All Forum Posts by: Steven Rhodes

@Robbie Lubow

Welcome aboard! I am just another newbie here in Chicago. You will go far if you follow the wisdom presented here in your Welcome thread. I have only been here for three weeks, and I have grown in leaps and bounds. By following the advice given in my welcome thread:

1. I have just recently attended a REIA Meet hosted by @Brie Schmidt, at Bar Louie (It was very nice). as suggested by @Paul Timmins (One down and two different ones to go Paul). Highly recommended! (Just please remember to pay your tab, if you order something from the restaurant/bar, lest you incur the wrath of the host/hostess of the event)

2. I Bought both of J. Scott's books today: The Books on Flipping Houses andThe Book on Estimating ReHab Costs. I hope to read them next week

3. Listened to seven of the now 75 BP podcasts that are avalible to everyone here.

4. Setup my Keywords, which is how I found out about you.

You are well on your way toward success Robbie. I hope to see you at a REIA meet soon.

Take care and have fun.

@Chad Kerlin

Take my advice Sir and research before going to any seminar. Always add the word "scam" to your search and see what shows up.

Also, myself being a newbie here, I must totally agree with everyone else that any bit of knowledge that they would share with you for 2k - 40k can be aquired for nothing or next to nothing here at Bigger Pockets if you look for it. If you have any question that pertains to real estate investing, you will go very far asking it here.

Well, I just wanted to let everyone know that I have a great time at the event (after I got a little lost getting there from the "L"). It just amazes me how much energy you have Brie. After a little warming up, I engaged in discussions and learned a lot. I also want to give a shout out to @Polina Goncharova, @John Casmon and @Joe Santiago, in addition to all of the others that attended, for making me feel welcome. Let me know when we can get together again. Hopefully I will be able to share stories of successful deals by then.

I am not an lawyer (and I do not play one on TV ;-)) but I went looking on masslegalhelp.org and found this nugget on Federal public housing:

Federal public housing

If you are applying for federal public housing, a housing authority  must deny your application if it finds that:

• A household member is currently engaged in illegal use of a drug, or the  Housing Authority has reasonable cause to believe a household member's illegal  use of a drug or pattern of illegal use of a drug may threaten the health,  safety, or right to peaceful enjoyment of the premises by other residents.
• The Housing Authority has reasonable cause to believe that a household  member's abuse or pattern of abuse of alcohol may threaten the health, safety,  or right to peaceful enjoyment of the premises by other residents.  
• Important
• Any member of your household is subject to a lifetime registration  requirement under a state sex offender registration program.
• Any household member has been convicted of the manufacture or production of  methamphetamine in federally assisted housing.
• Any household member has been evicted from federally assisted housing for  drug-related criminal activity within the past three  years.  
• Important

In addition to the automatic denials listed above, a housing authority  may deny applicants "whose habits and practices reasonably may  be expected to have a detrimental effect on the residents or the project  environment." This means that a housing  authority has wide discretion over whom it allows  into its federal public housing programs. In general, this means a housing  authority will consider your rent-paying history and will look at whether you  have a record of disturbance of neighbors, destruction of property, or  housekeeping habits at prior residences which may adversely affect the health,  safety, or welfare of other tenants.

My take on all of this: If the Feds can do it then so can you. I would just make sure you can present your side fairly and consult a legal advisor on it before taking action.

@Rafael Norat

Thanks. Will do.

@John Weidner

I currently live on the south-east side (near 103rd and King Dr.) but I work near Maywood (Hines).

@John Hauser

Thanks. I will do just that. Which leads me to...

@Brianna Schmidt

My plan is to attend although I will not have any true networking supplies with me (Although I do use Vista Print, a lot, I have to design a new card for REI and put that order in next week). I do plan on creating an eletronic business card, this weekend, for distribution to cellphones to fill in the gap until I catch-up with myself. I hope to see you there!

@Larry Smet

I totally agree. I already have a story at BP when it comes to asking questions here. It has been a great experience so far.

@Dave Visaya

Thanks. I do plan on being a very active member here.

@Brandon Turner

Thanks. I am listening to episode #71, of the podcast, at this very moment. I will set up the keywords soon.

@John Casmon

Thanks. Before finding BP, the advice that I was given, for just starting out, was to stay within a five mile radius of my primary residence and stay in Illinois. So, that includes Roseland, Chatum and the Morgan Park/Beverly Hills neighborhoods in Chicago. Then Chicago Heights, Dalton and Evergreen Park outside of Chicago. I also might dabble in Forest Park, Oak Park and Maywood (I work near there). I am interested in single family homes for wholesaling but later I would not mind buying and holding small apartment complexes as well.

@Sharon Duthie,

Welcome and know that when it comes to real estate investing knowledge, you have just hit the mother lode of all sites. I am also a newbie in REI and I have learned a lot in less than one week being here. I know there will be others pointing out to you some tips, general information and starting points better than I can, at this point of my being here but if you follow the advice given, ask questions when you have them and study the posts of others (and if you want to, respond to them) you will be well on your way to your first deal. That is what I am doing.

Take care and good journey.

Hello @. I will try to see if I can make it after work. I will be leaving from the Forest Park Blue Line station and should make it there in time.

@

Thank you.

@

Thanks. I will check it out.

@

Thanks, it is nice to know that I am not alone. God bless you as well.

@

Will do. I have already began going over the material that you referenced and will pick up those J. Scott books

I will also work on the three REIA club meets. There is one coming up that, in Chicago, is organized by a lady who announced on BP that she just quit her job to focus on real estate investing full time. I ride the Blue Line "L" and it will be near the Cumberland station near O'Hare Airport.

Thanks for the advice on both the HUD homes and student housing. I will research those and make a decision.

I appreciate your words on my service. I proudly chose to serve my country. A country that I truly believe in. Amen.

@

Ain't that the truth! I have learned so much here at BP, in less than a day that I could not stay away even if I wanted to. I cannot wait to see how far I can go with the information that I absorb from this site. Thank you.

Hello Everyone, My name is Steven Rhodes and I was born and raised in Chicago, IL; which is where I currently reside. I am a newbie in real estate investing although my interest in REI began in the early 1990's, when I was serving in the U. S. Army but I did not take the plunge back then. After researching, I have decided to pursue REI by wholesaling properties, to supplement my income, that I earn as an IT specialist and then I will slowly build a portfolio overtime. When I am not out trying to save the world, I am working on computers, creating digital art and music, repairing photos (and using them to create slideshows) and trying to share the now 17 stories, swimming around in my head, with the rest of the world in some way. I am blessed to be here and I hope to learn and share the stories of my future successes, in real estate investing, soon.

Hello Everybody, I am a newbie in RE. After conducting some research, I have decided to begin my real estate journey by wholesaling. I do understand the process but there are two topics of interest that I have not yet heard discussed about, for someone like me who is just starting out, that I would like some insight on: 1. When you take your profit after the double escrow, what records must you create/hold/archive to report that profit to the IRS and should I set some of that profit aside, just in case, to handle any tax burden that might arise? 2. Should an individual investor create a legal structure (sole proprietor, LLC, etc) before making that first deal or is it ok to engage in wholesaling solely as an individual investor; provided you maintain the proper records needed to file taxes to the IRS? Thanks in advance for any insight you can provide on this issue as it is the only concern, that I have, that is really holding me back from taking the plunge into wholesaling.