Chicago Fanatics Message Board :: View topic - Best Advice For Real Estate Noob

What is the best advice for someone who would like to get their feet wet in the real estate market over the next 12 months?... Not looking for get rich quick schemes necessarily, but investing in the right foreclosure is tempting... Also since the banks are super hesitant to hand out two mortgages, would anyone recommend being a silent investor if the right opportunity came along?

Find one market that you are comfortable with and make yourself fully knowledgeable with that market.

Right now, I wouldn't buy fringe or "emerging" areas because there is a very real chance that they will not emerge in the time frame you hope to make a profit.

Rental residential real estate is all the rage right now. It probably is already overpriced. I's look for something undervalued that can be vastly improved with some minor improvements. I'd make the improvements with an eye on either converting to condos when that market improves or getting it fully rented and selling the building then rolling it into another building for tax avoidance.

The best real estate is Sunny Day Real Estate.

Buy something in Maywood.

Hawg Ass wrote:

or Rockford

I had a sweet 3 bedroom house w/ an in-ground swimming pool at 26. The guy I sold it to OD'd on heroin in the master bedroom.

JBills wrote:

Have your shit togther first. Architect, GC, Lawyer, Bank....go to smaller banks...get all your forms filled out, etc. If you find a place and then need to start with all this shit, you are screwed, i see it all the time.

Aren't there a couple of lots in Park Ridge available at a good price, complete with plans?

Don't buy real estate. If you do, make sure what you can rent it out for is more than your mortgage+tax payments.

Author:	JBills [ Thu Sep 25, 2014 1:10 am ]
Post subject:	Best Advice For Real Estate Noob
What is the best advice for someone who would like to get their feet wet in the real estate market over the next 12 months?... Not looking for get rich quick schemes necessarily, but investing in the right foreclosure is tempting... Also since the banks are super hesitant to hand out two mortgages, would anyone recommend being a silent investor if the right opportunity came along?

Author:	newper [ Thu Sep 25, 2014 1:22 am ]
Post subject:	Re: Best Advice For Real Estate Noob
I'd go with this -- looks legit. https://www.thevegasnightmare.com/signup.php

Author:	JBills [ Thu Sep 25, 2014 1:34 am ]
Post subject:	Re: Best Advice For Real Estate Noob
Sounds reasonable enough.

Author:	redskingreg [ Thu Sep 25, 2014 6:44 am ]
Post subject:	Re: Best Advice For Real Estate Noob
Your answers can be found in porn gifs.

Author:	Bagels [ Thu Sep 25, 2014 7:10 am ]
Post subject:	Re: Best Advice For Real Estate Noob

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Author:	Douchebag [ Thu Sep 25, 2014 8:07 am ]
Post subject:	Re: Best Advice For Real Estate Noob
Buy used.

Author:	bigfan [ Thu Sep 25, 2014 8:35 am ]
Post subject:	Re: Best Advice For Real Estate Noob
JBills wrote: What is the best advice for someone who would like to get their feet wet in the real estate market over the next 12 months?... Not looking for get rich quick schemes necessarily, but investing in the right foreclosure is tempting... Also since the banks are super hesitant to hand out two mortgages, would anyone recommend being a silent investor if the right opportunity came along? Have your shit togther first. Architect, GC, Lawyer, Bank....go to smaller banks...get all your forms filled out, etc. If you find a place and then need to start with all this shit, you are screwed, i see it all the time.

Author:	SteveSarley [ Thu Sep 25, 2014 8:49 am ]
Post subject:	Re: Best Advice For Real Estate Noob
Aren't there a couple of lots in Park Ridge available at a good price, complete with plans?

Author:	good dolphin [ Thu Sep 25, 2014 9:20 am ]
Post subject:	Re: Best Advice For Real Estate Noob
Find one market that you are comfortable with and make yourself fully knowledgeable with that market. Right now, I wouldn't buy fringe or "emerging" areas because there is a very real chance that they will not emerge in the time frame you hope to make a profit. Rental residential real estate is all the rage right now. It probably is already overpriced. I's look for something undervalued that can be vastly improved with some minor improvements. I'd make the improvements with an eye on either converting to condos when that market improves or getting it fully rented and selling the building then rolling it into another building for tax avoidance.

Author:	Telegram Sam [ Thu Sep 25, 2014 9:30 am ]
Post subject:	Re: Best Advice For Real Estate Noob
good dolphin wrote: Find one market that you are comfortable with and make yourself fully knowledgeable with that market. Right now, I wouldn't buy fringe or "emerging" areas because there is a very real chance that they will not emerge in the time frame you hope to make a profit. Rental residential real estate is all the rage right now. It probably is already overpriced. I's look for something undervalued that can be vastly improved with some minor improvements. I'd make the improvements with an eye on either converting to condos when that market improves or getting it fully rented and selling the building then rolling it into another building for tax avoidance. If it is an emerging city neighborhood, you can pretty much forget it anyway. You are competing against investors with a wheelbarrel of working capital, architects and GC's in tow, who can incur a loss or two for tax purposes along the way. Humboldt Park is one of the fastets-rising property value neighborhoods in the country. The reason is out-of-town investors pissed at missing out on the Logan Square and Bucktown booms are buying up property based on zip codes.

