All Forum Posts by: Wendell De Guzman

Michal Sieczka, the contract depends on your deal.
If it's a property listed in the MLS, you need to use the board of Realtors approved contract.

I have a 1-page contract with an Addendum for shortsales (direct to owner) or when I purchase properties to contract. I can email this to you.

Carolina E, Natalie Kasak, Ryan O., ***********, would you like to form a BP Meetup Group?

Objective of the group is to meet in person & "mastermind" over lunch.

In true BP culture, this group will not bring in any "gurus" or someone who will sell information products. We will share information for free and the objective is to help each other. (Needless to say, this is not-for-profit and so there is no membership fees...just the cost of lunch and gas).

For example, I volunteer to help anyone who is interested in wholesaling houses and buying apartment buildings.

With so many Chicagoans joining BP, I think this meetup group will have enough critical mass to be of valuable help to its members.

Thoughts?

Gary Dobbs, I have some experience in multi-family apartments (bought 2 buildings - a 36-unit and a 133-unit complex). What help do you need? Do you plan to build or buy an existing building?

Eric Michaels, I never liked bidding at auctions because the bank almost always buys the property back at their asking price. And of course you cannot inspect the inside prior to bidding.

I have better luck with preforeclosures (and then negotiate a shortsale) and REOs. Is that your experience also?

Kenneth Goldman, hi. I have experience with multi-family apartments (I bought a 36-unit building and a 133-unit apartment complex). Let me know what you need.

Brandon Turner, it seems like we have a lot of Chicagoans joining BP. Is there like a BP Local Meetup for Chicago already established or is it OK if we put one up?

Natalie Kasak, hi fellow Chicagoan and Real Estate Investor and welcome to BP!

What help do you need in real estate investing?
What are your short term goals?
Which part of Chicago do you want to focus on?

Michal Sieczka, what deal do you have in Clarendon Hills? Do you have a buyer lined up?

David Beard, smart man.

I agree with you. Lease option sounds like the way to do this.

I have lease optioned homes where the market rent is $1,200/mo but I was able to collect $1,400/mo simply because more people want the opportunity to buy (I credited $200/mo to save up their downpayment).

I was also able to "sell" the house above market value (by +10%). Now having said this, lease option structured like this works only for desirable neighborhoods where houses are selling or appreciating proportional to inflation. This will not work for declining markets or purely rental areas.

You can't just make 10 offers and expect one of them will get accepted. You have to make 1 offer a day or about 30 offers a month to buy 1-2 houses a month.

To buy my first deal, I had to make 60 offers - but that was only because I offered too low based on my market at that time.

It takes a lot of work. It's not as easy as the gurus say but if you can stick to it, you will come out better in the end.

Michal Sieczka, here's my advice to newbies.
Work for an experienced investor and agreed to be paid commission or profit split.

The experience you will get is much more valuable than all the real estate seminars you will attend.