All Forum Posts by: John Casmon

Make sure you get a Scope of Work, whether you create it or ask the contractors to create it so you're clear what exactly is being covered in the quotes. This also allows you to compare the various contractor bids.

Also, get references and ask the references what they didn't like about the contractor so you can identify potential concerns and proactively manage those concerns. 

Would certainly recommend an owner-occupied 2-4 unit with FHA financing, at least until you have kids. Even if you decide to buy a SFR home in the near future, you can use FHA again (have to refi first home) and the rent from the unit you were living in will offset your personal mortgage.

@Syed Lateef Target NW neighborhoods such as Albany Park, Irving Park, Portage Park, Avondale, and Logan Square. We've expanded to Belmont Cragin and Hermosa, but the dynamics of those neighborhoods are a bit different. 

Think this will vary a bit by market and clientele. I'm going through something similar as one of my tenants is buying a home and the unit will be available Jan. 1. We're looking to sublet their current lease or get a new lease. For a new lease, we'll shoot for market rent, but want to have a 15 or 18 month lease. 

Not many people are purposefully looking to move in Dec and Jan, but the ones who are usually have limited options.

@Markeen Baker there are plenty of great responses here, especially about reading the two threads @Michael Hayworth mentioned. 

Most people will tell you not to do it and just do X, Y, Z as if it's that simple. It's like people will tell you to be healthy, all you have to do is exercise and eat right. You may even know exactly what exercises to do and what foods to eat, but the real challenge is an undying motivation and commitment. That's why gyms, coaches and peer-groups work so well.

The 3-day seminar from Than was helpful for me in that regard. It's a real estate pep rally and they definitely push their own product hard, but I wouldn't call it a scam - no more than I would call P90X or a membership to Gold's Gym a scam. We decided the crazy $35k Masters program didn't have enough value, but we did see the value in the franchise like approach to investing and learning. More importantly, it helped us re-focus, draw out our business goals and take inventory of our resources and connections to help us achieve those goals. One of the biggest things I started doing was using BP more. I only used it as a reference when I had a question before and since then started scouring the site, posting on the forums, listening to the podcasts and meeting members offline. 

We began approaching real estate as a team sport and have identified key partnerships and relationships to grow our business. The bottom line is like everything else, you will get out what you put in. You don't need them to be successful as they won't teach you anything you can't get from BP or a local mentor, but the onus is still on you to get the info and support you need to be successful. 

Think it depends on what parts of Chicago your referencing. I'd imagine the key investing metrics (cashflow, cost per unit, GRM, etc.) have increased in areas such as Wicker Park, Lincoln Park, Gold Coast, etc., but I think there are desirable parts of the city to still find deals. Now, they are getting harder and harder to find and I've had to push out beyond my core target area. With that said, I wasn't investing pre-2008, so certainly want to be mindful of changes in the market. Curious to hear takes from others.

@Bill S. Thanks for sharing. As long as we learn from these mistakes and each other, we'll be successful in the long run. 

@Bill S. Thanks for sharing this story. As you said, not enough of these stories are shared, so appreciate your openness.

Looking back would you still have done the deal? Or posed another way, if a similar deal was presented to you today would you do it and how would you manage it differently? How has this experience shaped your strategy going forward? 

Welcome to BP @Philip NowakWhich neighborhoods and suburbs do you invest in? There are a lot of helpful people in Chicago on the forums who can help you meet your goals.

@Brie Schmidt and @George Foster host a popular meetup that will meet again on Dec. 1 at Dino's Pizza in Norwood Park.

@Robert Carl Many major cities have the types of issues you referenced in your post to some degree or another. However, if you really are thinking of quitting (vs. just sharing your frustrations), I'd implore you to remember why you got into real estate in the first place. What are your goals? What's your "why?" It's the times when you want to quit that you have to focus most on your goals. Don't let these obstacles stop you.