending. I wouldn't say Bellwood in investor friendly.  However, if your clients are planning on owner occupying, it might be a different story.  

@Bjorik Mutize- We have a few other properties in the area.  I hope to expand our portfolio with more properties in this location.

@Erica Raby- Be sure to check out Trulia's crime overlay.  Chicago is really a block by block city.  Good luck!

@Bob Floss II- We love Evanston! The Metra and the EL bring us right downtown!

@Account Closed- We have found the property taxes in Chicago to be WAY lower than the surrounding suburbs.  We have one in Bellwood with taxes three times the taxes on this property.  Before the appeal, taxes were $2350 and we got them down to $1700.