All Forum Posts by: Anthony Fecarotta

I've been ramping up for my first purchase, and at 30 years old I'm kicking myself in the *** for not getting started sooner/being fiscally irresponsible in my 20's. With that said, I've pretty much gave up on the idea of buying in Chicago due to how much capital it's going to take to get as many deals done as I'd like. I have my sights set on investing out of state and I've been looking at cities like Detroit, Cleveland, Indy, & KC. I was wondering if anyone has any opinions on which one of these you'd prefer over the other. To give you a better idea, I'm focusing on buying multi family buildings in neighborhoods with high potential for gentrification. The lower the cost for property, the more rapidly I can make purchases as capital comes in from my primary job.

@Gary Floring My pitbull was mauled by two Golden's at a dog park. Any big dog can attack. When I was a kid shepherds were demonized, then Dobermans, then rotts, and now it's pitbulls because of the trash that fight them. Insurance companies have no business telling people what pets are allowed on YOUR property. It's just a ridiculous norm that we've come to accept.

@Kenneth Garrett how are you searching for these bank owned properties?

Am I crazy for thinking I can find a deal in Chicago on the MLS? I've been preparing for my first purchase for about 6 months now, and the one thing I haven't considered is finding the right deal. I've been reading into it, and it seems the general consensus is that you can't find a deal on the MLS; especially in Chicago. Does this seem like a fair assessment? Should I be looking into other methods of finding a deal?

Any large dog can be aggressive. Insurance/Landlord bans on "aggressive breeds" are asinine. 

@Aristotle Kumpis you can buy C level properties for $70-90k in Chicago? How are Detroit and Chicago on the same level? 

Thanks @John Warren ! 

@John Casmon do you and @Brie Schmidt hold your meetings at the same location every month or does it change? I'd love to attend both next month.

@Kenneth Garrett Thank you. I'll be at the meeting at Salerno's in Oak Park January 29th; if you have any other you'd recommend before then I'll gladly attend. 

I'm still considering different investment strategies. I'm not totally against flipping cheap, single family homes, but the problem is I don't think I can afford to pay rent and mortgage at the same time while the rehab process is underway. So I think that kind of pigeon holes me into buying a 2-Unit MFH on the outskirts of the city or Oak Park/Forest Park/Berwyn, area while slowly remodeling it and then selling...moving into a bigger unit MFH. My big problem here is not having enough of my own capital to start with, and I'm not really interested in bringing other parties into the mix.