All Forum Posts by: Stephen Garmon

@Mark Ainley I pm’d you.

@Remington Lyman what resources are you using to find this macro econ info. That’s something I’ve been wanting to address with someone recently so it’s great that you brought that up. Can you recommend so sources for finding this market information?

@Sung Park it all depends. Like I said the block will determine if you can get that 1000 or not. Also, are those 1000 rentals section 8 or not? Are you ok renting section 8 or not? Everything in investing is relative. There are 100 different ways to approach the same property and make it a good deal to you. For me, I would invest in Garfield if I could afford it as a pure investment property, however I would look for properties where I can get some forced appreciation. My approach would be to purely rent section 8. 250k-300k I would say the appreciation is already built in to that price for most of the Garfield area but there are pockets where that may be a good price.

I just recommend you go visit these blocks before you jump in unless you have surplus capital and can afford the property without the other unit renting in case you can’t find a tenant you are comfortable with.

@Sung Park I totally understand. I am looking outside the loop as well. There are few neighborhoods that are easy to afford and finding a cash flow property immediately is tough. My take is that you need to go drive by these properties that you’re interested in. If you’ve been in the neighborhoods of Chicago then you know how drastically the neighborhoods change block by block. If you’re looking to house hack you have to consider the level of rent you’re looking to ask and the caliber of tenant you hope to attract. East Garfield park has been gentrifying recently, but it’s still sketchy at times West Garfield tends to be more affordable but heavier on section 8 tenants if you want higher rents otherwise the rent for non section 8 tends to be significantly lower. I’m sure you know section 8 tenants can be hit or miss. Then Illinois is very tenant friendly. All things to consider.

A house hack is a great way to cut your living costs significantly and earn appreciation, but just make sure you consider these variables. Also you’ll be living there so you have to feel secured yourself and have the resources available to you that are important to you. What’s important to me may not be important to you. I just recommend you run the numbers and make sure you know what it’s going to take to make that happen and make sure you know what block you’re looking at.

@Sung Park have you every been to Chicago and have you visited the areas you are considering?

@John Warren @Tom Shallcross thank you both for the info. I’ll check these out.

@Darren Love I had the same question. Dm me.

@Scott Lewis let’s definitely link up. Shoot me a message and maybe we can work together.

Question for all my Chicagoans. Are there existing networking events that you're plugged into and enjoy? Looking for recommendations on the best groups to join for networking and getting involved in the local community. I see there's quite a few groups in existence already, but is there one that stands out to you? If not, any thoughts of starting up a new one? Let me know what you think.

Greetings from the wind city! My name is Stephen Garmon and I'm located in Chicago, IL. My 5 years in Chicago have shown me that real estate is where I need to be. Over the last 4 years I was running a couple of businesses in Chicagoland that sold to the trades. I was working with ECs and GCs all across Chicagoland primarily focused in the commercial and residential markets with a small amount of industrial. I was able to grow both of these businesses primarily through my ability to deliver superior customer service/satisfaction, provide a spec build plan as well as manage the project's supply chain and logistics to keep the projects on schedule and on budget. This year I stepped into a more sales oriented role with a larger organization to free up some of my time to focus on my new goal of real estate investment. 

I'm currently in my education phase of reading, listening, and learning. I've read a few of the top recommended books and I'm currently binging the BP podcast every chance I get. As mentioned in the title and in my about me, the goal for me is long term buy and hold multi-family properties. I'm looking to build sufficient rental income to offset my family's cost of living so that we can pursue our goal of international missions. This is something we find difficult to manage with our current work schedules, but real estate investing will make that dream a reality for us. I'm currently in pursuit of my first residential multi-family. 

I'm also interested in learning about property development and tear downs. The Chicago market never seems to stop updating and I would like to understand the metrics behind this business model. I have a particular passion that makes me interested in pursuing commercial residential properties and property development as a future endeavor once I've gained a better understanding of it. 

 I've decided to join BP to build my local network, learn the market, and build a team to grow with. If you're in the Chicago market, lets get connected. Looking forward to learning from/with you and hope to soon contribute to someone else's success in this industry.