All Forum Posts by: Larry Smet

Nice work @Raji Kaur and @George Foster

Before I got in to real estate investing I spoke with an investor who had been doing it for years and his saying about real estate has always stuck with me:  it's like eating potato chips - as soon as you have one, you can't stop!  :)

Congrats on the first of many successful deals Raji!

Larry

I agree with @Timothy Riley 

Having gone through the agonizing process of an eviction in Chicago, I'd definitely not take it lightly.  You could easily be out 6 months rent.  You can check with your attorney, but I'm guessing you couldn't serve them until the 6 months of prepaid rent elapses.

Short term gain for long term pain from where I'm sitting.

I know it's a little out of date from your original posting but I have a great inspector in Chicago too.  He's especially good for out of town investors like myself.  Please message me if you want his contact info.

Why not charge a percentage of profits - the better you do for him, the better you do for yourself?

Don't forget to double (or triple) check rents since the units are vacant - don't take the seller's word!

No rehab necessary? Don't forget to get it inspected - if you're new to REI (or even if you're not!), getting an inspection can save your a$$.

Let us know how it goes!

 Great work Philip!  Thanks for posting this thread - there's some great content from you and the other posters.

One way to refinance is simply through private lenders - some people would be very content to get a regular check every month - secured against a stable cash flowing property.  Most people think of private lenders only for flips but your rentals are a lot less risky -so you can justify paying a lower interest rate.  And most private lenders won't ask you to fill out a stack of paperwork or check your credit score!  :)

Welcome @Colin Buckley 

Congrats on the rental.  Keep us posted on how you progress

Welcome @Chris Ludwig 

What area of Chicagoland are you planning to operate in?

Larry

Hey @Rachel Stopka 

I don't know your market but 3 ways that I can think of to find wholesalers is to (1) look out for bandit signs (the "we buy houses" guys) and call them, (2) go on line and "pretend" to be a distressed homeowner to find the "we buy houses" advertisements on line and contact them and (3) go to your local area real estate investing club / association and network through there.

It's really difficult to find MLS deals in some markets - you may have to start finding off market stuff (e.g., auctions, etc).. That's what I've had to do for my last several flips in Chicago.

Good luck

Welcome @Jeff Valentino 

Don't forget to listen to the podcasts if you haven't already.  They're full of actionable content.

Happy Investing