All Forum Posts by: Larry Smet

Welcome @Timothy C.

Your background in construction (even if it was a while ago!) and your project management experience will be extremely helpful.

I love your plan - it's mine too, just like for @Mike H.

He was right about how time flies - I'm working on my 7th and 8th flips in Chicago right now and it definitely gets easier. The first one or two are always the hardest but you have the right idea - take action and stick to it and you'll succeed.

Good luck

Larry

It's a good point @Atul Mohlajee @Atul Mohlajee

I think most people invest on the south side mostly for cash flow. Having said that, there are a number of people who think there's some chance of appreciation with money pouring into the area from the Lakeside development - e.g., in South Shore.

Tell me about it @Brie Schmidt ! It took us over 3 months just for the Sheriff to show up after the court ordered eviction date.

Also, I'm calling out @John Hauser, I know he has some south side experience. Tell us what you know John! :)

Certainly makes the south side numbers less attractive when you factor in vacancies like that!

Thanks @Brie Schmidt

What have other south side investors in Chicago found to be their vacancies across their portfolios. Please chime in with the neighborhood and your historical vacancy rates.

Thanks in advance

Thanks @Wendell De Guzman

I notice you buy a lot of HUD homes - how many would you say you pick up from HUD vs your others sources? Any strategies that work particularly well?

Are you a broker to be able to throw in so many HUD offers?

Keep up the great work!

Larry

Thanks @Roy N.,

I talked with TD a few months ago but they were only on the eastern seaboard, not the midwest.

Please send me a PM if you have a good contact at RBC. That sounds promising. Thanks for the info

Larry

Perfect. Yes, please send me the RBC info. That sounds promising. I currently hold all my properties in two US LLLPs.

Thanks for chiming in @Ashlee Reimer!

Larry

PS - Congrats to @Brie Schmidt on helping out folks on biggerpockets - she just hit the 500 post mark! Nice work Brianna!

Welcome @Rafael Velasco

Don't forget to actively ask questions as they occur to you and reach out to build a network of colleagues on the site. The more you participate the more biggerpockets will benefit you

Larry

Hey @Brie Schmidt , that would be great. I'm reaching out through my network to a number of lenders because they all have different policies. Any info you get would be welcome! I'll also reach out to Ashlee - thanks for the lead.

Larry

Yes, thanks @Roy N. (sorry - your handle isn't coming up on my phone). It's a good point to make that the water lines have to be manifolded so there are separate lines running to each unit... That's where @John Hauser was commenting that it's easier to do during the up front rehab