All Forum Posts by: Jimmy Chou

Always disclose when you are an agent.

Art Maydan Check out http://yourhouseacademy.com/ That is where I got all my 90 hours done. BTW, have you thought about which broker you want to work with? It's recommended to interview with a couple and choose the one that fits you best. PM me if you'd like an interview with Keller Williams. Good Luck on the exam!

I wouldn't bother looking at it. There's all kinds of uneducated and/or unethical investors out there. Their strategy could be as simple as "I just gotta wait until someone dumb enough to come along and buy this off me". That has nothing to do with you though. If you really want an attempt at this property just put in an blind offer at what you think it's worth (or even lower so you got some room to negotiate). If the seller is willing to negotiate, maybe go look at it then. Nothing will save you from paying too much for a property. If the realtor comps the property at 180, just ask them to find you something similar at the right price. Good luck!

Hi Johnetta Paye Welcome to BP, this is the best place for you to network with investors. We can all use a few legal advise from time to time :) Please PM me with your contact information and standard charges for closing. I'll be in the market for an attorney pretty soon. Cheers!

There are actually plenty of these signs around and some of them may be newbies hat hasn't done a deal yet. I think you should research on them first to see if they are the right mentor for you. Good luck.

@Joe Cantanzriti How big of a project do you think your family can endure? I have seen some pretty dramatic transformation in that area by flippers that gets some deals from the MLS. Usually properties with the potential to pop the top entirely plus some layout changes for you to value add.

I believe a good work order mechanism doesn't always have to involve technology. The most important consideration should be the flow of information. What should the tenant do when there's a problem. (Call? Text? Email? Who should they be contacting?) What should this next person do? Do you need to approve the quote before the work gets done? Is there an amount they may just go ahead without checking with you and send you the invoice when it's complete? Can the handyman fax you the invoice if they can't work with emails? I recommend drawing out a flowchart of how things should go from beginning to end.

With the money piece, I can think of a few more options that may be worth exploring depending on your situation. Talk to some lenders and see if they can come up with anything else creative.

1. Can you & should you leverage against your existing investment to purchase the new place? What would that look like?

2. Would you be able to BRRRR it as if it's a flip and then refi to a traditional loan when all is done? What are the risks if the project drags on?

Hi Joe, Welcome to Chicago! I'd say keep the rentals. As far as I've heard, the cashflow investments in OH often perform better than the ones in Chicago, no point giving them up just because you moved. If you decide to use a management company, one hour difference is not that big a deal. On the other hand, I think this is an opportunity to make sure you build and test your system to ensure your rental is on auto-pilot if you do keep self managing. Can you accept rent payment electronically? Do you have a mechanism to accept work orders for repairs? Do you have boots on the ground in case someone needs to be onsite when you simply can't? The Chicago area you're looking at are the hottest residential area in Chicago. It's usually pretty hard to find a good deal on the MLS since inventory level is pretty low and there are retail buyer willing to pay top dollars. What are you looking to move into? I'm a Keller Williams agent and we can set you up with some MLS alerts based on your criteria. Shoot me a Private message if I can help. Good luck!

A lot of flippers use the 70% rule or something similar. ARV x 70% - Repair Cost = Max Offer The rule itself generally works pretty well, but I see a lot of newbies underestimating rehab cost or overestimating ARV. (I was one of them) So make sure you're realistic with your numbers. Ultimately, I think the best way to analyze the first few deals is to work with someone experienced in the area and ask for their advise. Then, you can also potentially partnering up with them to leverage the resources they already have. Good luck

@Kyle Williams

Welcome to BP! 

This is by far the best place to learn and figure things out with your REI adventures.

Check out BP's Ultimate Beginner's Guide.

Good luck with everything.

Hi Rahul, Welcome to BP! There's so many right answers to your questions, but it all comes down to your goals and what you want to accomplish with real estate. For someone going for the cash flow, the answer would be completely different than someone going for ease of management. For someone flipping a mid end 3/2 SFR, the answer would be different than someone who targets 4/5 higher ends. I believe every area has good deals, it just depends on our knowledge and creativity just to see those deals. Start with where you're at, and expand from there. Good luck with everything!