All Forum Posts by: Robert Obniski

Hey everyone,

I hope this discussion will reach people in the Chicago land area.

As the title states my question is if in the general area of chicago, is flipping getting more difficult?  

I want to ask this in 2 ways. 

1. Have you noticed a lacking number of deals out there since this past winter? I understand the deals are 'always out there' but to the not-so-well-connected, it appears as if the deals out there arent deals at all. Which kind of leads to my next question..

2. Ive noticed that not only the number of foreclosures is down (which is good in the big picture of the American people and economy) but those that are out there have such a small margin for asking foreclosure price and regular sale price. Is the ARV increasing to compensate?

How many others ave noticed this? 

Or maybe that I have shifted my focus to getting my broker license for the past few months that im just 'out of the loop'

The real reason I ask this is because im kind of in a personal dilema of where do I shift my focus to at this specific time? Im of the mind that I can use my working time to  search, contact, analyze, etc properties for flips or I can use that time and energy for networking, finding leads, establishing my brand, etc

--I do expect this to be somewhat biased as this is a real estate investors website.

Look forward to hearing some input on this!

Cheers!

Hey BP fam, 

Over the past year Ive moved to Chicago and started my real estate investing career. To further evolve and progress in the realm of real estate I thought it would be beneficial to get my real estate agents license. Im pretty fresh to being an agent and definitely hungry and willing to work with anyone who needs or doesn't yet know they need an agent. 

Im located in the west suburbs and have quite a bit of knowledge gathered over the past and 4 flips as far as experience. 

Willing to go out of my a comfort area of the west suburbs, so don't be shy!

If you're a seasoned investor or just getting into the game and need some help or guidance feel free to reach out to me and lets make some connections!

Thanks!

@John Yousef

Alright Ill definitly take a look into that. 

How long is the turn around to receive the certificate?

Great info everyone and great points being made. Thanks for that. 

I do plan to use an attorney and do plan to use a title company and get title insurance and all that.

Now after doing some research, the only thing that is showing a red flag (besides $10k non-refundable) is that this 2 flat, under the tax assessor website, is listed as a 1 story single family home with 2 beds and 2 baths. 

In reality it is actually a 2 story, 2bed 1 bath in each unit. Looks to be separately metered. 

It is zoned RS-3

So what do I do now?

I do plan to buy cash, rehab with cash then refi.

And finally i plan to live in one unit rent the ither for atleast 1.5years

So...what do I make of this?

I looking to purchase a 2 flat in the chicago area and be a live in owner. It's an off market deal through a wholesaler. One of the requirements is a $10k non refundable earnest money deposit. 

Like all deals the seller is having the buyer do all his own inspections and due diligence. 

My question is... what is the best way to go about checking if there are any violations or unpaid fines that can be carried over to me? I basically want to know what outlets i use or call or whater to cover my own a$$?

There are no contingencies in this deal so I need to get it right the first time.

Please share your wisdom BP!!

Hello all,

In the coming weeks I will be obtaining my real estate brokers license. While real estate investing is the main goal and line of work I want to be in. However, I really enjoyed the whole learning process and potential of becoming an agent. So who knows where I will end up.

I have been researching the topic of "Who to work for as an agent" and came to the conclusion that I need to find a brokerage that offers lots of resources, classes, wisdom, room to grow and reasonable terms. 

Being in my mid 20's I do not want to work for a brokerage where the majority is 50+ but I also dont want to work with fresh faced never had real responsibilities 21 year olds. Also, looking for an agency that as real estate investors currently successful in investor while being a successful agent.

The point of this thread is see what agents are on BP and currently investing. If you're on here, please reach out so we can connect and who knows, maybe we can work together down the road.

Thanks 

Thanks for sharing!

thanks for the quick replies. 

Ill get to you this week Jonathan. 

What if it's purchased in my babe asking with my parents.  And then refinanced as my parents and i to later down the road transfer all ownership to me?

I dont know if this is even doable im just spit ballin here

Ive been looking to house hack a 3/4 plex in the coming months. With that comes my first financed purchase since I've only bought cash in the past. Seeing as i dont have 2 years of solid income for a bankntongo off of they shot me down pretty quick. (Past year ive been doing r.e.i. full time so no records of that yet)

So it forces me to do some creative thinking.  

Ive considered the BRRRR method with a 2/3/4 plex while inlive in one unit.

The question here is how will the refince process be like if... the property is  purchased, rehabbed, i live in 1 unit as primary residence, rent out remaining units, and try to refinance? I still dont have the records of incone but at this point ill have ownership along with rented units to show.

Will this be enough to make things happen?

Id like to add that im 100% aware every lender is different but lets avoid the 'just go ask' replies. I will do that step, but right niw im trying to get a grip around the whole process so i dont walk in not knowing anything thats going on. 

hello all, I just purchased a small single family residence in Lombard Illinois. I'm looking for some recommendations for Builders risk insurance while i rehab the property. Thanks in advance.