All Forum Posts by: Daniel Guerra

@Donald Torrence

Joseph Banasiak - Attorney

Give him a shot. Please mention I referred you to him. Thanks!

I'm definitely interested, hopefully the shutdown in Indiana is lifted before this event.

Also, I have an interest in a property in Lafayette, Indiana (2107 Charles St). If anybody is interested, reach out to me, thanks!

I'm currently working on a rehab in the city of Hobart, Indiana. The building department closed down due to the Corona virus and are not issuing permits. I do have the building code official's number on speed dial however. I'm guessing the only way to get around this is to convince him I'll pull the permits once the shutdown is lifted. I would also need to request that he does the inspections so that I can finish up the rehabs. I have already pulled the HVAC and electrical permits. Will need to pull a plumbing permit.

I know you can still pull permits in some cities during the shutdown however. I'm wondering if there is anything else I can do to be able to move forward with the rehab.

Thanks in advance for any suggestions/tips.

@Chris Peckham 

If you don't have the knowledge, then I suggest you pick one of the solutions below.

1) Team up with an experienced investor

2) Study, read everything about mobile home parks

I'm not sure what type of capital you have but 229K is pretty low. Definitely do your due diligence. @Hai Loc has some good advice. If you have millions in capital, might be a good learning experience but I'm guessing you don't.

Best of luck!

What part of Indiana?

I plan on living in a home and doing a rent by the room. Should I do the landlording myself or just hire a property manager?

I have a W2 job (40-80 hours a week) and a Real Estate business (getting close to quitting my W2 job to focus 100% on my business).

I don't believe managing the property is much work but finding the right tenants to live with could take a ton of work. I don't plan on living in the property for a long time though (1-2 years).

Thoughts? Thanks!

1) Rental market is good in NW Indiana. There’s a variety of homes from class A+ (St. John, etc) to D- (Gary, etc.). I would stay away from Illinois to be honest. Property taxes kill cash flow, population trend is bad, etc. Joliet is ok, depending on the location within, Will counties taxes are not as bad as cook counties.

2) To find a true deal, you will have to look off market. You might find something on the MLS, rehab, and make 5K/10K.

3) There’s a variety of partnerships out there. There really is no standard. I guess if somebody was going to finance 100% of a deal and you find the deal then manage the rehab, 50/50 sounds about right.

It comes down to this. You will need 2 out of the 3. Hustle, Money, or Knowledge.

Honestly, continue to educate yourself and save money. Definitely get out of the renting game and own a property. 

Best of luck!

In terms of funding, you can wholesale the deal to another investor and not use any money. If you want to keep it, you will need to find money from a private investor, hard money lender, bank lender, your own cash, etc. 

Reach out and I'll do my best to help out. :)

I'm rehabbing a one family dwelling home to flip. The home, built in 1899, contains a kitchen on the first floor and another kitchen on the second floor. It has one electrical meter and there's another electrical meter spot that was removed already. The enclosed, attached, unheated stairway connects the unfinished basement, first floor, and second floor. The only way to access the different floors is with this stairway.

I'm guessing the second electrical meter was removed because the home is zoned for a one family dwelling unit and the previous owner wanted to save money on taxes.

I planned on keeping the second kitchen and leave out the appliances so that it's technically not a kitchen. Convert the second meter location into one meter (currently no power on 2nd floor and I believe it's because of the removed second meter). Convert two electrical panels into one. Plan on just painting the enclosed, attached, unheated stairway but I'm second guessing myself on whether I should add heat and insulation to that location.

Just wondering if I'm doing this flip correctly. The enclosed stairway that has no heat concerns me a little because that's the only way to access the whole house. The previous owner used this home as a duplex. My plan was to sell this as a single family home.

Any thoughts, tips, advice and/or questions are greatly appreciated, thanks!

@Joe Donohue

I'll definitely be attending a few. I was looking at the Lake County tax lien sale but the final bid prices were ridiculous. Obviously, online isn't the way to go for better prices because it's available worldwide.

I haven't decided on a strategy yet. There's plenty of small populated counties but I'm leaning towards avoiding them. I might travel down to Marion County or head out east towards Allen County. I'll definitely be going to Porter County. I currently live in Orland Park, Illinois (20 minutes to the Lake County Indiana border).

Do you actually attend these smaller county sales (population 100K or less)?

What can I do for you?

Thanks!

@Tchaka Owen

Problem is finding a Real Estate Agent to work with.

Should I just keep asking Agent after Agent?

Anything else I can provide to a Real Estate Agent?