All Forum Posts by: Ibn Abney

@Michael Van i want all my downpayment capital back in 2-3yrs (breakeven point in months) and a monthly cashflow of $400-$500/month.

a 3rd but very important factor is ARV in 3-5 yrs. I try to ride the gentification wave. I dont do low growth areas.

my 2 cents!

@Imran Sabir I live close by and have a rental in West ridge. Hot area!!! Hot like a summer afternoon :-)

I would do the study and /or continue to explore options. The land alone you can probably flip at a good profit if you bought right. $20-$30K sounds about right, if not alittle low

Good Luck!

The South East Chicago Real Estate Club is a local REI meet-up for anyone interested in Real Estate Investing on the South-East Side of Chicago.

Welcoming all Investors, Lenders, Contractors, Wholesalers, Newbies, Veterans, first-time home buyers, community leaders, and anyone interesting in REI.

This group shares and discusses all things Real Estate!!! However, we share a specific focus and interest in developing the South-East Side of Chicago.

https://www.meetup.com/South-East-Chicago-Real-Est...

@Mark Ainley 

Yes, we meet 1st Saturday of Each Month.

Next meeting in Feb 2nd., 2018 at 10am-1130am. Potbelly Sandwich Works: 5428 S Lake Park Ave, Chicago, IL 60615

Each month we meet in different areas of the South East side to help showcase the various areas.

https://www.meetup.com/South-East-Chicago-Real-Est...

@Pat Baggett I’m in Chicago like high taxes and deep dish pizza ;-)

@Tim Johnson I agree with you! Real GCs aren't taking my small rehabs (1000sq-1500sq, 2-3 bedrooms, 2-3baths, sfh). Under $30K. Also they are useful!!! i am just saying it shouldn't be a road block. Easier to find 10 peoples to take small jobs than 1 person you can trust to handle a full gut rehab in my experience. 

@Matt Brown Thanks but way too busy for a blog! ill keep in mind.

@Andrew Angerer I must admit "looking to hire" a GC cost me at least a year, a few deals, and $3000 (longer story). However, GCs serve a role, as larger projects need a project manager. However, I did have a relatively decent idea of what needed to get done after studying for almost 24months (i do have other rentals as well). I made a few mistakes, but my rehabs were so small, a bad mistake is $2K-5K. Larger deals a bad mistake can be $50K+

12) One more tip is start small!! Dont worry about trying to get 1000 doors tomorrow. Get your feet wet and start taking action. Things pick up quickly when you have more confidence!!!

After 3 years active in REI (especially over the last 18 months) I put together a list of my biggest mistakes/tips. Definitely could have been worst and far from an expert. Hoping the list will help somebody!! Feel free to add to it! 1) fire bad help ASAP. - no one tells you wHAT they don’t know. Everyone sounds like an expert when you a newbie. Interview 3-5 folks in every field (lender, broker, roofer, etc.) then make a selection. 2) you don’t need a General Contractor, you need skilled professionals. - find a LIcensed Roofer, Plumber, ElectrIcan, Drywallers, FloorIng Guys, PaInters, Etc. EasIer To Trust 10 People WIth $2k Than One Person WIth $20k 3) BuIld A Team. ThIs Is Not A Solo Sport. - You Cant Do Everything. Good atleast. 4) never take an Airbnb reservations longer than 30days. especIally in tenant friendly citIes lIke Chicago. - Airbnb is great when searching for tenants. They are horrible at solving issues with tenants and leaves it to the landlords and local police to handle any issues with long reservations. Over 30 days and now your Airbnb guest meets city tenant minimums and you now must use the city eviction process. Nightmare!! 5) go to more meetups!! -even folks with large portfolios feel awkward at meetups when it’s randomly silent. Reach out and shake a hand. Everyone is there for the same reason! 6) building a business is harder and less pay than a 9-5 job - Keep growth in mind from day one. Once you start to scale/grow inefficiency will surface and sink your boat! 7) businesses need accounting software!! - I am great in excel, however, Start with accounting software ASAP!!!Definitely before rehabbing. 8)pay good help more than the quoted and Dont penny pInch. - cheap help Is the most expensive 9) Use mortgae brokers and insurance brokers!! - options are literally endless. Companies have standards and not meant for everyone. 10) as you grow your reserves must grow at the same rate if not faster. - Leverage is great but an asset with no debt is even better. EX. 10 mortgage FREE DOORS WILL PRODUCE AS MUCH CASHFLOW OR MORE THAN 20 DOORS ON A MORTGAge. 11) DONT FOEGET TO EXCERSIE REGUARLY. -YOU CAN bUY DOOrS. NOT HEALTH! MY 2 CENTS!!

Opening the doors to my current rehab. We finished much earlier than plan and will rent out by Jan 1st.

Come out to see the project and chat with other investors. 2019 is the topic!! Big things planned!!

This group shares and discusses all things Real Estate!!! However, we share a specific focus and interest in developing the South-East Side of Chicago. 

https://www.meetup.com/South-East-Chicago-Real-Est...

@David Triplo you are fine!! no worries!!!

 I've purchased a unit before with a tenant with the intent to owner occupy. I had to waited until lease was up. I purchased in December, lease expired March. Think of it as a reduction in total price as it will cash flow for a few months prior to occupying.

No one cares, as long as you occupy the property in a reasonable time following closing. Your lender should be aware as well.

And no, you cannot ask a tenant to move before closing. You are not the owner until it closes.

Good Luck!

Congrats to all the Northen VA and NYC investors. I really was hoping Chicago would win the bid. OVER NIGHT EQUITY To be in the running was a good look for the city!! Starting to look into VA.. :-)