All Forum Posts by: Mark Ainley

@Andrea Evans I think:

Worst Part - Lots of pitfalls you can fall into if you do not know what to look for like buying and property taxes double, suburb rental license, buying a property with violations, not understanding the importance of lease documents, etc...

Best Part - There is so many opportunistic corners or niches in the city and suburbs that most out of state people do not know about and out of state investors never get to cause they get caught looking at cap rates on the south side and in south burbs.  Lots of opportunity if you know where to look.  

@Jillian S Young connect with @jonathan Klemm and if he cant help you I am sure he will point you in the right direction to help you get out of this jam.  Once you get past the contracting part, the leasing to find the right tenants will be your next opportunity to take a misstep so make sure you hire the right leasing team for that.  

@Sean Haran I would talk with the team at RL Property Management.  They have become industry leaders in conversations happening around the country!

Also keep in mind you want to have this new PM involved in your purchase process.  If anyone knows about the nitty gritty of each neighborhood and tenant base it would be the local PMs.  Last thing you want to do is show up at any PM with a property and they say "EEEE why did you buy there or why didnt you do blank".  Let them help you on your journey!

@Scot Howat & @Brandon Rauscher did anything ever come of setting something up this way?

@Shirley Pur

Q1: Given my situation, what is your recommendations? - Hold it...there will always be down years around maintenance and turnover but time is your asset here and you are in an expanding market.
Q3: I am curious to know, have your rental properties outperformed the S&P 500 or REITs and worth the hassle? - There are 5 ways you make money in REI that directly help you unlike S&P and REITs. This season will pass and maybe it is a new manager or maybe it is just getting over this hump but keep on this path.
1. Cash Flow 

2. Tax write offs against income

3. Hedge against inflation

4. Residents paying down mortgage

5. Appreciation 

@Rob Blumenstein I would talk with @Prashanth Mahakali who is an architect but also been doing new builds the last 4 years himself.  I will send you a podcast episode via DM with the interview where we spoke exactly about this topic.

@JT Stanford First off congrats on getting to this point in mindset!  WIN!  @Sarita Scherpereel has some great points and connections above and you might go deeper in a DM or call with her team.  

Seller credits, zero interest CCs, borrowed funds from family as options and on surface they may seem stressful but if done responsibly on the right deal will be worth the effort to "figure it out".

@Elmurat Bavlankulov Welcome on here....lots of great Chicagoland resources mentioned above! You got to get a little vulnerable on here...What is the plan? Goal?? Buy a SFH investment in the NW Suburbs by end of year?

Put it out there and a group like this can steer you to the best resources.

@James Hamling I like that.....tought conversations...we to often try to skip that part but that is where you learn everything about a scenario!

Hey @Seth Hunt there are lots of Wholesalers on here but might get better connecting in one of the wholesaler FB groups specific to Chicago.  I will Dm you a couple of those.  We also had a few top wholesalers on our podcast that I will share with you too.