Straight Up Chicago Investor

Latest Episodes:

Episode 44: Understanding The Intricacies of Various Mortgage Products With Chris Puleo Jan 21, 2021

Show notes

How many ways are there to finance buying a property? Way more than I'm aware of which is why our guest Chris Puleo is here. With his robust 20+ year career, Chris has seen it all and explains a plethora of different popular products. With so much interest in househacking, of course we talk about the FHA product and calculating the self sufficiency tests. Not to mention some of the things investors AND brokers need to be aware of when putting offers on properties with an FHA loan product. Chris also compares the differences between buying in your personal name and buying in an LLC. There's a lot to unpack so let's get to it and if you like what you hear, or you learned something, please subscribe to our channel and give us a 5 star review.

Connect with Mark and Tom: StraightUpChicagoInvestor.com

Email the Show: StraightUpChicagoInvestor@gmail.com

Sponsor: GC Realty & Development

Guest: Chris Puleo of The Puleo Group

Link: GC Realty & Development, LLC.: Chicago Property Management, Chicago Homes for Rent Link: Chris Puleo - The Puleo Group, Powered By Preferred Rate. NMLS 204168 | Call Chris | Email Chris

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Guest Questions

Landlord tip of the week 2:46

What are some differences between owner occupied and investment loans? 6:10

How have reserves changed before COVID vs now? 7:45

Can you talk about some of the contingencies regarding FHA loan for owner occupied properties? 9:20

Why is a 3 flat more difficult to underwrite than a 2 and 4 flat? 15:50

What are some risks FHA users need to consider when buying a property? 20:25

When would it make sense to buy down points on an FHA loan? 21:50

What are some differences between buying a property in a personal name vs an LLC? 24:20

Can you explain paydowns on wrap around loans and why a sale of one property would go to the debt of many properties? 26:50

What are some things you'd want to see from a new investor you've never done business with before? 30:00

What are some things that someone looking to househack should know when going to speak with you? 32:15

How do you think the lack of inventory has played into our current financing environment? 36:10

Wrap Up Questions

What's your competitive advantage? 37:52

What is one piece of advice you'd give to a new investor? 39:00

What do you do for fun? 39:25

What is one good self development activity you would recommend to our listeners? 40:22

Who is one person you'd recommend from your local network? 41:10

How can we learn more about you? 42:50

That's our show! Thanks for tuning in once again!

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Production House: Flint Stone Media

Episode 43: Househacking, Scaling, and Large Multifamily Deals With one of Chicago's Best Power Couples Jan 14, 2021

Show notes

Have you ever looked at your significant other and wanted to build an empire with them? That's exactly what Nicky and RJ De Leon have been doing since the early days of their relationship. Today, they tell their story from start to current day, diving into how they had all those hard conversations about deciding on the first location, getting on the same page as your partner and so on. Since that initial househack, they moved on into bigger projects but not alone. Listen to how they went about networking and building those partnerships that helped propel them further. All that they have accomplished has also been with full time jobs. Listen to their journey and leave us some feedback.

Connect with Mark and Tom: StraightUpChicagoInvestor.com

Email the Show: StraightUpChicagoInvestor@gmail.com

Sponsor: GC Realty & Development

Guest: Nicky and RJ De Leon of NVR Properties LLC, EJC Partners

Link: Operation Family Secrets: How a Mobster's Son and the FBI Brought Down Chicago's Murderous Crime Family Chicago Multifamily Club (Chicago, IL): MeetUp | Facebook Link: The Real Estate InvestHer Link: EJC Partners - Value-add Construction for Real Estate Investors Link: First State Bank | Personal & Business Banking Link: The Only Woman in the Room: A Novel Link: The Miracle Morning: The Not-So-Obvious Secret Guaranteed to Transform Your Life (Before 8AM) Link: Shoe Dog: Knight, Phil, Butz, Norbert Leo: 9781508211808

