All Forum Posts by: Luke Shaw

Thank you for all the helpful insight and congratulations!

@Lumi Ispas, I’d like to start off in the city. I’m specifically interested in Lakeview, Lincoln Park, the Lincoln Square area, the Near West Side, and West Town, in that order. I’m also intrigued by Edgewater and Rodgers Park, but I don’t know as much about those areas. In your experience, do successful brokers cover more than one neighborhood?

@Marcin Talaga, that’s an excellent point about company culture! I’m definitely adding that to my list of interview questions. After I passed my exam, I created a list of what I want from my future brokerage, and what I will bring to the table as a broker; the list is similar to a boiled down cover letter. It’s really helped me organize my thoughts and next steps as I transition. What kind of partner are you looking for?

 @Justin Sumulong, congrats on joining your first brokerage! I’ve heard managing brokers are very important. My CRES instructor was adamant that he’d never work for a managing broker who was also closing deals on the side. Was that important to you? I’ve sent you a DM.

Calling all current and former Real Estate Agents / Brokers!

I recently passed my Illinois Real Estate Broker’s test (in Illinois, Real Estate Agents are called "brokers"). Now it’s time for the fun part - I’m ready to start interviewing with Chicago area real estate brokerages. As I interview with different brokerages as a potential new Broker / Real Estate Agent, are there any specifics I should keep an eye out for, or demand from, my future brokerage? What should new real estate agents look for in hiring brokerages?

At this point (the starting point) in my career, learning the ropes through experience and quality mentorship is more important than anything else - even money. I would also like to work for a brokerage that could help me generate leads (feel free to call me out if this is a naive expectation).

What I can’t offer in experience to my future brokerage, I will make up for with drive and a willingness to learn. I don’t mind doing a little bit of everything, as long as I’m learning. I’m leaving my 9 - 5 to pursue this full time, and am ready to work a second job to support the transition (in addition to tapping the savings I have set aside for the career change). I would like to specialize in multifamily 2 flats - 4 flats, as that’s what I’d like to eventually invest in myself.

I'm not opposed to working on a team as long as I get to actively learn. 

Looking at my goals and what I can bring to the table, is there anything else I’m missing? Any specific things I should ask about during the interview process besides the usual gamut of interview questions? All the BP wisdom is appreciated. Thanks so much!

P.S. Once the local forum is working again, I might double post this in the Chicago forum. 

Tags: Chicago; real estate agent; broker; realtor; Illinois 

Welcome, Anthony - 

I would consider reposting the concise question of "Which Real Estate School do you recommend in FL?" In the local Orlando thread. I posted the same question in the local Chicago thread and received tons of helpful information. Good luck with class! 

Hi Everyone, 

Thanks so much to everyone for the wise words. I'm always amazed by the wealth of knowledge on this site. A little update here (I personally love it when the OP posts updates on threads, it makes the thread feel so much more complete)! 

I do believe that a 2 flat would be the best option for me, and the best option to BRRR here in Chicago in general. I want to avoid HOA's at all costs. Like everyone on BP, that's just not my scene or style. However I don't think I can afford anything more than a 2 Flat, and I'm most interested in an FHA loan like @Cristina Gonzalez mentioned above. I don't have the cash to put the 20% down on a traditional mortgage. I'm 26 and I've been saving for the past few years while working a good 9 - 5, but I don't have a ton of wealth built up. 

My follow-up question to the group would be this: in this market, are there any affordable 2 flats left of on the north side? Or is the market too hot? I'm thinking Rogers Park or Andersonville... maybe even Edgewater might be affordable? I know @Brie Schmidt is a North Side BP expert.  I really enjoy living in the Lakeview area, and while I'm not completely against the idea of moving to the south or west side to gain financial freedom, I would prefer to stay in or near the neighborhood and friends that have been home for the past few years. Thanks! 

Hi BP,

I'm a young professional ready to buy my first piece of property in Chicago. I don't have the funds to buy an entire 2 flat or 3 flat (yet), but I COULD buy just one condo unit if I found the right one.

My question: is buying a single condo unit in Chicago a financially sound decision that fits into the BRRR mentality, or should I continue saving and renting until I can buy an entire building? As someone who would always prefer to DIY first, the idea of answering to an HOAdoes not sound fun. I'm also afraid it would sap my cash flow. However, I would love to start building equity and pay rent towards a mortgage rather than burn it on rent, and a condo seems like a good beginner property.

Thanks! 

Hi BP, 

I'm a young professional ready to buy my first piece of property in Chicago. I don't have the funds to buy an entire 2 flat or 3 flat (yet), but I COULD buy just one condo unit if I found the right one. 

My question: is buying a single condo unit in Chicago a financially sound decision that fits into the BRRR mentality, or should I continue saving and renting until I can buy an entire building? As someone who would always prefer to DIY first, the idea of answering to an HOA does not sound fun. I'm also afraid it would sap my cash flow. However, I would love to start building equity and pay rent towards a mortgage rather than burn it on rent, and a condo seems like a good beginner property.

Thanks! 

Also thank you @Brie Schmidt for posting on this thread - I just listed to your BP podcast episode 78 and it was great! It was very interesting to hear about the unique dynamics of Chicago investing.  

Wow, thank you everyone for the great responses! Not bad for a first post on BP.

I ended up going with Chicago Real Estate school. I like that they offer in person courses from 6 - 9:30 pm twice a week for five weeks, and their Lakeview location is (kind of) on my way home from work. Fingers crossed I'll be a licensed broker in February! 

@Rebecca LeBrun - did you ever get your broker's license? Did you do any part-time real estate? Did you strike it full time? I'm thinking about following this path myself and would love to hear how things turned out for you!

Hi BP Community, 

This website community has given me the final nudge I need to pursue obtaining my broker's license this winter. I live in the Chicago area and would like to take a broker's license course while still working my 9 - 5. Does anyone have any recommendations on which broker's course to take? There are tons here and I know not all educational courses are created equal. 

Your opinions are appreciated! Thanks!