All Forum Posts by: Ignacio Barajas

@Ignacio Barajas I definitely recommend the house hacking the 2-4 units. I’ve got many of these and if my partner wasn’t opposed to moving ever year or so I would be moving around house hacking as much as possible buying up deals using low down payment options.

You don’t say what type of route you drive but IMO you actually have an option that might be beneficial to double house hack where if you get that 2-4 unit you could also rent out the extra bedroom(s) in your unit which if you’re doing any overnight driving might be a super sweet deal for you to have a roommate. They’d get the use of your apartment to themself more of the time. You’d have to click with them but you could easily get several hundred dollars more per month depending on going rates and the rent for the other units!

@Ignacio Barajas I think that it would be beneficial to start with a house hack. I'm not sure if you're a first time home owner, but if so there are loans out there that only require 3.5% down, depending on your credit score. Then rent out the other units/rooms and you're off to a good start. Goodluck man

 Where to start?  First place to start is to understand what wholesaling is & making sure you understand the law in Illinois.  Wholesaling is not illegal in Illinois.  The following are wholesales: 

1, You can get a property under contract, then assign the contract to someone else.  You can do one assignment per year in Illinois without a license. 

2. You can get a property under contract, close on it, and immediately sell it to someone else.  Including double closing. No license is required. You can do as many of these as you want without a license. 

There are other creative methods using Land Trusts and LLC to transfer your interest in a property but that's too much for this response.

Where do you start? You have to start by making connections with buyers to find out what they want. Locations, price, criteria,..... How do you connect with buyers? Start attending some meetups; join real estate groups,..... Then take advantage of your occupation of being a trucker and start "driving for dollars", looking for properties based on what you learned from the list of buyers you've established. At the same time, you need to find a class to learn how to control a property. You can do this by becoming a realtor or finding a mentor who's doing it already. That's my recommendation on where to start.

 Colleges/Schools in general are notorious for making you think you need a piece of paper to get your foot into the door of anything. 

When you say "financial freedom", what does that mean to you? You mentioned "putting money to work for you" but if you could elaborate more, it would be appreciated. 

 It isn't just harder, from what I hear it's illegal to wholesale in IL unless you have your license! I'm actually from Crystal Lake, IL and was born in Elgin, but moved to NC 27 years ago :P 

What are your goals? If you're not sure, how do you feel real estate can help you move forward and where did you first come across it?