All Forum Posts by: Tony Angelos

Hi @Mashbat Otgontsagaan, when you say you'd like to bring in new deals, are you referring to deals for yourself or as a wholesaler finding deals for others? I'd be happy to connect you with some investors whom I know do a lot of creative financing type acquisitions

Welcome to the BP community. You are now walking down the path so many of us have before and are in exactly the right place! 

My suggestion is to attend some REI meetups, I host one at our office in Lincoln Park monthly, but once you talk to a few people you'll get a sense for what strategy makes the most sense for you and your goals and that'll really dictate how and where you decide to invest. I know the buzz is "out of state because it's 'easy'," but I personally wouldn't feel comfortable doing that on my first deal. There are plenty of unknowns when going into a new deal.

The absolute best thing you can do is attend meetups and engage with people on this site.

Hey @Kashif Khan, the answer to this is highly dependent on your individual goals and objectives. For example, you say "500k to generate income." You might want to reframe that goal to say like " Generate $5,000/mo net cash flow and I have 500k liquid."

From the very simplest of options, toss it in a REIT and it's 100% hands off; the other extreme is trying to BRRRR the entire thing. One is totally passive, the other is basically a full time job.

There is a sliding scale between "Profit" on one side and "Comfort" on the other, it's your job to be honest and realistic with yourself about where in that scale you fall.

For just starting out I would suggest meeting other people in the industry who are both exactly where you are and ahead of you. The first deal is always the hardest, which sometimes seasoned investors forget, and having a good support group and network is crucial.

Step 1 is definitely, without a doubt, just going to REI meetups and talking to other people about what they're experiencing, and just see what sticks with you and sounds like something you like.

There are a lot of meetups, you can also go on meetup.com and just search REI groups and you'll find plenty. I have one too at our office monthly. Lot's of people do.

Once you start to figure out your own objectives, everything else will begin to fall into place, but don't be in a rush to part with your money 

Hey @Chris Anderson this is probably not the advice you want to hear, but with 10K it can be very challenging and at this point of your journey I think buying is not the right next move. I'd suggest using that 10k to invest in yourself, upskill yourself and focus on generating more income. With what you've said so far, HMLs will rip you on rates, returns are already compressed right now, so that 10k will go very quickly. 

I know being self employed makes things difficult for sure, but if you can string a couple good years of income together you'll be able to easily qualify for an FHA loan to actually house hack. But your focus right now should be on the thing that actually pays your bills. Self employment can be super fulfilling so I'd be looking at what you need to do to save 10k a month.

Real estate makes most people millionaires, but don't forget that the ultra rich have most of their wealth tied to business interests. Don't forget about your business.

Hi @Kaushik Sarkar I'd be happy to recommend an estate planning attorney to you. I"ll message you separately.

Hi @Maggie Kouzov, also from Chicago. That's a pretty big chunk of change and sometimes almost a handicap when you don't know how to fully deploy it. It really comes down to what your goals are both short and long term. What you required rate of return is to make something a "good investment" and how involved you want to be with it. 

It is my opinion (chicago realtor) that 2-4 units are very expensive right now. I.e. you can buy 4 condos for less than 1x 4 unit. Just because there is soooo much demand and quite frankly people conisder too many things viable options for house hacking. You can find much better returns in 5+ and in some areas you'll find things close to 8-10 caps in Chicago itself. 

I agree with @Kevin Luttrell that you should put it in a HYSA until you find an appropriate next step. I'm here in Chicago too so feel free to reach out and say hi anytime!

There are several and all pretty much do the same thing with different fee structures and such. I believe uDirect has a pretty low fee.

I'd recommend reaching out to your attorney. There are definitely pros and cons and depending on your situation. It may be overkill if just starting

@Max Klitchman That's Incredible! Way to go man!  You're on the right path and getting started early. The best way to grow in this industry is just to talk to people and let them know what you're trying to do. If you're doing a fix and flip, are you using your own funds? Hard money? something else?

Feel free to reach out if you ever want to chat offline! Congrats on getting numero uno!

Hey @Brandon Victor, welcome to the REI world and the BP community! The Chicagoland real estate community is really full of great people and you're in the right place. If you're set on staying in Frankfort I'd recommend house hacking to get you going. You could probably expect to find a 4 unit around 400K in Frankfort, just need to be diligent when looking for them since there aren't that many. You could also look at places like orland or tinley, which are pretty close and growing suburbs.