All Forum Posts by: Scott Lewis

@Jarod Vaughan We just started attending a monthly meetup that @Charles Simon coordinates in Huntington. Last month had a solid turnout and we made some great contacts. The next meetup is this week actually. @Peter Mckernan, I am based in Irvine and would love the opportunity to connect if you start yours up again. 

@Nik Moushon Thanks for the feedback. Those are all very good points I hadn't considered. I am most certainly thinking this was wishful thinking on my part at this point. 

@Brandon Sturgill All excellent points! I really appreciate your insight and input as always. There appeared to be an arbitrage opportunity between the current price per foot of $84 and what townhomes in the area are selling for, currently around $130-150 per foot. If I end up moving forward with the deal I will certainly take your advice of connecting with a local architect to understand all of the nuances to gauge if there's any validity to the idea. 

Hello BP community! I am a first-time investor and have potentially found my first deal, an out-of-state fourplex with each unit consisting of 2 bedrooms 1.5 baths and approximately 1,300 sf. There's not a lot of opportunity for forced appreciation through renovations, nor is this a below-market deal; so this is ultimately an opportunity to acquire a stable asset that produces solid cashflow...a nice long-term hold property. From an exit strategy standpoint, I am wondering if anyone has ever gone through the process of converting a multi-unit rental property into townhomes to maximize valuation? I'm assuming this is very dependent on the local zoning ordinances and will require a knowledgeable local professional (i.e. an attorney or consultant), so my question is more focused on the generalities of being able to accomplish this and what your experience was in doing so. Appreciate everyone's insights! 

Would love to attend, but unfortunately can't on the 27th. Looking forward to the next one and hope to meet/network with local likeminded investors who have out-of-state experience!

@Stephen Garmon Welcome to the BP community! I too am beginning my REI journey and have found BP to be an excellent source of information and networking opportunities. While I live in California, I am actively searching for my first deal in Chicago since it's my former stomping grounds and I know the market well enough to appreciate the multitude of opportunities that exist in the area. I'm happy to jump on a call if you ever wanted to bounce some ideas around.

Best of luck 

@Ryan Norwood Welcome to the BP community and congrats on your new role with Berkshire Hathaway! I live in Irvine, and am currently looking for out-of-state opportunities in the Midwest for my first REI. It's always nice to connect with local people who are likeminded and goal-oriented, so please don't ever hesitate to reach out.

@Edward Kim 

Curious what markets you were looking at in the Midwest and if you are still pursuing? Now that about a year has passed since you originally posted, I'm curious how this ended up playing out for you?

@Ana Maria I am also looking to buy a property in Humboldt Park to buy and rehab, but I have a long-term hold strategy rather than flip. I'm curious if you considered holding long term before deciding to flip? As @Jonathan Klemm suggested, if you do consider some sort of partnership structure, I'm open to discussing. I've been searching for wholesalers who have these types of deals tied up...wondering how you found your deals. 

@Jose Contreras

I found this article to be very thorough and informative on the subject. Thank you for asking the question as it spurred my researching it more. I am in a very similar situation as you, so I’m glad you brought this up.

https://www.thetaxadviser.com/issues/2017/mar/navigating-real-estate-professional-rules.html