All Forum Posts by: Nick S.

@Patrick Daniel my agent turned on automated mls emails based on the neighborhoods i'm targeting. other than that, no other criteria is being used. so if i already have an agent that accesses the mls, how does that help me get good comps and arv?

i have noticed the days on market, but quickly found out that has no bearing on how i negotiate price. no sellers so far are desperate enough. interesting note on the price per square ft. didn't even think about that but as i compare different properties in the neighborhood, that'll help me with a consistent value. 

i'm looking for the forum's advice on the most efficient/effective way of weeding out properties. i'll be living in the property for at least a year. while i live there, i'll be living in it (so property can't be a complete rehab), fixing or improving the property, and then either flipping or renting out the property. 

i've looked at about 18 properties the past 3 weekends (i just started 3 weeks ago). the 18 properties were chosen based on 2 broad criteria: 

1) based on pictures, description, and google street view, choose properties close to the metra (in illinois), in a location with a great high school (>=8 score), and in nice(r) neighborhood.

2) look at zillow for an idea on property values in the neighborhood so that i'm not buying one of the most expensive houses in the neighborhood. if i feel the house i'm looking at is somewhat undervalued because it needs work and there's some room for me to flip, then house passes.

this criteria has helped me weed out 100's of properties, but takes me a bit of time.

i'm curious, is this a good start or are there other ways that the full time/professional investors use? i'm new to this and decided it was finally time to get my feet wet. thanks.

@Ron S. very helpful. thanks for the additional detailed info! 

@Ron S.

Thanks for the reply. You missed the second part

“....and field.”

Apparently it is replacing the septic tank but because of leaks(?), the tank has to be reconnected(?) and a new field has to be done/redone in the backyard where water is overflowing and reeks of the smell. Just need additional clarification 

i have been looking at my first property to hopefully flip (or rent as an exit) and i found one that was high on my list. the property uses a well (not public water), so a septic tank is required/needed. after talking to neighbors, they told me about how the property would reek. they concluded that the property needed a new septic tank and field in the backyard, which could cost somewhere around $15k. can anyone who is familiar with this explain this repair? the property already needs $10-15k according to my dad, who is a general contract, so an extra $15k will not help especially given the low offer we would have to give on a competitive property such as this. thanks.

one quick note - i will be living in the property for a year. during the year i am hoping to have my dad work on the property as the general contract, but after a year, i will hope to flip but rent it out as the back up exit strategy.

@Dave Visaya - thanks for the welcome!

@George Skidis - absolutely, but definitely do not want to do my father's job. i'm happy with my current job and have no intention of getting "my hands dirty"

@Miguel Castillo - thanks for the welcome!

@Tanner Thoman - thanks for the welcome!  right now it's pretty exciting just looking through properties both virtually and in person, but you're right, the analysis paralysis still gets to me. wow, good luck with your property and your offers. did you spend the past year researching and finding the right deal?

@Nick Tzenevrakis - thanks for the welcome! have to be honest, had to look up quincy, il =)

@Scot Howat - awesome! thanks for the additional insight. right now, my dad as a gc helps. the funding for me to start will be a conventional loan through a traditional bank. the other 2 (finding deals and selling) are certainly critical pieces that i am still learning about.

hi everyone, nick here from the chicago suburbs. for the past month i've been on an audio book and podcast binge listening to dozens of (personal) investing and business books as well as the bigger pockets podcast having listened from the very 1st episode all the way up through 2014 so far.  it's because of these audio books that gave me the courage to jump into the intimidating world of real estate.  

i'm the classic over analyzer, over researcher, over thinker, but i decided to start taking action by getting pre qualified, connecting with a real estate agent, looking at mls listings, and driving around to check the properties that interest me. my goal is to flip with my exit strategy being buy and hold as a rental. 

i work a full time job in the city as a digital marketer (think seo, sem/paid search, programmatic display, paid social media leveraging a dmp and liveramp). i'm hoping real estate could be an interesting "hobby".  my priority isn't about the money...it's more about learning. i feel like i need to get the experience to buy, fix, and flip as well as be a landlord to decide which route to eventually focus on. 

i think i'm in a luckier spot than most because my dad is a licensed/bonded/insured general contractor here in illinois having worked on small local commercial properties as well as residential properties.  i'm looking to purchase my first property in the suburbs hopefully within the next 90 days using a conventional loan with my dad focusing on the "fixing".

i look forward to connecting with many of you.