All Forum Posts by: Nick Doria

@Daria B. I guess i'm old school a well since i also prefer to go to a bookstore to at least flip through the pages before i buy as well. Sometimes a book can sound and look great but then you open it up and read a few pages and it disappointing. 

I normally read through a few pages then buy the off of amazon since I have amazing prime I get the books with in two days and normally save close to 50% on each book. I guess i'm helping put those book stores out of business as well opps. i normally buy at least two books when i go so maybe not. 

@Jeff Brower

Keep hearing about these books so they must be good reads that most people should read. 

@Chris Jurgens

here are a couple of other books that i believe are must reads:

Think and Grow Rich by Napoleon Hill 

How to Win Friends and Influence People by Dale Carnegie 

@Jeff Kehl

Thank you for the compliment 

I would use the VA loan but my past two years income won't qualify me for a loan amount that would make buying a building possible or even worth it here in chicago.

While i have never personally managed a property i did work at a company handling property management like tasks for a 186 unit development project while he was building it and got a great crash course while i was there.

The main reason that I would like to do commercial is because having a rather large goal of 1000 rental units by the time that I am 40 years old which would be in 12 years from now. I have noticed that buying a couple of 4 unit buildings is a good start but to be able to reach my goal i will have to be able to scale things up at a faster rate after the first couple of years. Plus not to crazy about having like 400 buildings spread out all over the place sounds like a nightmare. Since i will be forming my own property management company once things grow to the point where it would make sense to hire a property management company. 

Currently working on setting my first set of systems for when i get my first building so that i can reduce the mistakes ill make once i have a building. I know i will still make some mistakes and i look forward to whatever they are but why set yourself up to make them if you know you can prevent a great amount of them by just being prepared. 

@Al Williamson @Ben Leybovich Can't tag Brian Burke otherwise I would have 

If I was still living in the area I would be there. Is there any chance for us to maybe set something up for a chicago met up? What would you guys need for this to happen? I Have heard all of the podcast that the 3 of you have been on and would be amazing to get the chance to meet you guys. 

@Brie Schmidt you were able to get @Engelo Rumora to speak at a meet up which was great anyway we could try to make this happen I will help in whatever way possible.

@Ryan Billingsley watched it forgot to tag you in the last post.

Very interesting and kinda of sad since while the housing market was crazy. Lots of people who never should of had a mortgage had one but if the banks wouldn't of just gave a loan to anybody much of this could have been prevented by not giving anyone a mortgage.

Im sure there was a lot of fraud with REOs after the meltdown which i think was the whole point of the movie to shed some light on it. 

Yea its really crazy thats a mortgage payment in itself but the bad they is it may lower but it'll never go away. Im helping a good friend of mine find a condo and nearly fell out of my chair when i saw 1300+ for hoa fees a MONTH unreal you could barely give those away. Yes it would be great to keep in contact with each other best advice i could give is to get active on here and you will be amazed at the things that you will learn and the people you will meet.

@Alexander Burdeinyi 

I would be carefull with condos since they can be tricky sometimes if you don't know all of things to look for when buying. HOA fees can tend to raise whenever plus if there or any special assessments that can be a hefty amount as well and really make the buying and selling process a nightmare. I know belmont cragin area is less pricey than even uptown since they are redoing the wilson redline. Prices has been going up and its getting a little crazy around there price wise.

Lincoln park is an awesome area to live but to invest its not the best area because of the very high prices. 

Working towards House hacking a 4 plex and self manage the building to gain experience Later on i will be forming a property management company to manage my buildings once i get to a larger scale that would require it. I have a pretty ambitious goal in terms of how many units I want by the time I reach 40 years old. After doing some thinking and listening to a good amount of BP podcasts buying 4 units at a time will not make it happen in the time frame I want it to. With all of that said here is some of the things I am not sure about since I know commerical investing is different:  

Looking to get into commercial multi-family 5+ units. Is it a requirement to have a certain amount of years of past REI experience to be able to qualify for a commercial loan?

I understand having a good track record is important so maybe the better question would be: How can i set myself up to be able to qualify for a commercial loan?

If it's going to take me a couple of years to build that track record what would be the best way to go about it?

Thanks for reading and looking forward to learning how to set myself up in the right direction. 

@Alexander Burdeinyi

Welcome to Bp you have found the right website to help you expand your knowledge. what side of the city do you live? 

There is a BP meetup coming up on 2/16/2016 at 6:30pm at Dino's Pizza 7004 West Higgins Avenue.

Here is the thread for the meetup: https://www.biggerpockets.com/forums/521/topics/27...

Great place to start to network and meet active investors in the area. 

What type of investing are you looking to do? 

@Chris Jurgens

Both books that you said you are on the fence about are great i would do the package deal though since it's well worth the money and you get a ton of bonus info as well. I have read both and learned a lot about buy and hold as well as becoming a landlord as well so both kind of come hand in hand. 

@Daria B.

I haven't read this book yet but it's on list to read Franks podcast was great and he seemed to really know his stuff. What did you think of the book ?