All Forum Posts by: John Hauser

Welcome @Marcin Jurkun . Keep reading, posting and listening to podcasts and you will quickly grasp the basics of real estate investing. There are some BP meet ups in the Chicago area and other real estate investing groups as well. It's a good way to stay involved. Hearing the success stories will get you to stop reading and listening and start ACTING. Good luck!

John

I am curious what your cash flow criteria are. $300k sale price + closing costs + $8k kitchen improvements is around $325 all-in? And then 4 units renting at $800 (I'm assuming you're right about the rent increases) is $3200/month. So you're hovering around 1 percent monthly return, which I've heard on podcasts is not enough to really cash flow (I only have one multi so I'm no Donald Trump but I'm getting over 2 percent so I haven't cut it close yet, and am curious if it can work). Am I missing something? Or is appreciation more your strategy than cash flow? Appreciation potential may be limited after a run-up.

I am curious how these numbers are working for you. Good luck @Brad M. I have heard a lot of good things about the Richmond market so I hope this works out for you.

John

@Larry Smet has done a good job of building a team in Chicago from a foreign land.

@Wendell De Guzman your errors are other people's dreams! Keep going!

John

@Steven Hamilton II is our local Chicago-area accountant who is already quite familiar with real estate investing. I have not used him (and am not getting anything for this reference) but recommend contacting him. I think I will be next tax year because our accountant is gouging us!

John

Welcome @William M. . Congratulations on getting started so early in life. If you're just getting familiar with real estate investing, my suggestion is to listen to some BP podcasts before you commit to a strategy. Also, if you set up keyword alert for "Chicago" then you can quickly start meeting people in the area, which will be one of your best resources over the long term. Good luck and welcome again!

John

Our biggest problem with short sales is that they take forever. We like the foreclosures because there is a lot less messing around. But I think @Mark Ainley makes a good point that if you don't mind the little bit of work to make an offer, the shotgun approach might get you something at a good deal.

John

Welcome @Sunny Verma . One of the recent leaders in organizing networking events is @Brie Schmidt . Also, if you set up a keyword alert for "Chicago" you will quickly start to meet other investors in the area. Good luck and have fun!

John

Check the BP podcasts. There are a number of them that relate to marketing. Podcast Two is a good one. Listen to Karen Rittenhouse's story of marketing for a good success story.

John

Welcome @Nathan Cowan ! There are a number of Chicago area people here on the site, so if you set up a keyword alert you can start to meet people. Put your picture up there so folks get a sense of who they're talking to and your networking will take off. Good luck!

John