All Forum Posts by: Arif K.

Hi @Nicholas L.

It's only been about a month since I started taking interest in REI. Since then, I have run through numerous MLS listings, reviewing the comps, calculating rental estimates, and then narrowing it down to properties with a positive projected cash flow. Because of this, I have only been able to visit 4 properties.

I have not been to an REIA meeting yet. I have been a silent reader of this forum to see what I can learn from other people's experiences. Would attending meetings in person be more beneficial?

Just trying to buy an investment house or condo. Looked at a few condos in the city listed on the MLS but the high HOA fees make it hard to cash flow. Looked at some foreclosures in the suburbs but unsure how to find reliable contractors. I am not a very hand-person myself to assess repair costs.

I am trying to get started with REI in the Chicagoland area but struggling with a few nagging, unanswered questions. Unlike 2008-2012, there is not a surplus of inventory at rock bottom prices that can be scooped up. The MLS listings I am seeing - in the west suburbs - already have multiple bidders and are getting under contract shortly after listing.

Does this mean that I am looking in a very competitive area and as an investor should be looking elsewhere?

What sites would you recommend to get notified of foreclosure listings?

How do I find reputable contractors to estimate and rehab a foreclosed property? Any recommendations?

In this area, what are your strategies? Are you looking to fix and flip, cash flow or hold for capital appreciation? 

Capital gains tax on fix and flip will further lower any profits. Cash flow seems hard in this market. Holding for capital appreciation, will that really work in IL?