Straight Up Chicago Investor

Latest Episodes:

Episode 74: Investing for Intergenerational Wealth in Evanston with Jaimie Steinher of Essex Realty Jul 08, 2021

Show notes

With the Lake, a world-class University, and a plethora of transportation, Evanston is an extremely attractive and diverse marketplace for many investors. Jaimie Steinher of Essex Realty exclusively covers Evanston, and provides on the ground insights to help you navigate the different pockets of the city. Jamie lays out cap rates, average rents, and tenant expectations in an episode packed with tangibl takeaways. If you like what you hear, please take the ten seconds to leave us a review and share with a friend who should be investing in Evanston.

Connect with Mark and Tom: StraightUpChicagoInvestor.com

Email the Show: StraightUpChicagoInvestor@gmail.com

Guest: Jaimie Steinher of Essex Realty Group

Sponsor: Essex Realty Group Sponsor: Appeal.tax

Link: Edgewater Uptown Builders Association

Link: Rogers Park Builders Group

Link: REFF

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Guest Questions

Guest Intro and background. 6:14

High-level overview of Evanston 7:35

Velocity in Evanston 8:37

Different pockets of Evanston 9:32

Student-housing transactions 12:45

Effect of COVID on Evanston 13:40

General cap rates and other metrics in Evanston 15:55

Northwestern's workforce as a tenant-base 23:02

Public transportation in Evanston 24:50

Evanston "gotchas" 27:13

Housing stock in Evanston 28:18

Thriving in a male dominated field 30:00

Wrap Up Questions

What is your competitive advantage? 32:14

What is one piece of advice to someone who has yet to buy their first property in Evanston? 33:18

What do you do for fun? 34:05

Self-development recommendation 34:48

Network recommendation 36:08

How can we learn more about you? 37:30

That's our show, thank you so much for tuning in!

If you want to make the most of your investment, connect with us at https://www.gcrealtyinc.com/.

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Production House: Flint Stone Media

Episode 73: Understanding the Cost and Maintenance of Chicago Porches with Mr. Porch Jul 01, 2021

Show notes

For many Chicagoans, the porch has been the focal point of countless memorable times. Since Covid, the importance of "outdoor spaces" in real estate has re-emerged as a priority for plenty of homebuyers, too. But how many investors know how to evaluate the build quality of a property with a porch? And what's the process like when wanting to add a back porch to an existing property? How do you work with the city to ensure compliance? Frank Knight, AKA Mr. Porch, has built about 3,000 porches in the Chicago area and he's here today to shed some information on this Chicago cultural phenomenon.

Connect with Mark and Tom: StraightUpChicagoInvestor.com

Email the Show: StraightUpChicagoInvestor@gmail.com

Guest: Frank Knight of Mr. Porch

Sponsor: Exetor Sponsor: Appeal.tax

Link: City of Chicago - Search Building Department Records

Link: Pavlovcik Architecture Inc.

Link: Law of Success: Napoleon Hill

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Guest Questions

Guest Intro and background. 6:30

How did you become Mr. Porch? 9:30

How is lumber pricing affecting your business? 13:15

Differences between a steel and wooden porch? 14:30

How should you evaluate existing porches on new properties? 16:00

How do you know if you have a violation on your porch? 19:00

Difference between replacing or modifying? 22:25

Are you a one stop shop or do clients need to go to other places? 25:45

Timeline for new porch? 28:45

How can I maintain the porch longer? 34:15

Wrap Up Questions

What is your competitive advantage? 40:25

What is one piece of advice you'd give a new investor? 41:20

What do you do for fun? 42:00

Self development? 42:50

Network Recommendation? 43:00

How can we learn more about you? 43:45

That's our show, thank you so much for tuning in!

If you want to make the most of your investment, connect with us at https://www.gcrealtyinc.com/.

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Production House: Flint Stone Media

Episode 72: Straight Up Tuesday Tip 6 - John Warren Answers "What are some common mistakes I can look to avoid when calculating my after repair value and proposed rents?" Jun 29, 2021

Show notes

What are some common mistakes I can look to avoid when calculating my after repair value and proposed rents?

Connect with Mark and Tom: StraightUpChicagoInvestor.com

Email the Show: StraightUpChicagoInvestor@gmail.com

Guest: John Warren of SecondCity

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Production House: Flint Stone Media

Episode 71: The Illinois REALTORS' Advocacy for Housing Providers and Why Chicagoland Investors Should Care Jun 24, 2021

Show notes

We all know about the numerous laws either being proposed or already enacted affecting housing providers and investors. Groups like the Illinois Realtors Association, the NBOA, the CAR and others are working everyday to keep laws fair and protect people. Our guest today, Gideon Blustein, is the director of member outreach for the Illinois REALTORS and talks us through some of the current issues at the forefront of everyone's mind as well as how we can all get involved and benefit from these organizations. If you like what you hear today, leave us a review and share us with a friend.

