All Forum Posts by: Jelani Tate

As a new real estate investor, I am trying to find my niche. My end game is SFH / MFH income properties, but I was thinking about ways to build up to those options.

I was considering wholesaling, but I have been reading that it’s all but illegal, without being a licensed real estate agent, in Illinois in 2020. You can do only one (1) wholesale deal per year, which seems challenging to build out a solid foundation.

Can anyone provide clarity?

Also if you are wholesaling in Illinois, would you advise this path for a new investor? Or do you invest mostly out of state?

Thanks for clarity,

Jelani

Thank you, @Marlen Weber, @Adrian Fajardo, and @Craig Curelop for the words of encouragement and advice. I look forward to interacting with you all in the future, hopefully on real estate deals that are mutually beneficial.

Hello all fellow BP members,

My name is Jelani Tate and I am going to become a real estate investor. After several years of listening and reading, tangentially, I have had some life changing events that have reminded me that I should have be investing long ago.

If there are any investors local to Chicago, specifically the western suburbs (Aurora/Naperville), I would love to meet and discuss which methods you use to invest locally. Or not so locally.

I am ready to learn how to use REI to make a better life for my family and ultimately be in control of my financial freedom.

Looking forward to meeting everyone.

Thank you,
Jelani

Is it better to pay off your own home or start putting aside money for investing in real estate? I have been a home owner for 8 years and I have always paid an additional ~10% of the monthly mortgage every month towards the principal of the loan. Any thoughts to whether or not this plan will help achieve financial independence sooner, or should I put this 10% into building a real estate fund? True and honest opinions are always welcome. Thank you, Jelani

Jose Flores Scott Trench Shaun R. Thank you for your feedback. It has been helpful. Scott Trench I listened to your podcast with Josh and Brandon. I enjoyed the fact your your purpose in writing the book was to identify the step by step plans, which many books don't outline. While house hacking may not be in my future (tough with 3 young kids), I want to focus more on the frugality aspects that you mentioned. I still may pick up the book, and tailor the techniques to my current situation. Thank you again for the feedback. Jose Flores what was the method that you used to get started?

I read the quick overview for Scott Trench's new book, Set for Life. I haven't read many of his articles, but I am very interested in how to balance real estate investing while working full time. Also the topic of lifestyle design is a topic that I am constantly exploring. Can anyone provide additional feedback on Scott's writing, the effectiveness of his advice, and overall impression? True and honest opinions are always welcome. Thank you, Jelani

Hi Eric,

Thanks for all the advice. I will have to read up on the 10/10/10 rule. Looks like a simple and quick way to do preliminary analysis. 

One question: what is the "50% rule" ? I am not familiar with that one.

Thanks again,

Jelani

To all,

As a new real estate investor, I have a lot of questions. One of those questions is: It possible to put down less than 20% on properties, without being an owner-occupant? I am in Illinois, looking to invest in the Western Suburbs, specifically Aurora, Naperville, Oswego, Batavia, etc. My focus is single family homes, duplexes, triplexes, and quads. I am looking for creative financing options for low (or no) money down.

Are there specific Illinois regulations that differ from other states?

Thank you all for your feedback and help with this question.

Jelani Tate

To all,

As a new real estate investor, I have a lot of questions. One of those questions is: It possible to put down less than 20% on properties, without being an owner-occupant? I am in Illinois, looking to invest in the Western Suburbs, specifically Aurora, Naperville, Oswego, Batavia, etc. My focus is single family homes, duplexes, triplexes, and quads. I am looking for creative financing options for low (or no) money down.

Are there specific Illinois regulations that differ from other states?

Thank you all for your feedback and help with this question.

Jelani Tate

@Kelton Johnson @Josh Autery Thank you for your quick turnaround. I will take a look the resource that you provided and let you know if I have any questions.

Thanks again.