All Forum Posts by: Account Closed

@Chirag Patel I will look them up, thank you I really appreciate it!

@Jonathan Klemm Thank you I really appreciate that, I'm hitting my 4th year in the Navy this month. I will definitely keep my eyes peeled for the 18th! I will send you a request to connect, if there's anyway I can help feel free to let me know!

@John Warren Unfortunately, I was not able to make that one but will definitely hop into the next meeting and see about making it out when you guys go back in person. Thanks for reaching out I'm really excited to get involved!

@Tom Casey Thank you so much!! This is awesome I will look into all of these and I'm sure I will see you out there!

@Aimee Derylo Thank you, what a funny coincidence that they're meeting up tonight! I will definitely reaching out more about attending one of these. Thanks again!

@Jimmy Clark Thank you!! I've never even heard of them I will definitely add their podcast to my list. 

@Josh Mitchell Thank you for the insight, I honestly feared as much after coming up empty handed while researching. I will definitely look them up on FB and reach out to Mark. Thank you I appreciate it!

Calling all local investors, agents, lenders, etc. 

I have been doing a large amount of research into the real estate investing world and will be dipping my hand in the pot here in the next month. It is very exciting and I really enjoy learning about real estate with all the different avenues there are, but there is one category I know I am severely lacking in. Which is networking. Through listening to the BP podcast, reading books/articles, and hearing stories of other past successful investors I have learned the importance of networking. 

With that being said I am reaching out to see if there are any local real estate investment groups or networking meet-ups throughout the Chicago-land area. I have caught wind of a few that had happened within the past few months but cannot seem to find anything about any new upcoming ones. If anyone knows of any or is looking to start one and would like some help please let me know I would love to get involved!

Key Words: 

Plainfield - Naperville - Aurora - Lamont - Lockport - Joliet - Oswego - Morris - Shorewood - Crest Hill - Downers Grove - Bolingbrook - Romeoville - Minooka - Yorkville - Wheaton 

I plan to be buying a home here within the next month or so that I will be flipping. My current issue is how should I proceed with the loan type since I have few options:

- I am active duty military and can utilize the VA loan (no money down) option which is great since I can save on money that would be set aside for the flip. The main con with that is I wont be able to quickly flip that property since the VA requires the owner to "intend" stay in the home for at least a year as their primary residence (I know I could refinance after 7 mo but that wouldn't help with the flipping process.)

-  The other option is a conventional loan which as we all know would require at least 20% down and that would severely cut into my rehab money which in turn may cause me to get a bit cheaper of a property that requires less rehab and brings in less money after all is said and done. 

- Correct me if I am wrong here (I am a newbie) but I wouldn't want to go with FHA since of the length of time it would take for me be able to turn around and sell the house or even rent it out as well as all its other stipulations.

This is essentially where I am stuck, I don't know which of the first two I should go with and if there are any other effective options I just don't know about. I'm doing research into owner occupied but I haven't been able to figure out if that is an actual option is this situation. If anyone has any advice or could connect me with any good articles or books I would really appreciate it. Thank you!

@Belliny Flores Welcome to BP! I myself am also an absolute newbie who is thrilled to be joining this world, but I would like to offer some advice if you would have it. When it comes to the should I flip or rent questions there are so many variables and reasons to go one way or the other. I truly believe it all depends on your current position(capital wise), level of knowledge, time you have to put into it, and what you truly enjoy doing. I'm not going to recommend going one way or the other but I do highly recommend looking into the BRRRR strategy (Buy Rehab Rent Refinance Repeat). It may align well with what you are looking for. Also, if you are into reading I highly recommend, How To Invest In Real Estate The Ultimate Beginners Guide To Getting Started, by Joshua Dorkin (BP Founder) and Brandon Turner (BP podcast host). It has helped me substantially. Again, welcome and good luck!!

Feel free to reach out and connect if you would like to discuss and bounce ideas.

Kind regards,

Paul