All Forum Posts by: Ranny Ma

And just to follow up on OP's question, is Hammond considered a B neighborhood? 

Can anyone Chicago investors recommend any good meetup groups for networking/educational purposes?

 Hi Tim, would you able to tell me what is the name of the meetup group? Thanks.

Hi Janelle, welcome! I also recently joined BP and started becoming interested in real estate investing. Since I'm also currently trying to identify which areas I would like to invest in, here are some factors that I am considering:

Landlord laws - Is the state you're investing in more renter-friendly or landlord-friendly? I know Illinois is more renter-friendly compared to Indiana for example.

Population/and income growth - Is the city/county you're investing in growing? If it is, you'll have more demand and can command a higher price for rent or sale.

Tax rates - Higher taxes will lead to a lower ROI all else equal and it might be easier to find better deals in a low property tax area.

Hope this helps!

Congrats @Caleb Korzenowski! How much did you spend rehabbing the property if you don’t mind me asking? And what was your method of estimating the rehab costs?

Thanks, @Andrew Goodwin! Happy 4th to you.

Hi BP, I’m in the Chicago area and looking to get started in the real estate investing journey. As relationships are vital in this community, I’m looking to introduce myself here and see ways to connect to other investors in Chicago. Thanks.

Great, thanks everyone!

So just to confirm, for the refinance the house for $80K part, I will go to the bank and say I would like to take out a loan on the house for $80k. The bank will take the the title of the house from me, give me a loan for $80k. In return, I take the $80k, repay my hard money lender for $40k plus interest, and I can use the remainder of the money for my next investment? 

I'm having a hard time wrapping my head around the refinancing part of the BRRRR strategy. What is the purpose of refinancing the property? I understand getting a new appraisal after the rehab will increase the property's value, I'm not understanding where refinancing fits into the equation.