All Forum Posts by: Rob Hayes

So @Nicholas Kutsch I have a question for you! If you're having "fun and success" with your current investments why would you expand to other markets that you know less about?  I'm a huge believer that a person should focus on one very specific thing and be an expert in it.  Michael Jordan was the GOAT because all he did was play basketball 24/7... oh wait... he did try playing baseball.. and we all know how that ended!   

Just something to reflect on!

@Tyler Dunlap as an investor in Illinois would you mind sharing or sending me a message with the name of this property manager?   Unfortunately, they probably aren't doing anything illegal... just unethical.   I assume you're planning on hiring a new PM...if so let me know I have 2 that I could recommend to you.

@Thomas Kelly sounds like too small of a spread to me... especially since the investor may need to wait until February (or later) to get possession of the property.   So Thomas, instead of wholesaling this property... why don't you just do the deal yourself?   I don't think there's enough meat on the bone for 2 people to make money on this deal... but maybe there's enough for one person to make money!

@Jayden Hamilton  I'm really curious about these 3 properties!   I know that everyone is very busy these days... but 3 properties shouldn't be that large of a burden on anyone... even a new investor/property manager.   My guess is that either these are the wrong properties... or the wrong tenants... and hopefully it's not both!   

It sounds like you need to do something different.. and that probably involves either hiring a PM or selling one or more of the properties.

For me determining the market that I want to invest in is overly simple.   I want to invest close to home... I don't buy property that is more than a 30 minute drive from my home in Illinois.   Whether I manage the property myself or hire a property manager to do it for me... I want to be able to easily keep an eye on the property.   

Next I buy in areas in which are attractive to the type of tenant that I want to manage.   I've had the best luck renting to young professionals in which the "arrow of their life" is pointing up.   It's probably their first or second place renting since graduating college and it's the last place they rent before buying their first home.   So, I figure out where those people want to live and in what condition & amenities they require and that's what I buy.

I hope this gives you something to think about...and best of luck in your search!

I'm sorry I don't have any contacts out your way.   Best of luck!

So @Kristofer Ramos it's been a couple of weeks!   How's your progress coming along?

Welcome to BP!!!  Good luck on buying that second property!

Investment Info:

Condo buy & hold investment in Lisle.

Bought this condo through the MLS in January 2013 with cash. We completely remodeled the unit and then did a cash out refinance loan. We rented out the property and it's been rented ever since to the same tenant.

What made you interested in investing in this type of deal?

It is a very simple investment which made the chances of it failing very minimal. This particular product also attracts single tenants which also makes it very simple to manage.

How did you find this deal and how did you negotiate it?

I purchased it off the MLS. I made an all-cash full-price site unseen offer within minutes of when it came on the market.

How did you finance this deal?

We paid all cash.

How did you add value to the deal?

We completely remodeled the property so that we could charge more rent.

What was the outcome?

We still own and rent the property. We have been getting a small annual rent increase every year. We haven't had one day of vacancy in the eight years we've owned it. I wish I would have bought 10 more of them.

Lessons learned? Challenges?

The only challenge I would say we've had is that topic of whether or not we've been raising the rent enough.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

It was so long ago... I honestly don't know who we used with deal. I did act as my own Realtor in the deal.... and I think I did a great job! ;-)

Sounds like you are looking to get a very common loan.  You should be able to go to any major lender and get very similar terms at all of them.   But ask for references amongst family and friends as far as helping you find someone that will give you better customer service