All Forum Posts by: Matthew Putnick

Sheila

Sounds like you are at a rough crossroad in your investing carrier.

When I read your post I felt that you were asking two questions: is it possible to succeed despite some misstep? And should you awaken from your nightmare?

My answer would be yes to both of those questions.

EVER successful real estate investor has made a ton of mistakes. Successful investors learn from those mistakes and keep on going. The first two flat that I purchased was and still is a complete disaster. Had I stopped a year into owning that property I would not have the success that I have today. The next property I purchased was a 4 flat and since I had learned from my previous mistakes the purchase turned out better. Every property that we purchase we learn more and more and become better real estate investors.

There is no doubt that Real Estate is tricky because when you make a mistake it can cost you a lots of money – which is why many stop investing after they make a mistake.

Now to touch on your other question – should you wake up from your nightmare – the answer to that question is also yes. You need to wake up to your current situation and deal with it as best that you can. Have you thought about selling a property or two?

The road you are going down is not an easy one – but you still can hit your goals. It may take longer but it is possible. Maybe try to find a positive person (a friend or relative) that will encourage you to live your dream more.

Hope this helps. 

NEVER pay money up front.

I to would be weary about joint venturing with someone that you do not have a long standing relationship with (as it sounds this way from the post).  All our joint ventures have been relationships that we have developed over time (years). Once money and emotions get involved SOME people can change.

It sounded as if your first intention was to rehab it yourself (by hiring a contractor) - why not just keep going with that plan?  Talk to more contractors.  We typically get 3 to 5 bids on each of our projects.

We only put ceiling fans in the master and maybe the living room.  We never bother to put them in the 2nd, 3rd, etcs.. bedrooms.

Welcome Jared.

Hi Anthony - consistence leads/deals are key to this game. We are buyers of both fix and flips and buy and hold properties.

Most of our leads come from direct mail - list source has been a huge help for us. It is important to come up with a budget and be consistence.

Our next best source is the MLS - this maybe a little tricky given that you are wholesaling but it can be done.

Lastly - network, network, and network more.  I am not talking about with just real estate investors, but everyone you know!

Hope this helps. 

Welcome Kasey.

In regards analyzing rental amounts I have two thoughts:

1) If you are working with a Realtor they should be able to help you with rental amounts

2) Look at sites like Craigslist, domu, zillow to see whare other rents are in the area.

Hopefully this helps.

Matthew Putnick, [email protected]

Michael.  I know that building fairly well.  Did you have your unit upgraded?  Did you purchase from the developer or was it a distressed sale? 

The loop market has appreciated the past two years.  

If you want to send me an email I would be glad to talk to you more about the market.  

[email protected].

I too would agree that Humboldt Park, Pilsen, and Logan Square have seen good appreciation in the last year(s).  With that said - when we look out 5 to 10 years - which was the question - these are the neighborhoods we see that will have the biggest transformation. 

On the flip side there are other areas in the city that we feel are better when you are just looking for cashflow.  

Here are some areas we are purchasing and/or looking to purchase

1) Pilsen

2) Humboldt Park

3) Logan Square (I know you mentioned this neighborhood - but in the next 5 - 10 years this neighborhood will look a lot different.  There are a lot of developers with projects slated for this neighborhood.