All Forum Posts by: Henry L.

You indirectly venmo yourself. For example venmo someone you trust such as your wife, partner, etc.

Dante Pirouz, we do not have a sales agents license category like in Michigan. I have the brokers license to sell, lease, etc.

Just got my real estate brokers license.

I am great at finding good deals for investors but do not have the contacts of residential buyers. I really do not know how I would get my first clients being that I have no local family who would go through me and looking at it from a clients perspective I would choose someone with years experience over a new agent. I do have a lot of wealthy contacts through a business I ran who may be interested in investment properties. Are there listing that are not mine I can still market to my list of contacts? Open listing in mls? How does that work? Also was looking at apartment leasing to get some quicker cash flow in the mean time. I live in the city where apartment leasing is hot in the $1200-4000 range so was wondering if there is a way to do something with that. Similar issue, I know lots of people who rent and could easily move properties just off my current contacts alone but do not know owners or anyone likely to sign an exclusive agreement while I am a new agent.

I know advanced real estate finance in Excel which may or may not apply to this but could be useful with investment properties. Investment properties is really what excites me and gets my blood pumping. 

I have used credit cards for funding other businesses. You don't pay 25%. You either venmo/paypal/square yourself money off cards at 2.9% (venmo has 6k at once max so be careful) or ask for checks and it turns into cash at 0 cost. 

The good apr cards are longer then 12 months. Even if you go a few months over its still cheaper then a lot of loans. You should only use credit cards if you are 100% confident in the deal though as if go long over could be a disaster. 

I also financed 5k of my car off a 21 month 0 apr card and just set it to auto deduct the exact amount monthly so it will be payed off in full after 21 months.  Buying off craigslist car in cash allowed me to get car way below dealer price and pay just a few hundred in taxes vs thousands in taxes at dealership (IL laws) plus no interest or dealer fees. 

How are you getting 50k line of credits? Combining cards? 

Considering in the next year buying a duplex or triplex in Whiting IN and renting out the other units while living in one for free and hopefully still cash flowing a bit. Any issues or concerns with this area? Good purchase price per unit? Another area I looked at that has some duplexes under 100k is Humboldt Park in Chicago about 5 minutes west of where I live now (Wicker Park) but unsure of the safety aspects/tenant quality? Seems it is very block by block and could either appreciate or depreciate. Would not want to live anywhere I could not safely walk dog at night, etc. 

I drove through the Whiting area last week and by the water it looked very nice. Lots of newly rehabbed houses. Beach in walking distance. Only 20 minutes or so to city. 

Check out business cards from chase. They gave me 10k on each which is 20k. You get a free $600 and $300 when you spend 4k which is nice and some have 0 apr for first 12-16 months. Check the rules though some will jack up apr if you miss a payment. I don't think the chase does this but I know one the Citi cards I looked at does. 

What is the APR of these business lines of credit typically?

Thanks for the response. I have been looking at wholesalers on craigslist and put my email in Cookcountywholesaleproperties and a few other sites. 

How are fix and flip deals usually found in this area? Through wholesalers or doing the wholesalers job yourself and mailing letters, etc.? I would be more comfortable using hard money after doing this successfully at first a few times. Also if a deal only makes 15k and the hard money interest rate is 12-15% how are you going to make a significant enough profit? Even with near perfect credit score I do not qualify for mortgages due to just graduating college with no 9-5 job. I used to have a decent sized business and if I find a job soon that could change. I have a few potential investors.

I am actually in Chicago which is why I was thinking NW Indiana area or west suburbs. 

For example a property like this in calumet city for 36,500 https://chicago.craigslist.org/sox/reo/5823253236.html 

Newbie looking to get into house flipping. Is completing a flip in Chicagoland area realistic with 50-60k cash and no access to mortgages or desire to use hard money yet. If so any recomendations on how to do it/areas to focus on. 

I see a lot of cheap properties in NW indiana. Kind of hard to judge the resale after rehab value though. I signed on with all the local wholesalers but some of the "deals" they are sending me are not really deals at all. Lastly, if anyone has recommendations for good wholesalers please message me. 

Any advice for finding fix and flip properties in the Chicagoland area +/- 50 miles. Any good areas to target or resources to find a good first property? I would be using a hard money lender with the plan being to quickly flip rather then rent out at the completion of project. Thanks