All Forum Posts by: Ubaldo M Gomez

@Dave G. What an ******* left the Great City of America to think went elsewhere to find better life and prosperity? Look man, Chicago has always been the corrupt center or Illinois but great people came out of it became Presidents of the United States and ran our country have not brought her down to her knees. Illinois have some bad corrupted government staff does not mean all Illinoians living here are dangerous like you tarnish it to be. I own properties here and still make money despite my tenants are strugggling from time to time earn a buck because taxes are high in Illinios and yet they still here enjoying this great city? I am over 50 and plan on not leaving ShitCago have lived here since 1974 is a beaufigul City unlike no other I have been to. I would like to say to those left Chicago to come back and be recieved with open arms because we love you! If you plan on leaving again, sell me your Chicago multi units so you can be on your way to whatever suits you good.

@Kimberly Kesterke This is 2020 where everyone uses a cell phone to call for service. I tell my tenants to download TASKRABBIT app for apple or android. There are a ton of handymen waiting to get to work!

Yeah that is the problem with Chicago City Inspectors have too many buildings under scrutiny don't hurry up with clearing the go ahead for rehab. This problem is not seen outside the city but Chicago has potential for making awesome money on your investment.

Lol! yes and keep us in the loop of how was the taste. 

Real Estate is not always about making money but of a bunch of problems starring you in the face. Tenants, next door neighbors, the sherrif, court summons and countless other headaches all mount over the years at one point will get you to see the whole picture, " what the heck have I gotten into ?" Maybe that is the reason the sisters want out or the equity is so yummy on the property is time to cut a piece of the cake and run with it? These are all problems you have to sink into your consciousness and come forward as a solutions provider to Real Estate issues will cost money to solve. Guess where the money will come from? Yes that is right from the yummy cake. All parties involved will be sitting at the table discussing the delicious cake will need to share it with the title company will be the one cutting it for all parties (Lawyers, IRS and appraisal company because property is over priced) involved agree on the size of the piece each will take. In the end the cake will be left standing there almost gone will take years to build it's equity with  borrowed money that is not yours. So I agree on Shanequa sit down with forks, spoons and be prepared to taste the deal is worth it or not.

@Chad Miles Absolutely! Make sure your RE investments exceed your employment salary before  abandoning ship. If not, you always have your brother be the one out there doing the deals and you keeping your job kind of  like in the Cable series The Property Brothers, Jonathan and Drew Scott.

@Parker Ihrie It's awesome to know you have the legal background goes very well with real estate, mind you it's a dirty game and a lawyer scares the wolves away.

Here is my experience, I too was working for an IT industry 20 years and did real estate on the side was hard work! I began in 1996 with a gift of $2000 from my Dad and a FHA loan on a house hack and took out a loan on it about 250000 five years later to purchase flip deals to then find myself at a loss in 2008 from the real estate bubble. In 2007 is when my break came to buying my first multifamily unit had the cash for the down payment. It was a 8 unit building complete with laundry and parking lot. I did not have the opportunity to enjoy the management part of it when the crash of 2008 came, tenants began to loose their jobs were not paying the rent caused my loan to default and went into foreclosure along with my other real estate investments. I began to get ill at my time management affected my IT job found myself sneaking out of work to take care of my other real estate deals to save my real estate investment properties portfolio . I had no help from anyone was my own manager and actually did pretty damn good! If it wasn't for the crash, I would have been sitting pretty today. My advice to you is this, LEVERAGE your time. If want to be out there and do real estate to experience the thrill, hire managers or do what I thought of doing but never had the balls is take the leap of faith, QUIT YOUR JOB ! Quitting your job gives you full time real estate investing to doing deals fast. I see there are two of you, brothers. One should quit working and the other maintain a job, a requirement to getting conventional loans.

Today I am unemployed and happy managing properties from Mexico here in the US. I took the leap of faith finally in 2014 and working on getting back in the game find it harder to get loans due to the lending guidelines are strictest after the RE crash here but not in Mexico. 

I hope this story of my life will inspire you to take the leap of faith so dreams can become a reality. I hope to be purchasing properties in the US anytime soon because the currency in Mexico is hurting right now am unable to do foreign exchange but with the course of time will be a new chapter unfolding. 

Best of luck to you and your brother.

Wow the posts about Wholesaling in here has convinced me not to go to seminars or gurus don't tell you these things. Real Estate investing can be a dirty game if you are not educated or informed. If it was that easy wholesaling, gurus would be doing it and keep to themselves but no they take your money and later tell you that you did not read the fine print where it states they were not advisors but seek a lawyer before doing any of these things of wholesaling. People, read the fine prints and research with respected Rei's before buying How to make money in Real Estate properties is my 2 cents here.

Oh Sweet Home Chicago! Tenants have more rights than Landlords has been like this since I can remember back in Mayor Harold Washington's days. Chicago renters know the game and always  rental lease addendums be best looked over by a Chicago Lawyer before you start pissing off your renters. Yes we Landlords want to protect our investment properties but in Chicago your tenants win if you don't play by the rules of tenant rights. Security deposits are not a Landlord's possession until a tenant literally damages the place is inspected by a professional contractor or handyman write you out a repairs estimate. Keep in mind the security deposit is not to be used as last month's rent belongs in the bank until the tenant moves out. What this means is the tenant vacates at end of lease and there is no damage, you have to give it back plus interest the bank gave for keeping security deposits. As for tenants breaking leases and not letting you entering their apartments is their right. It is why you need a Chicago Lawyer back you up with a well written Chicago Lease, period!

very nice! Rehabbing properties takes a lot of time babysitting contractors is no easy task. I remember buying one property doing the same caused me lot of headaches with city inspectors  had stopped my contractors for required permits were not adequate for the work being done. I had to sneak out of work at times to get my rehab done was nerve wrecking but would I do it again? Hell yeah because the property net me 34690 profit!