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PostPosted: Thu Sep 25, 2014 1:10 am 
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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?

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PostPosted: Thu Sep 25, 2014 1:22 am 
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I'd go with this -- looks legit.

https://www.thevegasnightmare.com/signup.php

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PostPosted: Thu Sep 25, 2014 1:34 am 
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Sounds reasonable enough.

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My wife said 2 things about Bernstein today:

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"He gives a lot of opinions without probably having many life experiences."


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PostPosted: Thu Sep 25, 2014 6:44 am 
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PostPosted: Thu Sep 25, 2014 7:10 am 
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PostPosted: Thu Sep 25, 2014 8:07 am 
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Buy used.

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PostPosted: Thu Sep 25, 2014 8:35 am 
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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.

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PostPosted: Thu Sep 25, 2014 8:49 am 
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Aren't there a couple of lots in Park Ridge available at a good price, complete with plans?

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PostPosted: Thu Sep 25, 2014 9:20 am 
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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.

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PostPosted: Thu Sep 25, 2014 9:30 am 
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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.

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PostPosted: Thu Sep 25, 2014 9:32 am 
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The best real estate is Sunny Day Real Estate.

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PostPosted: Thu Sep 25, 2014 9:37 am 
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Furious Styles wrote:
The best real estate is Sunny Day Real Estate.


no, the best real estate is Real Estate


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PostPosted: Thu Sep 25, 2014 9:37 am 
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Buy something in Maywood.

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PostPosted: Thu Sep 25, 2014 9:38 am 
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Douchebag wrote:
Buy something in Maywood.

or Rockford

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PostPosted: Thu Sep 25, 2014 9:42 am 
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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.

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PostPosted: Thu Sep 25, 2014 9:43 am 
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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.

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PostPosted: Thu Sep 25, 2014 9:49 am 
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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.

:shock:

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PostPosted: Thu Sep 25, 2014 9:52 am 
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Or so I heard.

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PostPosted: Thu Sep 25, 2014 9:53 am 
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Don't buy real estate. If you do, make sure what you can rent it out for is more than your mortgage+tax payments.


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PostPosted: Thu Sep 25, 2014 11:03 am 
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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.

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PostPosted: Thu Sep 25, 2014 11:04 am 
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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.

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Last edited by Chus on Thu Sep 25, 2014 11:06 am, edited 1 time in total.

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PostPosted: Thu Sep 25, 2014 11:05 am 
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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?

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PostPosted: Thu Sep 25, 2014 11:21 am 
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Make sure you use Rick Barr Properties.

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PostPosted: Thu Sep 25, 2014 12:18 pm 
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Joe Orr doesn't believe in the private ownership of real estate and neither should you

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PostPosted: Thu Sep 25, 2014 12:21 pm 
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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

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PostPosted: Thu Sep 25, 2014 12:22 pm 
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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?

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