All Forum Posts by: Mike B.

Hoping that someone in the BP community can recommend a reputable HVAC company to install a new Furnace and A/c unit in the Lexington area.  Thanks for any assistance. 

Another Good topic Id personally like to explore is how to determine your acquisition strategy..sometimes you use a JV, sometimes you do a "subject to", sometimes you want to buy/hold, sometimes you go in knowing your gonna wholesale....AND how to work HUD deals would be another great lesson.

Ok so please pardon my earlier post...it was incomplete.  I must start off by saying a BIG THANKS to @Wendell De Guzman alluded to.  

A topic I could assist with, is labor/material price points, and timelines which seem to be a common hurdle especially for newer investors/rehabbers.  

WOWOW....I HAVE TO SAY AGAIN, Ive been to a lot of guru seminars, webinars, and the like, and there is a lot of BS out there, but you really are the real deal and it was a pleasure to read your blog.  I look forward to hopefully meeting with you sometime soon, and I will continue in your steed to pay it forward, and hope others are inspired to do the same...

Also, ending or beginning the class with a "real life story" based on the past/future lessons would be invaluable.  Any opportunity to see how a seasoned veteran prepares and reacts in the quest for acquisitions would be great!!  

Sounds like a great idea Id love to join also.  Also, any assistance I can offer is a definite.  Please let me know, looking forward to talking with you.  

Thanks Steve, for your speedy response.

Is that not common for most HML? I have no knowledge whatsoever of how the financing end works, so pardon my ignorance, but it seems like if the numbers work out, the most difficult problem would be acquiring secondary financing after the HML term is done, and of course finding renters/buyers. Ive just begin researching private money lenders, and HML, and this seems like the most possible path for someone who has the knowledge and ability, but not the credit worthiness.

I dont want to rush into anything, hence me bringing the topic to the forum, but as a new RE agent, I feel like a lot of possible deals are coming my way that I could work on if I had the funding(I know, this is a common problem). And I am really anxious to get out there.   

A litte about me:

I have been a licensed electrical contractor for 18 years in the Chicago area.  I have worked on over 100 rehab projects where I have assisted in the installation of plumbing,and vac systems as well.   I recently became a licensed real estate broker, and have a couple of friends who have put some money together.  So although we have knowledge of constriction costs, what areas are Hot, and rehab time frames, the ability to find funding for deals, and what is a "good" funding deal is where I am weak. 

So any and ALL of your advice/experience is greatly appreciated.

Hello fellow real estate enthusiasts.  I came across this company who says they do "asset-based" lending, meaning that they provide loans based solely on the property and not the borrowers credit history.  They claim to fund the purchase and complete rehab, including closing costs, upfront.   They charge 6 puts at close and a 16% interest only payments.   The initial loan period is 6 months, with a possible 6 month extension, for a small fee of course.  

I have done rehabs before and the 6 month window for a purchase, rehab, and prepare for sale is feasible, so Im trying to see what the "catch" is.  I have done a little research on Josh Cantrell and his other seminars, so it seems legit, but I figured I would bring it up on this forum since there are so many people in this community who have proven to be very knowledgeable about what works and who are scam artists.  

 Thanks for the welcome.  Currently I have focused on the south east side, specifically Kenwood, Chatham, Roseland, and Morgan Park.  My search has produced leads in the south burbs as well so I am also researching different markets.   

ANY info you could send me regarding meetings would be greatly appreciated. Thanks again, and looking forward to hearing from you.

 I believe flipping s/f/h/ and multi units up to 4 are my current niche as that is what I have experience in.  I would like to  B&H property in areas where I have family so I can assist them as well as educate them in real estate.  I also am very interested in wholesaling.  

Hi BP my name is Michael Bailey. I am somewhat new to the investing side of real estate but have been an electrical contractor for 17 years. I just recently obtained my Illinois Real Estate Broker's license, and am looking forward to putting it to work. Primarily I am hoping to use BP to assist me while I navigate through this field. All the different aspects and possibilities of REI can be quite overwhelming as I am quickly learning, but I am excited by the challenge.

I currently have partnered with a novice investor looking to do his first rehab ASAP, here in Chicago. However, I have friends and family in Oakland, Ca, Atlanta, Ga, Cleveland, Oh, and Oklahoma City, Ok, so I would like to do deals near them as well. I am also very interested in wholesaling and how to work those type of deals, especially as a RE broker. I have searched google for, per BP's recommendation, a local REI Club but have not found one as of yet.

So anyone out there who may be ale to assist me on those areas, your help or tips would be greatly appreciated.  If I can assist any of you, I would be happy to do so.  I have extensive knowledge of rehab repairs, pricing, repair time periods, labor costs, and where/how to find good labor.  

I look forward to talking speaking with you in the immediate future.  Good luck to you all!

p.s.  I will have a presentable pic posted before the weekend:)