All Forum Posts by: Jonathan Klemm

What's up @Delroy Watson!  Welcome to Chicago, the windy city!

Amazing to hear you already have your first investment property under your belt in 5 months.  

Networking is the key to growth...I am always down for coffee if you want to connect in person.  As far as meetups go, you can find a lot of local events posted here on BiggerPockets: https://www.biggerpockets.com/forums/521-real-estate-events-...

I also have a list of Chicago meetups that I can share with you as well.

Sounds good @Connor Chanter I will send you a PM with his number.

Adding a 2nd story is no easy job at all...have you worked on any similar projects?  If not, I highly suggest partnering or finding a mentor who has done such a large project.

We have done several 2nd and even 3rd story additions here in Chicago, and they are incredibly challenging projects.

Thank you for providing more details @Jesus Santoyo!  It is probably worth your time to connect with BOTH @John Warren and myself since we are both managing brokers, but John is more focused on property management and I am more focused on general contracting, but we are both Chicago investors as well.

Oak Park and Lawndale are definitely two different markets. Have you found there to be a lot of differences in theprocesses you create and follow for the different markets?

Portage Park is definitely a prime-time Chicago neighborhood @Delroy Watson!  The Property will be a good long-term investment whether you do the dig down or not!  Do you have a budget for the dig down?

Are you pretty close to the blue line?

Here is the million dollar question @Teslim Salami, what does a good deal look like to you?

What is the return on investment?  The Cash on Cash return?

What Chicago neighborhood would be most ideal?  Or part of the city? or zip codes?

What type of property?  Single family, 2-4 unit?  Why?

How many beds/baths?

What type of condition?

What's the purchase price?  Etc. Etc.Etc.

I've found that when you can get crystal clear on what your ideal good deal looks like, it is MUCH EASIER TO FIND IT!

Rest assured @Tre DeBraga you are NOW on the right path!

My two favorite loan options for getting started are the FHA 203k or the Fannie May Home Style. Both allow for renovation and the Homestyle is less restrictive than the 203. Both reno loans also allow for a low down payment (3%-5% minimum - AMAZING!).

For sure you need a lender who understands them VERY well - try connecting with @Jose Valdovinos who is here in Chicago, but lends across the country!

Appreciate you sharing @Henry Lazerow!

We make people take photos of themselves holding their ID and then I also meet them in person for the showing - at least for my units on the NW side of Chicago.

I've never heard of these testers, but I am not surprised.  Every one just has to remember "We accept ALL applications"

What's up @Omar Santander!  Welcome to the real estate investment game!

Highly suggest coming out to some of the local chicago IN-PERSON meetups!  Here is a list of BP events:  https://www.biggerpockets.com/forums/521-real-estate-events-...  I also have a list of all the other local meetups that I'd be happy to share...

The super power I've found over the last 5 years or so investing is FOCUS!  

It's was so easy for me getting started to get shiny object sindrome instead of locking in ONE STRATEGY, ONE NEIGHBORHOOD, ONE PROPERTY TYPE, ONE RENOVATION TYPE, etc. 

The way I finally found success was through repetition and then building systems as you repeat to help you scale...

Ada boy @Jesus Santoyo!  That test is not the easiest to pass!

When you say you are a property manager...how many properties are you already managing?  Are they all your own?

Are you looking to make being a chicago real estate agent your full time job or just a side gig while continuing to work full time?  Some of the larger brokerages (like coldbanker or Keller Williams or @ properties) would be better if you are going to get super focused on being a broker.

Hey @Riley Poppell - Lincoln Park is prime time Chicago.  Was the condo a good size unit and in good condition?  

Based on the numbers seems like it was a straight forward conventional loan...any challenges?