All Forum Posts by: Paul De Luca

@Dahtanun Combest

If you talk to three contractors you'll get three different quotes. The quotes will vary based on their overhead, fees, exact scope of work, labor, etc so the best thing you can do is talk to multiple contractors to get apples to apples comparisons for your estimates.

I know @Jonathan Klemm has an online rehab estimator so maybe that would help?

 If you google "real estate meet ups in Chicago" I'm sure you could find what you're looking for. There is also the "events & meet ups" under the forums section here. 

@Nassim Ioussaghane

I recommend connecting with an agent to get set up on a property search so they can start sending you properties you might be interested in. If you have any questions, feel free to PM me.

@Nassim Ioussaghane

Yes, you can get a good deal when paying cash. In fact, it's generally easier to get a discount when paying cash because you can close more quickly and you don't have to get approved for a loan.

You can make money with single family or multi-family. What's your strategy and buy box?

@Anthony Stahurski

Utilizing the VA loan to buy your first investment property is a great way to get started! You could either house hack a 2-4 unit property or buy a SFH with the plan to rent it out about a year later.

After using the VA loan, you could use the 5% down conventional loan or FHA to finance your next house hacks.

I think the most important thing to keep in mind when you're getting started is that doing > waiting/planning/analyzing. Basically, take action. So many people fall into the analysis paralysis trap because they are scared of making mistakes. Making mistakes is inevitable and part of learning. A day of action is worth more than a year of planning.

Of course, self-educate yourself on real estate investing to minimize costly mistakes but understand that you don't need to know everything (it's impossible anyway). Listening to podcasts and reading books feels good and can give you a sense of accomplishment but it means nothing if you don't do anything with the information.

The best thing you can do to make the right investments for you is to have clear goals, a specific buy box, and connect with professionals that have experience helping people accomplish what you are trying to do.

@Toure Smith

It depends on how well the building has been maintained. Try to get as much information from the seller/listing agent as you can regarding the plumbing, HVAC, electrical, roof, exterior maintenance, etc. Getting a home inspection should also help you see if there are problems with the major building systems.

Homes built before the 1950s, especially those with balloon framing, knob-and-tube wiring, or galvanized plumbing, often require full guts. If the home has been updated in phases over the years, you might be able to get away with a partial update.

You'll want to lean on a great contractor for more expertise though. Maybe connect with @Jonathan Klemm?

I generally agree with the advice to start with smaller projects. Start cosmetic and then take on bigger rehabs.

@John Chu

I think this is a question for your insurance agent. If you need a referral, let me know.

Good question for @Mark Ainley

@Dana Erdman

I think you mean unit turnover rather than unit "flip", right?

I would wait until after the inspection to decide if it makes sense to list the unit for rent. If it's in good condition, go ahead and list it. If it needs a bunch of repairs and won't show well in its current condition, make the repairs and then list the unit.

@Nicholas A.

Get on a few MLS searches and realtor/wholesaler email lists.