All Forum Posts by: Tony Angelos

Hey @Ramsey Rimkeit you should reach out to @Mark Ainley; he's one of the best PMs in Chicago and may be able to give some good insights.

@Mike Dotson That's awesome, starting on the road is so exciting. Some things to think about are whether you intend to have a property manager or to self manage. This will determine which locations are realistic.

Another thing to consider is what your required rate of return is, which will also assist in determining a location. Good luck!

Hi @Henry Wedgeworth, I wouldn't suggest updating now with expectation to not realize value for two years. Consumer trends could change over time and the value of the updates may not be realized. In your situation, it all depends on comfort and level of aggression but I would actually recommend selling to an investor looking to do a flip or value add, taking the 80K that would be left over and 1031 into an investment...turnkey or value add depending on what you feel you can actually accomplish. 

@Leslie LaBranche I don't have experience with this, but it sounds like a noble pursuit that would fill a need. And like you said, there's not a lot of this so you may have trouble finding someone who's done it.

One opportunity is maybe to talk to some property managers that manage sec 8 and ask them if they have a sizeable tenant pool of renters that would like additional bedrooms but aren't able to find them.

@Shrey A. My perspective, as someone who's professional career was in finance and asset management, is to not think of it in terms of stocks and/or real estate. Think of it in terms of your overall portfolio and risk tolerance. If your entire portfolio is devoted to stocks, think 100% equity, maybe you want to balance it and go 50/50, or some other balance to mitigate risk.

Not a soul on here will be able to say with certainty if it's a good or bad time to sell, and depending on your age, you probably have a long investment horizon which means that if you maintain your stock positions, it really wouldn't matter. The famous saying, "time in the market always beats timing the market," holds true always. But the real estate market is also a market, so coming up with acceptable personal portfolio allocation is the best thing for you to do. I am a proponent of diversification and will always hold stocks, as well as RE, alternative investments and even some bonds. Different assets perform better or worse in different environments.

@Justin Ramirez step 1 would be to get you COE from the VA. You'll need that for the lender. But otherwise it's not too different. Think critically about the amount you'd like to spend each month, what you're looking to have in your home and area and lock it down. And @John Warren talk about best case scenario for a closing!

@Mark Ainley Thanks for the tips. Putting Millionaire Real Estate Investor on my list and I'm going to check out that podcast episode! Joe Rogan always seems to be a great conversationalist from the episodes I've heard.

@Paul Quinones She can go the FHA route if she intends to live in a unit. When you say large downpayment do you mean large in terms of dollar amount or percentage, i.e. she doesn't want to put 20-25% down?

@David Kohler unless it's in a crazy hot market you're right. It's got to be forced. Definitely a lot more than just slapping some paint on the wall too. I don't have any experience in Joliet, but I just had a conversation with a friend who is from around the area and if memory serves right, he told me that the Joliet market is doing well compared to recent years. My advice is find someone who's an active investor in the area and develop a mentor/mentee relationship. There are a couple REI meetups focused on Joliet.

@David Kohler @Tom Shallcross is right about exit strategy; when going into the investment it's totally fine to not have a clear answer but you should have an idea of where you want your next move to be on the chess board. 

If @Matt Ference wanted to househack with an FHA loan again, he actually can. The stipulation is not that you can only get one FHA loan, but that you can only hold one FHA loan at a time. So, if he was able to get enough equity in the property over the course of a year and refi into a conventional loan he could apply for another FHA loan.