All Forum Posts by: Rj D.

@Ivan Loza, I vote using a straight gangsta... hilarious, thanks for asking this question. I’m gonna learn from the reply’s now :-)

Hey @Zack Aboona!! 

Great question and unfortunately there is no good answer! Each person and each situation is different. Conventional wisdom says keep the golden handcuffs on as LONG as possible. Your own work ethic will determine how long you can feasibly keep your head on straight at your current job.

I can offer you small advice for when you do plan to exit (I am currently in this same situation)

1. Make sure your wife is on board! 
   1. I have an amazing wife that is just as passionate about real estate investing. We do everything together and have separated tasks to become a perfect team. Together we made the decision that we are in a good enough position for me to leave corporate. Meantime she will continue to earn a W2 income. I must add that this is financially feasible for us.

1. Have a plan!
   1. Determine an exit strategy, have a financial plan, and make sure you are involved! We've built a great network and are very involved in Chicago REI. I am leaving corporate but I also am a broker, we have an investment portfolio. We have many great mentors that have excelled our growth but there is A LOT more to do.

Its scary and everyone will have a different opinion. In the end, it is your choice. Preparation, planning, and determination will dictate your success. (insert corny inspirational line here)

Hey @Josh Harris!

It's exciting getting into REI and you're starting off right by getting involved in these forums and asking great questions. Everyone here has been in your shoes. We all had to start somewhere. I have a couple pieces of advice but could write a laundry list of tips. PM me if you want to chat more and remember what I am saying is just my personal opinion.

1. If purchasing a home will wipe out your savings wait a little longer! Patience is a HUGE part of being successful. Chicago IS expensive and deal flow is slim. Continue to educate yourself and learn your numbers! Underwriting (AKA Analysis) is the most important aspect of the game. Do not buy a deal to buy a deal (impatience and wanting to jump in the game), do not rely on other people's numbers (agents/brokers influencing you to buy), and ALWAYS stay true to your analysis. Everyone has a different risk tolerance but as a first-time investor (or any investor) buying a deal without any reserves is NOT smart regardless of risk tolerance. 
2. DO NOT BUY A DEAL IN ANOTHER STATE AS YOUR FIRST INVESTMENT. Again, this is my own personal opinion BUT It is a perfect storm to be taken advantage of and it is HIGHLY likely that something will go wrong. You want to be close to your first investment! With little to no experience, no established teams (contractors, property managers, maintenance staff), and distance between you and your investment, things can fall apart QUICKLY. Also, it is really satisfying to put in sweat equity, learning along the way, and watching your investment grow.

Looking forward to seeing everyone tonight! Cheers to a great 2019 and an even better 2020!

@Kyle Wilkins hey Kyle,

My fiancé and I currently house jack in Bronzeville and we are picking up our 3rd property that is a perfect house hack too.

I’d love to connect and we can talk in more detail. 

@Nick Mess, my fiancé and i were forced to buy a truck and it has been THE BEST purchase we have ever made for our investing but before you take that advice let me tell you our story. We purchased our first 3-plex (or 3 flat cause I’m in Chicago) and we personally were doing most of the major renovations. We only had a compact car so we kept borrowing my mothers Escalade truck and her parents old dodge Caravan. There were a few times we needed both to transport what we needed. It was such a pain! Then it happened! The trucks center caps were stolen (nearly the rims too) and then the caravan was stolen (hot wired) and used in a string of robberies! We were out of options, our families were pissed, and i still had a major need for a truck, so we purchased one! THIS HAS BEEN THE BEST PURCHASE WE HAVE EVER MADE! From investing, to errands, to family camping trips... This has by far been the best tool we have ever purchased. Now with that said there have been a few times we questioned why we did it and i must put in the caveat that my fiancé and I both work very good 9-5’s and were financially in a position to make this purchase. Anyway we are very HAPPY truck owners and we’ve purchased a 6 unit and started a contracting company since. There is no signs of slowing down for us and again the truck is our best tool. Last note, the #1 vehicle driven by millionaires is an F150, might as well join that crowd!

@John Woodrich, yes we understand this but if the numbers tank the deal you’re canceling the contract anyway. I was just in this position and canceled the contract.

@Anthony Gayden, great question and i feel you recirved a lot of great answers.

Always look out for yourself, many large issues with an “as-is” home will be beyond a normal buyer’s construction knowledge. It def makes sense to let these issues be known and negotiate for what you can.

I had an “as-is” purchase and foundation issues were identified. Though the seller and agents complained, they gave a $5k credit, enough to satisfy my buyer and we closed the deal and he is going to make money on the flip!

Always follow 2 rules (among many others):

1. Always look out for your own interests because no one else will.

2. If you don’t ask you’ll never know. What’s the worst that happens? They say no!!

@Edward Pang I dont get it either! weird!

How / why was your first post removed!