All Forum Posts by: Jon Burkhart

Hello, All!  My wife and I are looking to buy our first home in the next 3-6 months and have a couple of quesitons on HOW and WHEN to pick a realtor.

1)  The HOW? Obviously lots of friends and family have a guy (or girl) that they know, family, friend, previous agent that they want to reccomend.  How do I go about finding a good realtor?  I know one trait that I would like is a good negotiator that knows the comps, gets me a great price, and I am hoping can get creative (ex; seller pays closing costs, etc).

2)  The WHEN?  I expect to have my downpayment funds within the next 1-3 months.  My initial thought was to wait until I have the entire downpayment to reach out to a realtor so I don't waste their time for a couple months before buying, but would it make sense to start working with someone now?

Would love any input or reccomendations you have!  Looking to buy in the Buffalo Grove, IL or Lake Zurich, IL area (60089 and 60047).

Thank you for the warm welcome I received in my initial post, this is going to be a great group, I can see already.  Maybe you all can help me get creative here, and kick my out of my over-analysis paralysis I tend to fall into.

I have been a renter for..5yrs now.  I would absolutely LOVE to buy a place, but my problem is that I am somewhat cash poor.  After I spent WAY too much on a wedding /honeymoon, it took me some time to pay that off.  Shortly after, my wife and I encountered some pretty hefty medical bills which I am working to pay off in the next 3-4 months.

Here is my dilemma.  Combined we make about 150k per year.  However, I've been throwing 2,500-3,000 per month to knock out debt (as noted above) while I have been paying $1600/mo in rent.  I REALLY want to buy a place, but I have a hard time thinking of putting a pause on paying off my final 10k in debt, to save for a down payment for a place.

Even at 3.5% down, we're talking $7k (down payment), closing costs/fees, and I believe the banks would want to see a few months mortgage sitting in bank account.

Is there any creative ways to get into a home (I make plenty of money), without having to come up with 10-15k up front to do so?  In all honesty, I have not sought out a realtor yet, as I'm not sure if it is possible, and I don't want to waste anyone's time.  I just know I can buy a place for the same if not less than what I pay in rent - but coming up with the up front costs has  been a problem.  IDEAS?? 

If there is a realtor in the Chicagoland area (Buffalo Grove, Vernon Hills, etc.) that can help, I'd be love to have a conversation if you think it's possible from your experience.

**I don't have family that I can borrow or be gifted the money :) **

thanks all!!

JB

Hello All! I have been a fan of the podcast for about 4-5 months and very interested in getting into real estate investing.  I am from the NW suburbs of Chicago, IL and it took me getting my degree, and MBA to realize I want out of corporate America, and want to build true wealth with real estate.  I am likely going to buy my first home/ primary residence in the spring/summer of 2015 and hope to learn a lot to make that best possible situation, as well as many more investment properties! I am reading all I can and here to learn from you all!  Hopefully I can help in some way you all as well!

Hello all! I recently stumbled upon the Bigger Pockets podcast and it has quickly became a favorite. I've always been interested in becoming financially successful - and after an undergraduate, and masters degree - I realize my best opportunity is NOT in corporate America :) I've always been a reader on finance, investing, real estate - so this is a match made in heaven.

I'm going to be buying my first home in the next 12 months - so I'm hoping I can make a wise decision that could also double as an investment now, or down the road. I hope to be able to learn a lot from you all - and maybe find a mentor along the way that can help me grow, and pass on some of that knowledge!