All Forum Posts by: Scot Howat

Welcome!  What suburb are you in?  I've got units in DuPage and 1 in NW suburban cook county.

Way to go @Adam Carrington!!  What area are you buying in?

Welcome! Start buying rentals TODAY!  It's a long road to quitting your job and sipping Mai Tai's on the beach

Hey Ryan, nice to meet you.  Feel free to reach out, my phone number is listed on my page.

Fair warning though, I will try to talk you out of wholesaling.

Money is for suckers.  This isn't a get rich quick business, it's a get wealthy slow business.  Flipping and wholesaling are just high paying jobs (if you can succeed).  Build long term wealth, and start today.  Time is the great equalizer, so you've got to start today.  It'll pay off in the long run.  It'll snowball.  

I've talked with a couple of experienced investors (30+ years) and they all say the same thing: I wish I started sooner (rentals), and I wish I never sold anything.  I can make way more money collecting rent then flipping or wholesaling.

Start with the end in mind.  If you want to end up owning a bunch of rentals, then you should start there and scrap any other idea.  Put the blinders on and go!

Each strategy (wholesaling, rentals, flipping) is tough.  Becoming a master at it is like climbing a mountain.  If it was me, I'd rather just climb 1 mountain and be done, rather than climb 2 mountains back to back (wholesaling then rentals).  See what I mean?

If you don't know the market, don't invest there.  I'd encourage you to invest in your backyard....or learn one like the back of your hand.

DON'T GET SUCKED INTO THE WHOLESALING TRAP!

Sorry, my caps lock was "stuck" on.

Seriously though, buy some rentals.  That's where most investors end up, and I'd recommend you do the same.  On my first deal the wholesaler made 7k, I flipped it and made 25k, but the homeowner that bought it and has lived there ever since has made way more than 25k in equity/tax benefits/debt paydown.  If I was smarter back then I should've held onto everything.  

And you don't need your own money to buy rentals, I know that's the excuse most people say.  I've said that too.  I bought 2 rentals this year with $0.  And I'm working on a 3rd.

We bought this in April 2015, did a full gut rehab and then rented it near the end of 2015.  Tenant moved out in July 2019, and we went under contract to sell it around 45 days after listing it.

Investment Info:

Single-family residence buy & hold investment in Buffalo Grove.

Purchase price: $92,500
Cash invested: $65,000
Sale price: $205,000

BRRRR then sold for a 1031