All Forum Posts by: Colin Lubinski

Hi Trevor,

As a real estate broker who lives and works in the area you are looking at, I can tell you there is quite a bit of demand for rentals of all types. Logan square/wicker park attracts alot of people who tend to be uprooted and move around alot, and because of that airbnb is a popular option. The rental costs in this area are skyrocketing, so with that in mind you may want to consider traditional renting. If you live in the suburbs it might be a hassle for you to do it via airbnb, as you need to clean and prep the unit for each new tenant plus the time needed to screen and meet each new tenant. The minimum you need to provide tenants is basic toiletries, essentials, but alot of my clients who rent via airbnb also provide food and drinks, aND usually electronics with cable and Internet to maximize profits.  Also, like you said the rules in Chicago are changing and if you are buying a condo you might find yourself in a situation in the future where it might not even be an option to airbnb. Feel free to reach out to me if you want to discuss it deeper

I would be very picky in selecting an AIRBNB tenant, I've had clients who had some real horror stories about damages and police issues, and we all know how wrigleyville gets...

Hello, My name is Colin and I am a real estate broker specializing in investments here in Chicago. I've been a member here for a few years, initially to start as an investor myself but decided to take a different approach to get the most knowledge before I actually start investing

@Dave-

Thanks for the advice. I am working as hard as I can to bring my credit back up. It is a long process lol...it is definitely taking a lot longer to bring it up than it did to tear it down! Before my divorce I had a 810 FICO and at its worst earlier this year it was 480. Its back up to 580 so slowly but surely...and I will definitely be asking plenty more questions on here and anywhere else I may find answers

@Erich-

I cant wait to check out REIC meetings and see what they are all about. I'm pretty excited have a chance to meet someone who is working with real estate and isn't trying to sell me something lol. I know what areas and kind of properties I want to invest in, but like you said, someone else may know something about the area I don't know and will be able to tell me reasons why or why not to invest in something. Thanks for the advice and we could definitely work together if I ever actually get something done lol.

Ignorance is a very expensive lesson to learn- I have learned this lesson on may occasions- not necessarily in real estate but in many other aspects of my life. I hope I can take what I have learned and apply it to this as much as I can so as to not make as many mistakes as those before me. Thank you for your advice

Jack-

Thank you for that simple piece of advice. I didnt poo poo the gurus as you said, but rather I was torn between the thoughts that yes, investing a little into my future could be priceless, but at the same time, I might as well try and learn as much as I can on my own before I decide its necessary to pay someone else to do my dirty work. Ultimately, there is no replacement for experience and hard work but I feel like I should understand the basics thoroughly for myself before it should ever be necessary to have someone else do my leg work for me. There will come a point in time where I may feel like I could benefit from from more experienced investors, but I feel it is important to do as much research on my own as possible to fully grasp the concepts of investing before i ever set foot in a classroom or put a dollar on the table

Thanks for all the insight and the blog post...very informative and a good look at a situation similar to what I want to get into. The answer to my question about urban properties is what I expected, pretty much why I havn't really looked into that market up there. I didn't know much about the suburb scene either. I myself own a property in Racine which was my primary residence for a short time until I divorced my wife and moved to Chicago...I had it built(stupid, I know but it was what the lady wanted) and ultimately couldn't sell it when I moved as it is in a new subdivision and there are a lot of nicer, bigger, slightly older homes for sale in the area for less than what I owed on my loan, plus there are more than a few foreclosures/vacancies in this neighborhood. I am currently renting it to make the payments. Anyway, thanks for replying to my post. I come up that way quite often, maybe we will cross paths one day

Thanks Jenkins! I will definitely check out those threads immediately. I understand the concept of OPM and utilizing hard money lenders to fund an investment purchase, I guess it all comes down to networking and getting to know the right people to actually make it happen, as is how it works in any field/industry. I plan on trying to increase equity in any property I get involved in-I have a construction background and a couple of contractrs I would like to get involved with me if this could become a reality. Do you operate in Milwaukee? I am actually from Milwaukee I lived there my whole life. I joined the Marine Corps when I was 18 an when I got out I moved to Chicago for a better job opportunity than I could get in Milwaukee. I understand the economy in general is a bit more stable in Chicago than it is there, and the unemployment rate is quite high up there as well. I don't know much about the market but that would lead me to believe that there must be some great opportunities in Milwaukee. I was also interested in pursuing investments in that area as well, as I know the city like the back of my hand. Suburbs, not so much but I know all the neighborhoods and who comprises residents in those areas. I have another question for you: Do you work with inner city real estate, and if so, do you find it difficult to unload a rehabbed/ updated property that should hold a significant value do to increase in neighborhood deterioration/ crime rates?

Hey everyone! I am new to this site and even newer in RE investing. Investing in real estate is something that has caught my eye for a long time, but I never had actually put any real thought into it until recently. I was invited to one of those "guru" seminars by one of my friends, and after I attended I decided to take a closer look myself into just how much I could learn on my own. Wow! What an endless realm of information there is available through books, blogs, websites, etc! Within a short time I am amazed at how much knowledge and information I have amassed on every aspect and facet of investing. I only wish I would have taken the plunge and started educating myself much sooner. I am 25 years old, recently divorced, recently broke through that divorce(marriage is a terrible investment :) ) and ready for something new and exciting. I live in Chicago, and being a city guy I am interested in starting out by investing in smaller multi family dwellings (2, 3, 4 flats) doing minor rehab/repair work, maximizing rent potential, minimizing maintenance costs by managing the buildings and tenants myself, and holding on to them for a while and see what I can make of it. Possibly selling in the future to start investing in some apartment buildings? I don't really have any interest in investing in single family homes and I know exactly what I want to gain from this experience. I just want to know if there is anyone out there in the Chicago area who specializes in this area and could possibly offer some mentoring advice for a guy just starting out? My main questions include how exactly to go about securing financing when you have poor credit/ no working capital. I plan on attending the ext available REIC meetings scheduled in my area to hopefully meet a few like minded individuals with more experience/knowledge. 2nd, for example, lets say I want to buy a 3 unit building and live in one of the units myself. I am a little confused on the difference in terms of how to go about financing/contracting as opposed to taking over the building and renting all three units? Like I said, I'm new to this and am trying to learn as much as I can but just am not sure how to actually jump into the first deal and take the big plunge. Any feedback is appreciated thank you!