All Forum Posts by: Nick Patterson

Hey Hannibal, your the best!  Never once seen a baby pigeon, still looking.

With Airbnb in Chicago make sure you do your homework on the area, there has been a lot of push back from local governemnt and neighbors forcing restrictions, etc..

https://www.dnainfo.com/chicago/20160615/lincoln-park/lincoln-park-being-sold-off-as-airbnb-rental-properties-alderman-says

While you don't need an agent, having one means that you're likely to pay less for a property.  An agent can also help you navigate the purchase process.  

Hi Noah

Problem is most agents don't like working with investors.  The reason is most have really no motivation and no focus.  For example, I get this all the time from investors.  "I'm looking for a deal, don't care about neighborhood, could be a condo or 100 unit and price range is from $50,000- $1,000,000" 

If you can come back with..

Looking for a brick 4 unit, in Hyde Park under $500,000 than you are on something.

I have not down the numbers on this, but I would image the cost vs savings is better on large buildings.  Maybe 15+ units is where the economies of scale weigh in the owners favor..?

Everything you need to know is in the books.

Never buy anything other than the books and Real Estate.

Hi Brennan

Pick an area and learn the ins and outs of the market.  

Make offers, lots of offers

You can find a great deal of info on this site, be sure to read the Bigger Pockets book on flipping houses.  Than go make offers.

Kicking the can around for 10 years?

I'm curious have you made any offers on any properties?

If you need $7K a month, passive cash flow from buy and hold is the ONLY way to go.
I'm sure you have read them but all of the Rich Dad books would hold your answers.

Hi

We have had WAY too many problems with attorneys and security deposits.

I get chills when I hear the word Security Deposits.

We charge a move in fee of $200 per person on the lease and avoid the issue all together.
Sometimes a tenant will just move out but its all part of the game.

I would advise getting together with a Real Estate attorney to review your processes and make sure you are covered.

One word:  Associations 

These other people are making decisions with your money.

1980 and earlier is very hard in Chicago.

Those would be considered new properties and expensive.

Chicago is a city of neighborhoods and the "vibe" of streets changes very quickly depending on where you are.

Don't be fooled by cheap or yield.

I would highly recommend if you are serious to make a trip down and explore.

I would also wonder why not just invest in your backyard, got to be easier to find deals 10-15 minutes from your house.  Plus I'd imagine Canadian tenants are much nicer :-)