All Forum Posts by: Larry Smet

Hi @Thomas Campbell

I have to agree with everyone else - if it's not in the contract then you'll get your EM back. It certainly doesn't sound right to me that you wouldn't.

It's more likely that the current tenant (or former owner) will be your problem if you close on the property. In that case, you should be aware that it can be relatively costly both in time and money to get a tenant out in Chicago. There are some good threads on the subject on BP.

Also, if you're buying a condo, make sure you do your due diligence on the HOA, not just the physical side of the condo.

Let us know how it all turns out

Larry

Welcome @Christopher Mendoza

Don't forget to listen to the PB podcasts - there's always something to learn from them.

Happy investing

Welcome @Jim Santopadre

It's good to get a kickstart with a "boot camp" weekend, but it's the sustained effort that will get you there. Fortunately, there's tons of people here that can help you out with any questions that the forums don't answer. Don't forget to ask!

Happy investing

welcome!

What area of Chicago are you interested in flipping in?

Yeah, I heard the same thing last week from my attorney, @Mark Ainley and @Brie Schmidt - that you'll need a water cert in that situation. I think it applies to residential as well as commercial (at least, the context of the discussion with my attorney was residential).

Hi @Jonathan Wheeler

What area of Chicagoland are you focusing on? I'm a rehabber but my farm market (for flips) is fairly limited (typically around Logan Square, Belmont-Cragin, Avondale, Kelvyn Park, etc.) - although I don't mind going a little further out if the deal is right.

Thanks

Hi and welcome @MELISSA PITTS

Thanks for introducing yourself - even though I've been on the forums for a little bit, I still haven't done that! lol Maybe I should take your cue and do a formal intro!

Don't forget to listen to the biggerpockets podcasts - there's a ton of great information on them.

What area of Chicago are you focusing in?

Arrgh! I'm missing it by a few days - I'll be in Chicago this weekend.

Happy networking!

Welcome @Jonathan Wheeler

You'll find plenty of interest in Chicago here on BP! As @Brandon Turner mentioned, I think a good place to start is by listening to all the podcasts. They'll give you a good idea of the different techniques out there related to REI.

Happy investing!

Welcome @Daniel J.

You certainly have a good background to do some flips IMO! I'm a professional engineer by training and although a contractor or builder will know WAY more than I would, I found my background helpful when I dove into REI (flips).

It seems to me that you'll save some money on architects as well :)

Happy investing