Connect with Mark and Tom: StraightUpChicagoInvestor.com

Email the Show: StraightUpChicagoInvestor@gmail.com

Guest: Gideon Blustein of Illinois Realtors

Sponsor: ChicagoREIA Sponsor: Appeal.tax

Links: Senate passes bills creating affordable housing incentives, expanding telehealth services

Links: Why Rent Control Doesn't Work (Ep. 373) - Freakonomics Freakonomics

Links: Residential Tenant Landlord Ordinance | CookCountyIL.gov

Links: RTLO in Cook County & What You Need To Know

Links: Illinois REALTORS®

Links: Ninja Selling

Links: The South Side: A Portrait of Chicago and American Segregation

Links: 7L: The Seven Levels of Communication: Go From Relationships to Referrals

Links: Neighborhood Building Owner's Alliance – A Voice for Chicago's Building Owner's

Links: Gideon Blustein - Joliet, Illinois, United States | Professional Profile

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Guest Questions

What does the Illinois Realtors Association do? 6:15

How do all the associations and boards work together? 8:45

Rent control in Illinois update. 10:45

Expectations for how rent control will evolve? 14:00

Why would people politically be against rent control? 17:15

How is the IAR helping landlords navigate the RTLO? 21:00

Does the RTLO have any effect on the RLTO? 25:15

What's coming? 27:30

How is affordable housing quantified? 30:15

What does IRA do for individual Realtors? 32:00

Wrap Up Questions

Competitive advantage? 33:40

One piece of advice you'd give a new investor? 34:30

Self development activity? 35:50

Network recommendation? 38:15

How can we learn more about you? 39:00

That's our show! Thanks for tuning in!

If you want to make the most of your investment, connect with us at https://www.gcrealtyinc.com/.

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Production House: Flint Stone Media

Episode 70: What's Around the Corner in the Chicago Real Estate Market with Ryan Smith Jun 17, 2021

Show notes

Ryan Smith is not an optimist, but a realist. With a stark numbers-based opinion, Ryan provides his thoughts on Chicago's housing market, the strength and the validity of the recent appreciation, and how long it may take to get through upcoming foreclosure inventory. We've had Ryan on here before (Episode 28), but last time it was too good of a conversation so we had to bring him back. Listen in and if you learned something, leave us a like and share us with a friend!

Connect with Mark and Tom: StraightUpChicagoInvestor.com

Email the Show: StraightUpChicagoInvestor@gmail.com

Guest: Ryan Smith of Ryan Smith REO

Sponsor: Pentwater Cabinetry Sponsor: Appeal.tax

Links: Extreme Ownership: How U.S. Navy SEALs Lead and Win

Links: Straight Up Chicago Investor Podcast: Expert Perspectives on Investing in Chicago Real Estate

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Guest Questions

What do you think of the appreciation lately? 8:00

Do you see outside capital coming to Chicago? 13:15

Are Chicagoans underwater? 15:45

How long did it take to get through the foreclosed inventory from the financial crisis? 28:15

Is there an opportunity to buy at the judicial sale level? 35:00

Do you see the same opportunity developing now as the last recession? 37:45

Wrap Up Questions

What's your competitive advantage? 44:45

What is one piece of advice you'd give someone looking to buy their first REO? 46:45

What do you do for fun? 48:00

Self development activity? 48:45

That's our show! Thanks for tuning in!

If you want to make the most of your investment, connect with us at https://www.gcrealtyinc.com/.

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Production House: Flint Stone Media

Episode 69: Straight Up Tuesday Tip 5 - Rosario Terracciano Answers "How can I make my offer more attractive in this hot market?" Jun 15, 2021

Show notes

How can I make my offer more attractive in this hot market?

Connect with Mark and Tom: StraightUpChicagoInvestor.com

Email the Show: StraightUpChicagoInvestor@gmail.com

Guest: Rosario Terracciano of Clickinvest

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Production House: Flint Stone Media

Episode 68: Chicago MultiFamily Apartment Investing With Lee Kiser Jun 10, 2021

Show notes

Lee Kiser is the co-founder of Kiser Group, a member of the Forbes Real Estate Council, and a wealth of knowledge in the Chicago market (and a local musician!). In today's episode, Lee provides his thoughts on how today's hot market differs from 2005, how institutional and private money has altered apartment investing in Chicago, and what neighborhoods are on the rise.

Lee dishes out advice on subtle value-add opportunities, steps to avoid to ensure a smooth operation, and how to show credibility when interacting with brokers.

