All Forum Posts by: Steve Burk

I remembered reading about the Indiana Good Funds Law after I saw your post. I did some searching and found the actual law that is in the books which of course was difficult to sort through, but Chicago Title has a pretty good write up about it:

http://www.chicagotitlenwin.com/%5CFileShare%5CForms%5C6REKYU61T8S.pdf

Hope that helps

Anson Young & Jennifer Carroll , Thank you for the words of encouragement!

Doug Perry , I think my wording was poor. I would look into any possible deal, but my main focus will be properties that can ARV at $200K or less as I get my feet wet.

*********** , I look forward to meeting you on the 9th and I'm definitely all ears to any improvements I can make starting out.

Thanks Kyle B. I'm excited to get started and I know if I didn't make a plan I would just sit and read and read all day and never take any action.

I'll be in touch I'm sure!

Hello again,

It's been a week since I've found BP and have been doing a lot (A LOT) of reading, and have decided it's time to start some actual activities.

I've decided to concentrate on wholesaling in the middle income neighborhoods in and around where I live (South of Chicago & Northwest Indiana) for the next 8-12 months in order to (hopefully!) build some capital for my first rehab project. Long term goal is to use real estate investing to be secure in retirement since I have slacked off on my 401K at work for years.

I figure most of my early cash reserves will be going toward marketing, so I decided to write up a quick marketing budget:

$ 300.00 - Bandit Sign Supplies (10 to start)
$ 50.00 - 100.00/week - Yellow Letter Supplies
$ 100.00 - Business Cards
$ 50.00 - 100.00/month - Website & additional phone line (Website may be a future endeavor)
$ 250.00/month - Misc. Expenses - Fuel, office supplies, Red Bull :)

I think I'm high on most of these but I wanted to be conservative at first until I can see for sure what my expenses will be.

As for a time budget, I plan to dedicate at least 1.5 - 2 hours per night after work to preparing signs, letters, etc. and at least 4 hours on weekend days driving the neighborhoods looking at various properties, looking for red flags of distressed properties, and generally learning the market I plan to work in.

I'm working on spreadsheets to help keep me organized and on task.

I've spoken with my landlord who strictly does rehab & rent and altough he said he's never used a wholesaler, he would be open to any deal that "his people" deem a good one. So hopefully I may be able to start my buyer's list with him.

I'll also be attending the July 9th meeting of the WCRT subgroup meeting in Merrillville, IN and hope to network with fellow investors, realtors, attornies and hopefully some folks in my shoes
*********** , Thanks for the info!

Well that's how I plan to start! As with anything, I'm sure the plans will change and evolve as I get going.

Thanks to everyone on the site here for all of the information I've absorbed so far already, and also for the warm welcome!

Hi Kevin!

I'm also new to BP, looking to start in real estate and also from the Chicago area. Looks like you're up north of the city. I'm in the south suburbs.

Since we're both starting out at about the same time, perhaps we can connect in the near future here and discuss goals, any success stories and help each other out as we get started.

Nice to meet you and good luck on your journey!

Thanks Jerry K. !

I'm glad to see several local folks already!

Brian Woods ,

Thanks for the words of advice! I'll be in touch!

Brandon Turner ,

I've started reading the guide already and have been reading as many forum posts, etc. that I can. Getting real excited!

As far as what type of investing, I'm really leaning toward wholesaling or rehabbing to start out. I have a good background in construction estimating (albeit industrial) that I think can relate well to determing repair/rehab costs on the residential side. With a little guidance from the site here as well as any members I'm able to network with, I hope to quell some of the obvious fears I have due to lack of expierence with real estate contracts, attorneys, title companies, etc.

And thank you to everyone for the warm welcome. I'm really looking forward to the possibility of opening this new chapter in my life!

Wendell De Guzman,

Nice to meet you!

I plan to learn as much as possible from BP. I've only been browsing for about a week now and already I'm amazed at the wealth of information on the site.

Thanks for the info on the REI group!