Author:	Furious Styles [ Thu Sep 25, 2014 9:32 am ]
Post subject:	Re: Best Advice For Real Estate Noob
The best real estate is Sunny Day Real Estate.

Author:	Bagels [ Thu Sep 25, 2014 9:37 am ]
Post subject:	Re: Best Advice For Real Estate Noob
Furious Styles wrote: The best real estate is Sunny Day Real Estate. no, the best real estate is Real Estate

Author:	Douchebag [ Thu Sep 25, 2014 9:37 am ]
Post subject:	Re: Best Advice For Real Estate Noob
Buy something in Maywood.

Author:	Hawg Ass [ Thu Sep 25, 2014 9:38 am ]
Post subject:	Re: Best Advice For Real Estate Noob
Douchebag wrote: Buy something in Maywood. or Rockford

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Author:	good dolphin [ Thu Sep 25, 2014 9:42 am ]
Post subject:	Re: Best Advice For Real Estate Noob
Douchebag wrote: Buy something in Maywood. the truth is, if you know your market, there is money to be made almost anywhere I have plenty of clients leasing homes in Maywood.

Author:	Hawg Ass [ Thu Sep 25, 2014 9:49 am ]
Post subject:	Re: Best Advice For Real Estate Noob
Furious Styles wrote: Hawg Ass wrote: or Rockford I had a sweet 3 bedroom house w/ an in-ground swimming pool at 26. The guy I sold it to OD'd on heroin in the master bedroom.

Author:	Big Chicagoan [ Thu Sep 25, 2014 9:53 am ]
Post subject:	Re: Best Advice For Real Estate Noob
Don't buy real estate. If you do, make sure what you can rent it out for is more than your mortgage+tax payments.

Author:	Chus [ Thu Sep 25, 2014 11:03 am ]
Post subject:	Re: Best Advice For Real Estate Noob
bigfan wrote: JBills wrote: What is the best advice for someone who would like to get their feet wet in the real estate market over the next 12 months?... Not looking for get rich quick schemes necessarily, but investing in the right foreclosure is tempting... Also since the banks are super hesitant to hand out two mortgages, would anyone recommend being a silent investor if the right opportunity came along? Have your shit togther first. Architect, GC, Lawyer, Bank....go to smaller banks...get all your forms filled out, etc. If you find a place and then need to start with all this shit, you are screwed, i see it all the time. This is good advice.

Author:	Chus [ Thu Sep 25, 2014 11:04 am ]
Post subject:	Re: Best Advice For Real Estate Noob
SteveSarley wrote: Aren't there a couple of lots in Park Ridge available at a good price, complete with plans? Beach front property, no less.

Author:	Douchebag [ Thu Sep 25, 2014 11:05 am ]
Post subject:	Re: Best Advice For Real Estate Noob
Big Chicagoan wrote: Don't buy real estate. If you do, make sure what you can rent it out for is more than your mortgage+tax payments. Hold on a second here. Are you saying that JBills should try to make a profit in his real estate investment? Where did this crazy kind of advice come from?

Author:	Frank Coztansa [ Thu Sep 25, 2014 11:21 am ]
Post subject:	Re: Best Advice For Real Estate Noob
Make sure you use Rick Barr Properties.

Author:	good dolphin [ Thu Sep 25, 2014 12:18 pm ]
Post subject:	Re: Best Advice For Real Estate Noob
Joe Orr doesn't believe in the private ownership of real estate and neither should you

Author:	leashyourkids [ Thu Sep 25, 2014 12:21 pm ]
Post subject:	Re: Best Advice For Real Estate Noob
There is only one man who can help you here, and he will fucking kill your pets if you don't call him first... Townstone.com

Author:	Brick [ Thu Sep 25, 2014 12:22 pm ]
Post subject:	Re: Best Advice For Real Estate Noob
JBills wrote: What is the best advice for someone who would like to get their feet wet in the real estate market over the next 12 months?... Not looking for get rich quick schemes necessarily, but investing in the right foreclosure is tempting... Also since the banks are super hesitant to hand out two mortgages, would anyone recommend being a silent investor if the right opportunity came along? Since your plan seems to be to lose a lot of money in an area you have no knowledge of why don't you wire me some money and I'll build you an app that won't make you any money either?