All Forum Posts by: Edward Pluchar

Hello BP - will keep this brief but feel free to ask questions if you need clarification.

I live in Chicago and bought a duplex in St. Louis last year.  That has been performing decently, and I wanted to move more funds out of my bank account and into real estate for all of the usual reason.

I landed on a 4 unit, and after surveying everyone I knew in the area, I felt I had my hands on a C, maybe C- property.  My PM said there would be no problem renting the 4th and only vacant unit.

No kidding, within a week of closing, the PM complained to me that this was a very dangerous location.  And it has proven difficult to manage over the last 7 months.  We're now down to one unit rented and one being evicted.

I should have done more due diligence, without a doubt.  Very expensive mistake.  But I can't be the only investor who has purchased in a bad neighborhood.

For those of you who have, is there anything that worked for you, to encourage new renters?  

Do you still own the property?  If you do, why do you still own it?  (Genuinely curious about the reasons)

If you don't, how did you end up off-loading it?  Did you just cut the losses, or did you try to get it rented out by any means necessary, then sell?  Looking for any genuine and helpful advice you can offer, appreciate it!

Does anyone have a direct contact with Andrew Holmes or anyone at Chicago REIA?

I signed up for one of their programs about a year ago, to have access to off-market leads.  I was told it was a one-time charge with lifetime access.

Last week they charged me again, entirely without my permission - $1,080.  Not that it matters, but I have not been logged into the system for several months and let them know that I did not find the information useful.

I reached out to have this rectified - I received a call from someone at the office who left a message about negotiating, called back, and got the receptionist.  She was very nice but didn't offer a path toward getting the charge refunded.  They DID close the account, I was notified of that, but no refund.

Anyone know how to resolve this quickly?  

Josh,

I did some looking for you...

1. 75,566,000 (http://www.census.gov/compendia/statab/cats/construction_housing/housing_units_and_characteristics.html)

2. 35,843,000 (same as above)

3. Not found.

4. Not found.

5. Didn't look.

6. As of February 28, 2010, NAR's membership is 1,068,746. (www.realtor.org) I don't know if you want Realtors only, or all real estate agents.

7&8. I have an inquiry in to a loan originator on these.

9. My answer to #1 might be better suited to this question.

10. I'm sure a Realtor could find this easily, but I am not one.

11&12. Didn't look.

13. 80,406,000 in 2007 (http://www.census.gov/compendia/statab/cats/construction_housing/housing_units_and_characteristics.html)

I'm not the best information seeker, but it looked like you needed a hand with the dirty work. Happy to help again if needed.

Ed

I second the following thoughts:

Looks great!

Does not NEED to be repainted, in my experience, unless there are scratches. Most of the time I've encountered metal that needed 2-5 years before you COULD repaint it, as if anyone really wants to do that.

The price of metal fluctuates, which might account for price variances. Also, your roof looks fairly straight forward (little or no waste) and small-ish.

Very impressive to see BP folks in the comments. I don't see anyone else's site represented.

Congratulations, Josh!

Why aren't posts like this placed in the Articles section rather than the Forum section? (Not judging, just asking).

Ed

Josh - Glad to have you as my one and only colleague! At least for the moment...

Will - Thanks for the encouragement. I hope to do exactly that.

My name is Ed Pluchar and I am interested in exploring all that BP has to offer. (See that, I'm already hip to "BP". Don't ask me how many times I asked myself what in the world "BP" could stand for, until it occurred to me...).

Real estate has an indescribable allure. It is both dynamic and solid. Numbers can tame and perfect it, and that's what I'm after.

I'm fortunate to have a great job now, but that hasn't always been the case. I am looking to real estate for financial independence, as a gateway to opportunity, as a career and vocation. I want to be an investor, and possibly a developer.

I'm also looking for a good great mentor.

Of course, that's just my impression. Maybe you all can set me straight...