Brandon from Chicago

[cgmaker]

Hi all, I am from Chicago. I am a musician who has become infatuated with real estate investing. I have a wife and 2 kids (1 & 5). I bought my first house with no money down and 100% seller financing (Yes I used Carlton Sheets and Robert G. Allen materials :p ).

Good thing because I have horrible credit due to some bad choices as a youngin'

[Las Vegas Homes]

Brandon welcome to the real estate forum. You have come to the right place if you are looking for information and tips on ways to help yourself improve your position when purchasing a home or other types of real estate.

Take a moment to look around the forum and please feel free to post any questions you may have and I am sure one of our registered real estate agents would be happy to answer your questions. Once again welcome.

[San Diego Real Estate]

Hi all, I am from Chicago. I am a musician who has become infatuated with real estate investing. I have a wife and 2 kids (1 & 5). I bought my first house with no money down and 100% seller financing (Yes I used Carlton Sheets and Robert G. Allen materials :p ).

Good thing because I have horrible credit due to some bad choices as a youngin'Hello Brandon and welcome to the forum from beautiful San Diego, CA... How is the market in Chicago?

[judyo]

Welcome Brandon,

I'm from the southwest suburbs of Chicago and although I do work in Chicago my main area is the subs. I've been with C21 for 21 years and am switching to a new company within a week or two (thought I'd wait for my next 2 scheduled closings before rocking the boat-it's like family where I've been all these years & they're not going to be happy).

San Diego - I think we have a pretty hot seller's market here. A properly priced listing can literally sell in one day, sometimes before it gets into the MLS. Pros & cons on this type of market: it's more difficult getting listings because many more FSBO's are successful & the commission war is unbelievable. Buyers are losing out with full price offers and some get so frustrated after losing out 3 or 4 times that they decide to wait until the market stabilizes. Add to that the fact that when you keep losing out on purchase offers you have to keep working with these ready, willing & able buyers until they "win" a bid! More time spent showing properties with the same buyers.

It has been a little better over the winter months but I think when the market opens up again in the spring it's going to be the same thing.

Areas around the Loop that were not desirable in the past are commanding top dollar. Lots of condo conversions & new condo construction going on in areas such as Andersonville, Uptown, Bronzeville, Bucktown, etc. (areas of Chicago). However, I only work those areas if I know someone personally as my office & I are located elsewhere. And my new office will actually be farther south in Orland Park, although the Broker has 9 other offices spread out throughout the Northern Illinois area which really opens up my focus. I'm so excited I haven't slept much lately!

Back to Brandon - don't you think it's a bit more difficult getting a good price/deal in this kind of market? I guess it depends exactly where you're concentrating your efforts.

[cgmaker]

I moved from the south suburb area: chicago heights, monee, steger..... To Galesburg, IL.

I generally look for property where the seller needs out fast. Say they are out of state, retiring from the landlord business, divorce, etc..

I like to work with agents who can take a promissary note from the seller for the commission. That way, it makes it easier to go for a no money down deal.

[judyo]

Brandon - I've actually done business in CH, Monee & Steger, although limited as they are even farther south than I usually work, but I don't even know where Galesburg is!

[San Diego Real Estate]

judyo...Have you ever heard of or used an Escalator Clause! We had that same Market here last year! Without a cash buyer or Escalator Clause it was a loosing battle!;)

[cgmaker]

Galesburg is 189 miles west and slightly south of Monee. It is just an hour from Davenport, Iowa. We are right next to the Quad Cities. It's cheaper here. I bought a 4,800 sq ft victorian mansion for just $40,000

[VegasMack]

Welcome aboard Brandon!

~VegasMack

[Las Vegas Real Estate]

Indeed, welcome to the forum, Brandon. I have a good friend that grew up near Chicago, still has a ton of family there.

[JimFoster]

Welcome Brandon from Chicago