All Forum Posts by: Scot Howat

There are 4 crucial pillars to a successful flip.  Finding the deal is only 1 of 4.  Make sure you have the other 3 too, or you won't do well.

FIND, FUNDING, FIXING, FLIPPING (selling)

It's a catch 22.  What's more important to you, getting a conventional loan or minimizing your tax liability?

Welcome!  I invest in the western suburbs, and NW suburban cook county.  Nice to "meet" you

Welcome!  What are of Chicago are you in?

FYI you typically can't get gift funds on an investment property.  You should house hack, while you can.  It's a good strategy towards your 1st deal.

Or, get a partner that has the money.

Playing Cashflow is a great idea @Crystal Smith. I'm playing tonight with a group of investors (CAREIA.org). I did anything and everything I could to buy deals. Started with 20% down on my first deal, then did a BRRRR, then foreclosure auctions, private money, HELOC's. Pretty much everything

Don't be under the false assumption that the rent voucher is guaranteed.  It's guaranteed as long as they comply with the program.  The worst scenario that can happen is they become disqualified for the program and lose the voucher, and you're stuck with a tenant that has no way of paying and no where else to go.

Hey, I'm in your area!  Are you sure that you want to stock up on Section 8 tenants?  That's definitely not a strategy I'm interested in.

I'm in the western suburbs if you decide to go there, but not in the city limits of Chicago

I agree with @Ibn Abney, that's a pretty broad question.  I think it really depends on the deal.  Cash on cash is a good metric to start comparing different areas and different property types.

But remember, it's not how much you make it's how much you keep.

It doesn't matter what the cash flow per month is if you can't cost effectively manage and maintain it.  That's what will eat you alive, I've seen it happen many times.