All Forum Posts by: Paul Brown

Hi Brie,

Can you elaborate on the legalities of wholesaling in Illinois? I know you are mainly in the city of Chicago but is wholesaling allowed in Illinois? If so what are the regulations that people need to be aware of? 

Hi Charles. Good for you for taking the first steps to make things happen. As an investor in Illinois I would be looking for deals to be presented to me with some details. Obviously the price you are looking for but also a breakdown of repair costs (rough estimate is fine but more specific the better) and ARV and how you came up with the ARV. If you present a deal and it is fairly in line with my inspection/assessment of the property you will gain my trust. I would also want to know if you are assigning the deal to me or actually purchasing it and reselling it. If I look at it and it is completely off from what you described then I probably will not consider you a credible source in the future. Obviously if you are just beginning then I will factor in a learning curve into the variances and not a one strike and you are out mentality.

Also, where are you located and what area(s) are you looking to find properties?

Shooting for March 1 or April 1. 

@Chris T.

Thanks Chris. There wasn't much rental data since not many SFH rentals in that area. I had my realtor pull rental comps and from what I could see a 4 bedroom 2 bath goes for about $2400 to $2800. I am looking for $2600 since we are doing some rehab upgrades (Kitchen/Bath etc) and also it is in Hammerschmidt elementary school district. It also is a couple blocks from Lombard Commons park and close to the train...but just far enough so you can't hear it. Does that seem in line with what you have seen in Lombard rental market?

David Sailer

Thanks for the info. I'd like to hear more. 

@Sam J Mrofcza

I appreciate the feedback Sam. Sounds like you know the area well.  I really like the Villa Park area south of St. Charles, especially around the Prairie Path. I may want to hear your horror story before starting any projects there to possibly dodge some headaches with the city of VP. If it's ok with you I might reach out to you in the future.

Thanks Patrice. I agree with the schools. I bought in the area that has the best grade school (Hammerschmidt) thinking that would be a good selling feature. Do you think clients look at either grade, middle or high schools as more important than the others? Would love to hear what your thoughts are on that. Also, I will hang onto your info for upcoming projects.

Hey Guys, 

I'm newer to Bigger Pockets. I've listened to some webinars and podcasts and I'm interested in investing in the western suburbs of Chicago Illinois in Dupage County. Specifically the areas of Lombard 60148 and Villa Park 60181. Over the last 6-8 months I've looked at all the MLS deals in this market and my analysis is that it is undervalued compared to surrounding areas such as Elmhurst 60126, Glen Ellyn 60137, Wheaton 60187, Downers Grove 60515. I live in Elmhurst and also own a local moving company (Two Men And A Truck) so I talk to a lot of people about why they are moving and the trend seems to be that they are priced out of the more expensive surrounding areas and so they are moving to Lombard and Villa Park. Both cities seem to have good schools, lower taxes and still close enough to Chicago for easy access in and out for work and entertainment. In particular, it seems like a lot of younger people who grew up in the more expensive surrounding areas that I mentioned are moving back to this area after college and simply can't afford to buy or rent a home there.

I am just finishing up the rehab on a buy and hold sigle family property (4 bed 2 bath) in Lombard and am happy with the financials and now looking for more projects. I currently own some industrial properties but am fairly new to residential. Can you guys give me any feedback on my analysis? Any help would be greatly appreciated.

Hi Everyone,

I'm in process of negotiating my first residential single family home deal. As a newbie I have been trying to consume as much info as possible. I have heard frequently that sometimes sellers get stuck on a "mental price" which is higher than you are want to pay but a strategy as a buyer is to negotiate "terms" to help bring your overall transaction price down and have them still get their "number". Some examples I have heard are having them cover things like some of the closing costs, credits for noticeable repairs needed, throwing in items such as furniture, window treatments, etc. I know every deal can be unique but I'm looking to put together a list of possible options for negotiating "terms" for future deals. Any help, advice, stories would be appreciated.

@Mark Ainley

Hi Mark,

Thanks for the reply. I don’t know too much about the industrial market and it’s categories from an investor perspective but more from an owner occupied stand point. I own a moving company and we have a need for some office, warehouse and heavy parking. The parking is key in our business as you need space for your trucks, employee cars driving those trucks, employees in the office, and job applicants / training of new employees due to high turnover. Over the years while lookin for this specific property for myself I see the scarcity of it but feel like the need is there for alot of service based businesses (ie: pest control, landscaping, HVAC, contractors, etc)...basically what I like to call businesses with “fleets and crews”. I also feel like I “speak the language” of these businesses since I share the same headaches and challenges of them.

Anyways, so far I love BP and have been using the resources since a lot of the fundamentals seem to work in different asset classes but am looking for more info on industrial property investing. Any forums, meet ups, etc that you can offer would be very welcome and appreciated.

Finally, my son and I are looking at residential single family homes in Lombard & Villa Park as well. I feel like those areas are going to appreciate well in long run as the surrounding areas (Elmhurst, Hinsdale, Oak Brook, Glen Ellyn, Wheaton) have become so unaffordable to most people.

If you or anyone else reading this has suggestions, advice, etc. we are all ears.