All Forum Posts by: Erich Edwards

I'm looking for an accountant in the Chicagoland area who has experience with real estate investors.  If anyone has someone they would like to recommend please feel free to do so.

Thank you.

Steve, I have been searching the MLS for deals just to see whats available. Jerry is correct that the MLS is tight but my realtor lets me know what areas investors are buying in right now. I've found about 4 good deals through the MLS over the last month but my problem is that the cash buyers I've contacted don't want MLS deals or don't want the areas I'm in. I have 2 deals directly from the property owners in Chicago that I received a few days ago. One is tax delinquent and the other is 3 years behind on the mortgage. I've got my work cut out to make these deals work.

I recently joined a REIA group in the Chicago area and look forward to getting tips from other active/experienced investors. I've heard that some of the seasoned investors are investing in Gary, IN which I would never have considered but evidently they know more than I do.

I get mixed reviews on this, or wholesaling in general. My mentor says wholesaling (FSBO, MLS) is an option for me but also encourages me to pursue larger profits through fix and flips, buy and holds, etc. My REIA group does not think wholesaling is a practical method at all. The general thought is that the same "deal" you found on the MLS has already been seen by other professional investors, which is why it's still on the market. The other part is why spend thousands on marketing to wholesale when you can just save that money to buy and hold or fix and flip. This is what I heard from them this evening. I say find a good realtor that knows your market, learn your own market, learn how to evaluate a property (ARV, repairs, hidden costs). I have a realtor I just started working with last week that is familiar with wholesaling and is aware that is what I intend to do with properties he sends me.

I equate being a real estate investor with my current job as a satellite service tech. Most customers have a negative perception of us without knowing if we will fix their problem because of the overall horror stories of satellite and cable techs. You only become a service tech by being a good install tech. The good (professional) techs frown upon the inexperienced and bad techs because they make the whole industry look bad in some peoples eyes. Its the same with investors. Inexperienced and bad investors are despised by the experienced investors, while many professionals in certain industries (banks, title companies, realtors, mortgage lenders) despise ALL investors.

I joined the webinar this past Tuesday. His statement about the hedge funds looking for nicer homes was all I needed to hear. I continued to listen to just to hear the price then turned it off.

Hey Colin,

I don't consider myself an investor but I have owned 2 rental properties over the years. It is a good idea to network with investors at REI meetings to get some insight. I have talked with several other investors just to find out what areas are good to invest in. As you know, there are tons of properties in Chicago but they stay vacant for a reason. Hopefully we can network and share ideas and strategies.

As a new wholesaler I know that putting the deal together properly is the key to doing repeat deals. The end buyer should make the largest profit on the property. Properties are a dime a dozen but if you don't have anyone to buy from you then it's a waste of time.
These posts remind me of the opinions people have about satellite technicians, which is my current occupation. I totally agree with them. I'm a service tech so I go and fix problems customers have with their service. Subcontractors are the worst. I've seen cables lying on the ground outside, dishes mounted on roofs improperly, and no customer education on the equipment. This job can be stressful but I make sure the customer is satisfied with the work that I do. It can be very upsetting constantly going behind someone fixing their sloppy work.
I never had any satellite experience prior to this job and consider myself a pretty good tech so I feel that I can overcome the stereotypes of wholesalers and build a good reputation.

Lori,

It's good that you finally have some time to get more in depth into the site. I look forward to the expertise you have to offer to all of us on the site.

Hey Phil,

Looking forward to getting some of your knowledge and expertise. Good to see you here.

Pao,

It's good you finally got the chance to post something. I believe there is plenty of good information you will get from this site.