All Forum Posts by: Daniel I.

Welcome to the site, Chris! You've found a terrific resource for yourself in BP. Best of luck with your goals!

@Lynn Por You'll find lots deals that look great on paper. However, what you'll begin to notice is the numbers are typically very inaccurate. I was use the Bigger Pockets Rental Properties Calculator any time I see something that might be worth checking out. I use my own numbers based on what I know of the market to come up with my numbers, NOT the wholesaler's numbers. 

I was pursuing a 5-plex in Indy awhile ago and the numbers seemed fantastic and everything looked great. It'd cashflow $1k/mo. And then I found out that the landlord pays all utilities. Well, there went my ROI.

The point is don't just see a wholesale deal and take anything about it for granted. If you want to check out crime in an area, you can type the address in on Trulia and look at their crime map, or check out Chicago Tribune's Crime Map. Good luck.

Great read! Congrats on the article!

Hey all,

I will be moving to LA at the end of July and I'd like to partner with someone in Chicago to continue marketing to sellers in the area. 

The ideal candidate would:

• Be able to inspect properties and estimate rehab costs (I can help you learn how to accurately estimate) within 48 hours

• Take photos of the subject property

• Talk with motivated sellers on the phone

• Build and maintain a network of cash buyers to market properties to

I will handle the direct mail campaigns, negotiating with motivated sellers, transactional funding if needed, and marketing most properties we acquire. 

The pay is negotiable and can be per property inspected or percentage of net profits. 

Shoot me an email over if you're interested and we can find time to talk about this further!

Thanks!

Great stuff, Wendell. The auctions you won -- were those online auctions or courthouse?

I've noticed a lot of CPAs invest in real estate. Probably because they tend to be numbers people. But not having your family's support or understanding has to be annoying, to say the least. Personally, I'd defend myself and actions by explaining all the benefits of real estate investing, but if they prefer to stay ignorant to it, I'm sure it's not worth your breath. There's a reason why most of the wealthiest people in the world invest in real estate. Sorry they don't get it, but I'm glad you do. I'm sure they'll be wanting you to teach them everything in ten years.

Humboldt has some decent areas, but a fair amount are areas I wouldn't want to invest in, personally. Areas like Bronzville on the Southside aren't too bad and you may be able to find a flip for around $80k, but definitely do some driving around and see what the neighborhoods are like and what areas seem comfortable to you as investor. Also, consider your location. Do you really want to drive an hour+ into the city to check your rehab? Look farther out from the city. Maybe not Naperville, but maybe a townhome or condo in a neighboring suburb. 

Exactly. What is your real problem with people discussing wholesaling? It obviously plays a big role in REI and the better wholesalers understand the business and how to best serve their clients (investors) the better off we all are.

 Awesome, thank you Wendell. 

And I also got the rest of 2014, which consists of another 66,000. I think I'll focus my efforts on 2013 before it hits auction.

I just got my hands on a current list of tax delinquent properties for my county. I have a list of 83,000 delinquent properties from 2013 and 65,000 from 2014. The tax sale for 2013 starts at the beginning of August, so those sellers might be more motivated.

My question is what would you do with a great list like this? I was thinking of sorting the list of 2013 properties for areas I'd like to buy in and send direct mail to them, with the plans of wholesaling any properties I get. I have some capital to work with for marketing, let's say around $2k. That's the route I'm planning on taking, but I'd love to hear input from others.

If you've mailed to tax delinquent property owners before, what medium of direct mail have you had the most success with?

Any other thoughts or ideas on how to best monetize this?