Is there anyone else in your network that would also benefit from this free content? If so, don't be bashful about sharing :)

Connect with Mark and Tom: StraightUpChicagoInvestor.com

Email the Show: StraightUpChicagoInvestor@gmail.com

Guest: Lee Kiser of Kiser Group

Sponsor: Exetor Sponsor: Appeal.tax Link: Lee Kiser - Forbes.com articles Link: 6FM - only live one we could find :) Link: Fetch Packaging Link: Stacy Young Link: Dean Huber -----------------

Guest Questions

6:21 Intro

8:15 Overview of the Chicago Market

10:45 - Comparing today to 2005

13:03 - How has institutional capital altered Multi-Family investing in Chicago?

14:59 - In which Chicago neighborhoods are you seeing the most activity?

17:03 - Proformas on an asset-by-asset and neighborhood-by-neighborhood basis

19:57 - Not so obvious ways to add value to your building

28:08 - Navigating negative migration in Chicago

31:43 - As a buyer, how do I differentiate myself to "jump the line" with a broker?

37:21 - Why do investors fail in Multi-Family?

Wrap Up Questions

What is your competitive advantage 40:35

Once piece of advice to someone who has yet to buy their first property here in Chicago? 41:13

What do you do for fun? 42:43

Book, Podcasts, or Self Development recommendation? 43:22

Local network recommendation? 44:05

How can we learn more about you? 45:02

That's our show! Thanks for tuning in!

If you want to make the most of your investment, connect with us at https://www.gcrealtyinc.com/.

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Production House: Flint Stone Media

Episode 67: Chicagoland Rehab Financing Without Using Hard Money or 203k Loans Jun 03, 2021

Show notes

Possibly the biggest consideration when taking on a rehab project is how to finance the deal. We've all considered hard money, FHA has their 203K loan program, and we've probably seen a late night commercial or two. Perry Farella of Prime Lending talks us through a loan program which is a cross between a conventional loan and hard money, something that you don't even need to refinance out of once the property is stabilized. Listen in as Perry tells us more about this product and how it can be best used to fund your next Chicago rehab.

Connect with Mark and Tom: StraightUpChicagoInvestor.com

Email the Show: StraightUpChicagoInvestor@gmail.com

Guest: Perry Farella of Prime Lending

Sponsor: ChicagoREIA Sponsor: Appeal.tax Link: How 2 Fund Renovation Blog Link: Be Your Own House Contractor: Save 25% without Lifting a Hammer -----------------

Guest Questions

Background 5:00

How do you qualify for rehab loans? 9:45

How do you determine and support the ARV? 11:30

What is the closing timeline for these loans? 13:45

How does the draw process work for construction? 17:45

Do you need to refi out of this loan product? 21:00

Are there price thresholds these loans work best for? 22:00

What goes wrong? 27:00

Hot investment neighborhoods? 31:00

What would need to happen for credit to tighten? 38:45

Competitive advantage? 42:45

What is one piece of advice you'd give a new investor? 43:50

Wrap Up Questions

What do you do for fun? 44:20

Self development recommendations? 45:20

Quality resources? 47:20

How can we learn more about you? 48:00

That's our show! Thanks for tuning in!

If you want to make the most of your investment, connect with us at https://www.gcrealtyinc.com/.

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Production House: Flint Stone Media

Episode 66: Straight-Up Tuesday Tip 4 - Eric Workman Answers "Besides rate and term, what other items I should ask about when talking to different lenders?" Jun 01, 2021

Show notes

Besides rate and term, what other items I should ask about when talking to different lenders?

Connect with Mark and Tom: StraightUpChicagoInvestor.com

Email the Show: StraightUpChicagoInvestor@gmail.com

Guest: Eric Workman of Renovo Financial

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Production House: Flint Stone Media

Episode 65: Figuring Out the Short Sale Process and Other Non-Traditional Closes with Gina Diaz May 27, 2021

Show notes

One of the most important team members that real estate investors rely on is their attorney. Not all closings are created equal and Gina Diaz explains some of the closing nuances both through the eyes of an attorney and as an investor. Gina provides great insights into how to successfully close on a short sale, what to be aware of in a double close, and how to work with a title company and attorney to successfully wholesale a deal. Tune in as you are sure to learn something in today's episode.

Connect with Mark and Tom: StraightUpChicagoInvestor.com

Email the Show: StraightUpChicagoInvestor@gmail.com

Guest: Gina Diaz of Diaz Case Law

Sponsor: ChicagoREIA Sponsor: Appeal.tax

Link: We Win Chicago

Link: Diaries of a Female Real Estate Investor: Learn How A Single Mom Went From 80k in Debt To a Multi Million Dollar Portfolio by Farrah Ali Link: Andrew Holmes

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Guest Questions

What drew you to investing in real estate? 7:00

What is a short sale? 9:30

How is the final price determined in a short sale? 10:15

Is the closing process different for short sales versus traditional closings? 12:00