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28 November 2024 | 8 replies
The one you can scale.I know successful business owners in the fitness industry, tanning salons, real estate, window coverings, maintenance, billboard, ATMs, etc.Generally, I would be skeptical of jumping into a business based on YouTube videos hosted by and featuring people that are likely primarily trying to sell you their respective courses.Small businesses can indeed be great investments, but they are hard.
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5 December 2024 | 17 replies
This of course depends on your starting bank roll - but if its like mine (under 100k) - Im trying to put as little as possible into it on top of initial equity and fees.this will likely chew a big hole in your ROI (now if you are looking to improve value with a cash out refi or a great prospect comes along that needs combo new plumbing, roof, windows, foundation repair, etc - well just make sure you know what youre getting into and/or have a good contractor and finger on the pulse of the market when estimating the ARV YOURSELF - couple missed items and you risk having a bad first investment and not doing it again). 7) dont be scared be ambitious ( i should heed my own advice sometimes) 8) define numbers goals within your target areas.
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29 November 2024 | 10 replies
I would suggest trying someone local, may hosts have find their last resort at a local insurance company.
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2 December 2024 | 3 replies
Are you sticking to traditional banks, exploring private lenders, partnerships, or maybe something creative like seller financing?
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29 November 2024 | 11 replies
One of the most important skills you didn't mention is networking, which you are obviously doing well at too.I'd recommend connecting 1:1 (zoom, coffee. lunch, etc.) with a couple from the BP Chicago community or better yet check out some of the local meetups: https://www.biggerpockets.com/forums/521-real-estate-events-...Make friends with the meetup hosts...they will often know whos who and can help you make the right connections.Regarding your license, I think it's a great idea if you have the time and are going at it with the right intentions.
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1 December 2024 | 134 replies
I just got off the phone with a law firm doing the foreclosure legal work for a bank.
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10 December 2024 | 39 replies
See what the bank thinks it’s worth.
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4 December 2024 | 25 replies
Commercial bank or local business bank - where they will fund as much of the purchase price and rehab budget as possible, typically will have a lower interest rate than option 13.
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30 November 2024 | 3 replies
First, when calling banks target the smallest most community based banks you can first.
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3 December 2024 | 5 replies
Remember you are using debt to make this investment, not reserves sitting in your bank account so I recommend a more conservative investment approach.