All Forum Posts by: David Prince

Absolutely! I require it and recommend my clients do the same. Frankly, it wont deter a good tenant, is nominal in cost and offers significant peace of mind. I also agree with @Jake Fugman on the nonrefunable fee vs deposit......especially in Illinois.

Welcome to BP and congrats on thinking through your next move. Knowing your financing options and linking up with a broker or someone who is knowledgeable about markets fitting your circumstance should be a priority. A single family in Avondale will be very different from a 3 flat in Pilsen. 

Also, consider a mortgage broker vs. traditional bank- both have advantages but typically a broker has more tricks up their sleeve to meet your objectives. Let me know if you like some names to consider. 

@Dylan Moskal Im just getting started as well but have found some great scheduled meetups on BP. Here is a link to my post asking for similar information. Some interesting info there. 

Also, the meeting at Dinos is a great one for just being around like minded people sharing strategy. The next one is Dec 5. https://www.biggerpockets.com/forums/521/topics/506002-chicago-meetup-november-december-combo-new-event-date

Hope this helps.

@J Scott Thank you for the recommendation. Ill definitely be ordering this one.

In reading post after post on BP, I am getting a wide snapshot of different strategies which is excellent for my own edification. Im wondering if you know of any resources that walk through the various stats and other numbers used in some of these strategies- specifically fix and flip and BRRRR.

Im reading a lot about cap rates to purchase price, ROI, and many others but all are referenced in short anecdotes. Curious if anyone has a recommendation for resources that walk through how these numbers are derived and applied in the business sense?

Knowing the current owner is selling due to focus on flipping and neglecting his rental portfolio would definitely warrant inspections before purchase but that is just part of due diligence. I would consider too the cost of the repairs vs the increased rental income- $5k in repairs will take more that 4 years to recoup if you are only increasing rent $100. Would that be worth losing the tenant, vacancy etc? Especially if you would take pride in the home as is this may not make a great deal of sense given the limited info provided. 

Thanks everyone for the excellent recommendations. I really appreciate the direction and recommendations!

HI  @Paul Lesniewski, 

Thanks for the recommendation. I have seen all three on the boards and will be attending the RE and Cocktails next meetup. Is Redevelop U a paid group (are the pitching classes)?

Good Morning! 

Im looking for meetups in Chicago but having a hard time finding them. Is there a calendar or other resource on BP that shares when meetups are happening? 

-David

@Anthony Dadlani Any recommendations on how to look for those types of profit sharing programs. Keywords, platforms etc?