All Forum Posts by: Jake C.

I currently need 15 properties at least with the capability of over 100. All residential. I have all my tasks kept separately so just rent received/owed, maintenance, etc. The basics.

Hi guys,

Im wondering if anybody knows of solid property management software that has either a blackberry companion app to input data, or some other way to record info on the go...

Theres GOTTA be an easier way to keep track of properties on the run!

Thank you for all the well wishing!

To answer a few of the questions I was asked:

Jerry: I got together with investors in the area by letting every single person that I come into contact with know what I do, and then I brag about it in a professional way. I kind of take the tone of "Man, are we making a killing out there. I bet you wish you could get a piece of the action too, but you'll have to convince me to work with you". I find that theres always a "friend" or "relative" that has been looking to get into something similar.

Jim: I did quit my job. I felt that this was the opportunity of a lifetime, and Iw anted to dedicate all of my mental and physical resources to it. As far as financing, I work solely with private investors at this point. What J Scott said is correct regarding conventional financing.

Thank you all for the well wishing.

I guess I have to tell the Housing Authority story now.

I was there to give in a Tenancy Approval Packet and after waiting in line for 15 minutes, I was told that I cannot hand in the packet because I also need a signed Notice To Vacate. I asked why that was never needed and suddenly it is and I got the brush off "Thats just the way it is". When I asked why it wasn't on the document checklist, she shrugged and didn't say anything. There was a landlord right behind me with the same beef, so we held up the line for an extra ten minutes demanding to know which big wig downtown we need to speak to to "get the Housing Authority to shape up". She gave us a name and we left, thinking more about the notice to vacate than actually going to speak to a higher-up. Because of my 5 foot radius rule, I chatted this landlord up in the elevator, it turned out we had a mutual acquaintance and we spoke in the lobby for about a half hour about different ideas and projects, during which time this same Housing Authority official that dealt with us walked through the lobby and saw us talking. I looked at her and said "Oh boy are we gonna take care of THIS!!" with a straight face and continued "strategizing".

Didn't think anything of it until I walked in two days later. The same lady was sitting at the desk and she seemed to suddenly sit up straight and give me a big smile. "Hello Sir!" she beamed. Weird, I thought. After a minute of processing the papers she looked up and said, "Who did you speak to??"...I said "about what?"...she said "well, the day after you said you were going to complain, Ms Stuart (the head honcho) walked in and gave us all a memo stating that we dont need the exact documents that you and your friend were complaining about the other day. How did you do it?!".

"Well, sometimes you gotta just take charge. Im tired of the HA slacking off and I decided to do something about it"

"But how did you even get to Ms Stuart? How did you get past her assistant? Why did she listen to you??"

"Lets just say we've got juice."

"Can you get me a raise?"

"How long have you worked here for?"

"Almost a year now"

"Let me know when you hit 18 months"

"Oh, I will!"

Well, this lady doesn't whisper, so all the staff in that room was kinda just staring at me. As I walked out, I could hear them mumbling about me.

Needless to say, every time I walk in there now, whether for pick up or drop off, I get VIP treatment, they bend a lot of rules for me without me even needing to ask and they trip over themselves to help me. They now call me "Mr Jake" and one lady keeps offering me coffee.

Yea...we got juice.

Steve, I got private investors for the fourth house plus three more. I'm making just under 40% ROI, but I pitch investors at 25% net split 50/50. Under promise, over deliver.

Hi guys,

I doubt anybody would remember me from when I joined this past February...I posted a topic explaining that I had moved to Chicago specifically to get into Real Estate investing and that I had $100K to start me off. Well, I figured its about time I checked in... After spending almost every day in my target areas, getting to know the streets and neighborhoods, and chatting up anyone in a 5 foot radius, I have made some progress! I have closed on, rehabbed and occupied four rental properties, with another two under contract. I have investor commitment for another four properties as well, and then I'll have to hunt for some new capital.

With G-d's help, in four short months the bankers and managers at my bank know me by first name, I have assembled two separate rehab teams that will follow me to the end, the Housing Authority officials think Im God (funny story, for a different time), I've had lunch with the founder of the largest tax lien buying company in Chicago, I have four big players as mentors and friends and I have true satisfaction in every waking hour of my day.

The past four months have been such an adventure for my wife and I, and I love every single day of it!

To anyone sitting on the fence and undecided about pursuing what you want: DO IT! Its an incredible feeling and success in itself.

Onwards!!

Cheers,
Jake

THanks everyone for your comments...

Nick, thanks for the advice!
Ann, thanks for your encouragement!
Max, I PMed you...
TOd, thanks for the welcome; I grew up in the States but have been living out of the country for a few years...

I actually just had an offer accepted on a house...Im confident about the neighborhood, just had the inspections today and everything seems ok! Closing in two weeks!

J Scott, where Im moving "back" to is out of the country. Opportunity seems to be in the States at the moment so...

Deuce, I have non existent credit. Not bad credit, just non existent. I'm working on it though :)

Financexaminer, I hear what you're saying! Sounds like it could be very profitable...but I see myself doing that only after I've gained more of a foothold in real estate myself.

Jon, I can tell from your posts and especially your last one on this thread that you are a very wise man. I have thought about and would LOVE to start a management company as you described, but like Ive said...Im moving out of the country! My wife is American but grew up outside of the States. She absolutely loves where she spent her childhood and wants to raise our children there...so I must keep her happy and move back. Ya gotta do what ya gotta do!

I have never bought a property before. I'm a risky guy by nature but I need my first deal to be a good one so that I don't get turned off. I would like to move back to where I came from as soon as possible, I only came in to establish something. If whatever I end up doing is successful, I suppose I would make trips every now and then to slowly build things up.

Well Jon, I appreciate your candor! Yes, after just a bit of research I dont think the lending business will help me accomplish my goals. I came to Chicago looking to get into Section 8 housing. Its not unheard of to be making 25% annually around here. 40K into a property thats renting for $1400, walking away with about $1K a month. I figure if I can line up two or three, I'll already be on my way...

Financexaminer, I'll read more about transactional funding now, but, how would one get into such a business?

Deucesevenoff and J, I was very much looking forward to both of your responses on this thread...so lets say you vowed off of poker for 6 months as well?