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All Forum Posts by: Chang Hee Lee

Chang Hee Lee has started 10 posts and replied 44 times.

Post: Meetups in Champaign-Urbana & Savoy?

Chang Hee LeePosted
  • Real Estate Broker
  • Champaign, IL
  • Posts 49
  • Votes 19

Hey everyone!

So there's probably some meetups already going on within the Champaign-Urbana and Savoy area (if I'm missing one, please let me know) but I wanted to see if anyone would be interested in a casual meetup (maybe once a month?) at like Starbucks or something to discuss real estate and just hang out. I think it'd be fun and no membership or anything would be needed. Please let me know if this is something you all might be interested in!

Post: Chicagoland deals, where are they at?

Chang Hee LeePosted
  • Real Estate Broker
  • Champaign, IL
  • Posts 49
  • Votes 19

@Athina Margaris So as an equities investor, that thought sounds synonymous to stock traders trying to time the market. I know because I've tried to do it multiple times and it does not end well. Humans are terrible at predicting and therefore one comes to the conclusion, then why do it at all? And because that's the case, there is no best time to enter the overall real estate market as long as your intent is long-term. Trust me, it works and there are ALWAYS deals (even in this bull market, there are still undervalued equities & properties, believe it or not). 

With that said, much of my activity is off the MLS so properties and owners I work with don't appear online. If you'd like to PM me, I can try to point you toward some multi-family buildings that might interest you! Good luck! :)

Post: Opportunity Zones and Deferring Capital Gains Tax on Stocks

Chang Hee LeePosted
  • Real Estate Broker
  • Champaign, IL
  • Posts 49
  • Votes 19

Hey BP,

Just finished listening and jotting notes down from the most recent BP podcast with @Amanda Han and @Brandon Hall. I'll link it down below...

https://www.biggerpockets.com/renewsblog/biggerpoc...

If you haven't already listened to it, please check it out!! I'm actually beating myself over the head for not listening to it earlier but there's a bit at 28:15 where Amanda mentions opportunity zones and how capital gains from stocks can be deferred by reinvesting these gains into real estate within these zones. Obviously listen to it for yourselves since she explains it better but thought this might be interesting for investors, especially even those in my area.

I'm also an investor in the stock market and from my perspective, this is a really good opportunity for new potential investors to transition into real estate investing.

Thank you again Brandon Turner and the rest of BP!!

Post: Chicagoland deals, where are they at?

Chang Hee LeePosted
  • Real Estate Broker
  • Champaign, IL
  • Posts 49
  • Votes 19

Hey Athina,

What do you consider a deal? I find that this can be a little subjective depending on what criteria you follow such as the 2% rule for example (so far, no multi family properties pass that rule but then again, markets are high right now). Not really much of an answer to your question but definitely something to think about.

Post: Newbie in Peoria, IL

Chang Hee LeePosted
  • Real Estate Broker
  • Champaign, IL
  • Posts 49
  • Votes 19

Hey Josh,

Welcome to BP!!! Always great to see fellow investors and real estate professionals from Illinois! I've been meaning to set up more meeting around the Central Illinois region as most of them are centered around Chicago and St. Louis so hopefully we can all make something work. Congrats on the first property though! If you have any further questions in regards to real estate, do not hesitate to ask! Many supportive people on this site :)

Post: Chicago / Illinois rental property

Chang Hee LeePosted
  • Real Estate Broker
  • Champaign, IL
  • Posts 49
  • Votes 19

Hey Tara,

Welcome to BP! Already a lot of good pointers on this thread that I agree with. Being in the Champaign-Urbana area though, I have to ask if you've thought of areas surrounding the university campus here at all? Not exactly sure how we compare with other areas in Illinois or even out-of-state but enrollment here is continuing to increase and those students need someplace to live, especially the internationals that are just dishing out money like crazy! Quite an interesting area, just a thought though!

If you have any questions in regards to Champaign-Urbana, let me know!

Post: Looking for RE broker/agent with personal experience in REI.

Chang Hee LeePosted
  • Real Estate Broker
  • Champaign, IL
  • Posts 49
  • Votes 19

Hey Aaron,

I've worked with quite a few graduates here in Champaign-Urbana (as I am a student myself) on looking for their first few deals (mostly buy and holds). Are you a U of I graduate by any chance?

With enrollment on the rise here, I think the CU area is definitely a place to look at in terms of market research. If you have any questions though in general about the area, etc., let me know! My family is also involved in real estate investing as well so I've been around for quite a few years.

Definitely stay active in the forums and welcome to BP! :)

Post: Is Zillow Premier Agent worth it?

Chang Hee LeePosted
  • Real Estate Broker
  • Champaign, IL
  • Posts 49
  • Votes 19

Hey Chris,

Personally, no. I think I was reading in "The Millionaire Real Estate Agent" by Gary Keller about mind share and how consumers only have "enough" memory to think of just two or three agents at any given time. In order to access this coveted spot in peoples' minds, you have to be memorable and how do you do that? You door knock, you call people, you talk to people at the grocery store, send postcards, etc. Zillow has always been one of those "too good to be true" for me in terms of lead generation because if it were that easy, why are over 90% of agents still failing within 1-2 years of starting? It's because those at the top are taking up the majority of the mind share (analogous to market share for any business) and although these agents might be on Zillow too, they've already established themselves through the methods mentioned above. It's like asking someone if you need a gym membership to get fit and the answer is absolutely not. Just put on some running shoes and go for a jog to the nearby park, do some pull-ups on the monkey bars, and heck go talk with some people there while you're at it. 

If you can't be a realtor through these methods of marketing/advertising, then it doesn't matter if you have Premier or not. Just my two cents, good luck!

-Chang

Post: New Agent with Questions

Chang Hee LeePosted
  • Real Estate Broker
  • Champaign, IL
  • Posts 49
  • Votes 19

Hey @Account Closed. And the way many agents talk about it, sellers and listings seem to be more favorable than working with buyers (especially since you get a commission from both selling the property and also helping that seller find a new one, in most cases). But you could flip that argument and say that buyers need to sell their property as well (not always if they're like an investor, but still). Furthermore, I often find it's much easier to convince buyers to sign with me than sellers by telling them that classic line: "Oh, did I mention that my services to you are free?" Of course, that money is still originally from the buyer (and the commission can force the price higher than the buyer would want, but you get my point).

And yes, prospecting is tough... however!! That doesn't mean you can't add some variety. Go to church, get lunch with friends, have a potluck with your neighbors, take public transportation and talk with the drivers, volunteer and network with others, keep posting on the BP forums and send requests to people in your area, etc. No one said you have to eat the porridge bland, bring out the toppings and seasoning! It may seem like a long road but enjoy the experience, have a few laughs and don't forget to ask if anyone's buying because eventually, those people will need to sell and guess who they're going to call? ;)

Post: New Guy From Chicago

Chang Hee LeePosted
  • Real Estate Broker
  • Champaign, IL
  • Posts 49
  • Votes 19

@Tevin E. Taylor Always good to see fellow U of I alumni on here! I went to the college of business but loved studying at Grainger (BIF was WAY too loud). Not sure where you're looking at in terms of location but Champaign-Urbana still holds much potential for aspiring investors like yourself. 

If you're still in the area, would love to meet you at one of the coffee shops here but if not feel free to ask any questions especially in regards to here. 

-Chang