All Forum Posts by: Larry Smet

Welcome @Sebastian Boruta

Don't forget to ask lots of questions when you can't find the answer in the forums

Happy investing

You're welcome @Ana N.

Btw, I'm currently looking for a 3-flat in a decent area (i.e., not a bad block) on the south side that I can do a gut rehab and hold for cashflow. Let me know if you run across any. :)

Welcome @Jarrod English

As @Brie Schmidt mentioned, I work out of Toronto but invest in Chicago. Let me know if you need any help.

By the way, as a Canadian some things work very differently for us than for Americans so don't necessarily follow the "standard" advice that some American professionals will give without doing your due diligence. I'd recommend a good cross-border accountant and a lawyer that understands cross-border entity set up.

By the way, I don't necessarily agree that you need a "partner" in your market of choice, but you certainly want to build up a very strong team in that market. It doesn't happen overnight, but it can certainly be done.

Good luck

Larry

Excellent - great job @Ana N.!!!

The first of many, I'm sure.

Hi @Haven Garber

I've only flipped from a distance (Chicago and Orlando). There's advantages and disadvantages, but sometimes your local market kind of forces you to invest out of state - or in my case, out of country :)

As others have mentioned, forming a good team is absolutely critical. You have to make sure you can do as much due diligence as you would if you were local - you'll just have to rely on your team to be there in person.

Good luck

Larry

Hi @Polina Goncharova

Your insurance agent is a pretty important member of your team - I'd get a professional to explain the difference and provide a recommendation.

I'm guessing that in the case of a catastrophic loss the 2 schools of thought are to either (1) get out of it at least what you put in (including paying off any debts and paying for holding costs) OR (2) be able to replace the property and cover any holding costs.

Don't forget liability insurance - that's critical for rental properties.

Regards,

Larry

Congratulations @John Van Uytven

The first deal is always scary - half the battle is to overcome the paralysis and pull the trigger (after proper due diligence!). It's always great to see people make the leap.

By the way - all of my properties were purchased and rehabbed long distance (mostly in Chicago) - so it can be done!

Good luck and keep us posted on how it turns out.

Welcome @Steven Rhodes

Don't forget to ask lots of questions in the forums - there's no such thing a silly question!

Happy investing

PS - I think that info from The Chicago Association of Realtors is updated on a regular basis (monthly? or at least quarterly).

Hey @Dan Kalis

When you start working with a realtor they can pull a ton of great information, as @Wendell De Guzman mentions. In addition, a lot of information is compiled and freely available (at least to your broker) through the Chicago Association of Realtors. Hope that helps