All Forum Posts by: Dan Audino

Commit* 

@Chloe Salcedo

You might think you don't know where to start but that's just it you already have started! lots to learn here just browse around and you'll pick up on stuff and know where to hone in more im specific areas you are interested in.

My 2 cents:

You're young, you could get a real estate or real estate adjacent 9-5 so you can get paid to to learn more about real estate while learning and building the side hustle outside of business hours.

Seems like you live in a major US market so that's a plus, you could get a tenant services coordinator job in commercial real estate making $40-60k (not sure if that's more or less than what you are making now)

It's an Entry level role, anyone with a degree and a polished resume and a passion for real estate should have a decent shot at landing a job like this. You learn a lot about real estate and get exposure to a lot quickly, most big firms will pay for you to get your RE license as well.

best of luck with CONTINUING your real estate journey! 

@Aaron Zimmerman 

Hey thanks for the reply!

yes whatever I buy I will be living there as well, guess I should have noted that in my original post. Being able to be on site and able to commute 20-30 hours a week on the project is crucial for me 

@William Fisher

great question thanks for posting, I was just looking around for posts that were related to this.

@Andy Nathan Thanks for your input, I will have to look into what goes into forming an LLC with an equal 50-50 partnership.

Guess I need to find a good real estate attorney as well

@Jonathan Klemm Thanks for the reply! 

For option #2 I don't know enough about renovation loans but I will have to look into it. Assuming you would have to permit things if you borrow hard money for reno, not sure I'd be interested in that. But definitely something I will read up on in case I come across an opportunity that might be useful with.

yes, please DM me the full list of Chicago meet ups! I am making it a priority to attend at least one a month to grow my network and learn.

 I just registered for 1/18, see you then!

Paul, appreciate the questions!

1-The goal wouldn't necessarily be to eventually to rent it out, main goal is to build equity and create value. Put $10-20k into the place and create $40-50k of value and then refinance or sell. Kicker is I don't have to sell, I would simply be happy with not renting anymore and continuing to build equity.

2-Correct purchase and renovate a 3-5 unit building. I wouldn't be opposed to having a little skin in the game (closing costs, inspections, etc) I would be living there paying market rent and doing the improvements myself. The terms would be quite lucrative for the cash provider, they would be looking at a 30% return on their $$ in 2 years*

Hello BP!

In 2025 I plan on purchasing my first home. Hoping to go down one of two paths:

1- Buy a condo or small single family home and build equity and create value with my maintenance/construction background.

2- Find a cash provider to do this on a larger scale with a 3-5 unit building. 

Looking to learn more about seller financing, the art of the deal as well as connecting with like minded investors in Chicago and beyond!

Thanks,

Dan Audino