All Forum Posts by: Evan Smeenge

@David M. If you mean reserves when you say self-sufficiency, then yes. I believe you need 3-6 month reserves

@Connor Watt don't put too much weight on cap rates. It's a good initial gauge, but be sure to analyze the property with potential cap ex. But I've found cap rates all across the board. But I'm working from willmette to hyde park

So, I think the key is to have a failure buffer. Now, failure is a very vast term. A failure buffer would be an amount of capital that allows you to cover a negative cash flow first property. In my opinion, start with a house hack. With a house hack you have more lending option (@Eric Johnson, correct?), and hands on experience in your property. If you can cover the property being your own housing expense, then there is never going to be a problem holding that property. 

Then, once through the first property, you've learned the good, bad, and ugly. Then you move onward and upward.

I do think suburban markets aren't as great as urban markets (higher population that are buying detached homes, smaller population in general, less business hubs - But with the change in working life, I don't think its necessarily bad), but I think if you can get into a small market and have it as your first experience, I don't think that is a bad thing. I think the thing you need to do is just do, experience the process, hedge as much as possible, but just go and do!

Success and failure are relative. Do you feel like a failure when you need to wait a few years to build up that first $70,000 to put down on the first place, then wait another year to build another 5% equity? No, I think that is a great thing

I think you have everything in your brain, sorted, and your planning your success. That's great. 

Curious what you consider "B class" areas throughout Chicagoland?

Pearson Realty Group is the best - Tell them Evan Smeenge sent you and they'll take great care of you. They always support my clients (small or big portfolios)

Darn, really gotta come back on here more often. My lender is saying 15% conv. Own Occ, but yes, FHA 3.5% min.

Alright,

I'm sick of waiting. Who knows people in Chicago that I can "shadow". I want to learn flips, investing, hard money, investment capital, real estate fund growth, etc. I'm an agent now, but this is just a gig to build capital. 

Who is willing to show me the ropes - not looking for any deals, or not trying to sell. Hand me some of the grunt work that you don't like to do, admin stuff I can do at home, I will do it all for free!

What type of analysis are you looking for? I have clients buying all around. South, North, West, what do you want to know?

Just checked it out... Came across it recently.... When they say "income" regarding long term, they marked it at around $10K... now, is that total for the building per month? Is that in a year after expenses? I can't tell. I'm assuming is monthly based on unit numbers.... which would be nuts for our location and current rental market. So, even when I swing it all the way to the left to make the income less, it still is above what I, a real estate agent, thinks it could get for rent..... interesting idea... I might put it in my bag of tricks and reference it cautiously, but... interesting.

I'm looking to connect with mortgage brokers, contractors, and other people that could help my real estate clients in Chicago.