All Forum Posts by: Brian J Peterson

Lets not all forget that the IRS is still going to want some money for the Depreciation Recapture upon sale of the property unless you roll it into a 1031 Exchange:

https://www.irs.gov/publications/p544/ch03.html#en...

@Wendell De Guzman,

If it's not too much to ask, I'd like to see some of that geographical info you've got on Chicago, thanks in advance!

When I am ready to write a Business Plan, I intend on reading this book first (for $9, why not??):

https://read.amazon.com/kp/embed?asin=B0106RQM9E&a...

With all due respect I don't think that prospective iinvestors want to hear about you paying off student debt and spending more time with your family.. They probably only care about how they're going to get their money back AND some obviously.. How many flips do you plan to do per year and how you plan to finance them might be more up their alley... The stuff you wrote about your fix and flips and buy and hold should be elaborated on more, seeing as how that's the way they'd be making money with you.. I'd focus more on what myself and my partner(s) could bring to the table as far as saving money on the flips (can you manage the properties (rentals)? can you do some of the work on the properties (flips)? do you have a good list of certified vendors/contractors that you'll be using?, etc...) I've never flipped a single home, or put together a business plan like you have so please take all my "advice" with a grain of salt, it's just my prospective on the situation.. It just seems like a lot of this is what we plan to do or this is what we want to do and not enough of this is what we do, this is what we've done.. We all need to start somewhere and I truly hope that everything works in your favor and you find your funding!! There are almost 600,000 members here on Bigger Pockets so keep asking questions, even if you might sit there and think it's a "dumb question" I'll look foolish asking that, ASK IT ANYWAY!!

Good luck Evan

I live near the city, in Cook County and Chicago is a beautiful city as you know, there's lots of areas to stay out of so be sure to do your research first! Cook County and the City of Chicago love their taxes as well so be sure to figure on paying a lot more in taxes and some random taxes you've probably never even heard of.. Chicago is famous for trying to squeeze every last penny from us.. For example recently in the City of Chicago for an establishment to broadcast THEIR OWN PAID SUBSCRIPTION to Netflix they need to now pay a higher "Entertainment Tax"! Overall, I'd say in comparison to Detroit, Chicago will always reign supreme in all categories, but there's always the good and the bad with anything so be sure you do your research! As far as future potential, unless Detroit is going to be revitalized sometime soon and you can buy up a bunch of cheap properties to hold onto I'd look into Chicago, and the surrounding suburbs for better overall potential.. 

Best of luck and stay in touch! 

Are these all your properties (owned/mortgaged in your name) or are you just looking to wholesale them and assign the contract you've made with the seller?? 

@Marcin Chojnacki -  Beautiful work! We're in the same general area, I'm closer to the city, near Brookfield Zoo.. 

@Faisal Farnas

Not sure about the accuracy of this website, but I'd make sure to get the windows up to code.. Having sealed windows presents a Fire Hazard situation, especially in bedrooms where it's required to have two exits, i.e Door and Window..

https://landlordtenantlaws.wordpress.com/florida-s...

Looks like the background check will run about $20 from TenantCloud

https://www.tenantcloud.com/faq/question/48

"Standard background check powered by Chekr will cost you $19.95. To continue, press “Purchase”."

They call it :

The Bespoke Tranche Opportunity has many qualities similar to a CDO, except the investor can choose the assets that will be packaged together.

https://www.quora.com/In-the-last-screen-before-th...

Let’s start with the good news: So-called “collateralized debt obligations” are dead. Pre-crisis, investors were gorging on these bundles of residential mortgages—or, to be more precise, bundles of bundles of mortgages. And now CDOs are gone. “These particular instruments of mass destruction, as Warren Buffet called them, no longer exist,” says Susan Wachter, a real estate and finance professor at the Wharton School who foresaw and warned about the looming disaster well before the collapse happened.

http://time.com/money/4146436/the-big-short-could-...