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Guest Questions

Landlord Tip of the Week 2:45

How did your first house hack get started? 6:20

What happened after your first househack was a success, where did you go next? 11:40

What was different about the due diligence between the 3 unit and 6 unit buildings? 13:20

What were some things that surprised you about owning a 6 unit? 15:07

What were some improvements you've considered doing when you bought the 6 unit building? 19:40

What did you do with the equity you gained from the first 3 flat in bronzeville? 22:40

Can you dive into the 3 flat rehab project details? 24:30

How did you get into Avondale? 29:40

Do you take on projects outside of your own investments for EJC Partners? 31:40

Can you share some details about how you found and got involved in your current large multifamily? 34:50

Where are deals coming from? 38:00

Wrap Up Questions

What has been your competitive advantage? 43:05

What is one piece of advice you'd give a new investor? 44:08

What do you do for fun? 45:40

Who would you recommend as a quality resource? 48:25

That's our show! Thanks for taking the time to listen and please leave us a 5 star review. Also consider joining our Facebook group at https://www.facebook.com/groups/3265227216848263

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Production House: Flint Stone Media

Episode 42: Understanding Both the Updated RTLO and ADU Ordinance with Bob Floss Jan 07, 2021

Show notes

In today's episode, attorney Bob Floss dives further into the current RLTO ordinances and how the proposed ordinance affects investors, landlords, and tenants alike. With so much changing day to day, it can be challenging to keep track of best practice. This is why it's necessary to have solid legal representation on your team when dealing with tenant issues.

Bob also discusses the new ADU ordinance and how investors can benefit from the current pilot. Listen in and let us know what you think. If you need help managing your tenants, connect with us and make the most out of your investment at https://www.gcrealtyinc.com/.

Connect with Mark and Tom: StraightUpChicagoInvestor.com

Email the Show: StraightUpChicagoInvestor@gmail.com

Sponsor: GC Realty & Development

Guest: Bob Floss of Floss Law

Link: City Council to review revised ADU ordinance to apply in pilot areas only Link: Accessory Dwelling Units (ADU) Supporters in Chicago Link: The 4-Hour Workweek: Escape 9-5, Live Anywhere, and Join the New Rich Link: Who Not How: The Formula to Achieve Bigger Goals Through Accelerating Teamwork Link: Brie Schmidt, Managing Broker/Owner Link: North Shore Real Producers - Real Estate Link: Floss Law, LLC

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Guest Questions

Landlord Tip of the Week 4:20

What does the RTLO look like and how does it impact landlords? 8:45

What are some of the big things that will impact investors in the ordinance? 20:20

What kind of unintended consequences are of risk to the tenant? 23:15

What is proposed regarding the ADU changes? 31:40

How is it different if I'm in an approved ADU zone compared to getting a regular zoning variance? 38:00

Wrap Up Questions

What's your competitive advantage? 44:42

What is one piece of advice you'd give a new investor? 45:30

What do you do for fun? 47:23

What is a good self development activity you'd recommend? 48:10

Who would you recommend as a quality resource? 49:10

How can we learn more about you? 50:40

That's our show! Thanks for taking the time to listen and please leave us a 5 star review. Also consider joining our Facebook group at https://www.facebook.com/groups/3265227216848263

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Production House: Flint Stone Media

Episode 41: What We Learned in 2020 and What's On the Docket for SUCI Dec 30, 2020

Show notes

As we wrap up 2020, a huge thank you to all our listeners and active participants that have helped transform this podcast from a simple idea of sharing localized knowledge into its current state (which we view as a success).

In this episode, Mark and Tom give a quick state of the union of the podcast and also dive into what they learned over 40 episodes, including some of their favorite episodes and nuggets. We also lay out what to expect from SUCI as we continue to try and add valuable content, while also soliciting your feedback. Congrats on what you've accomplished this year and keep plowing ahead.

If you found this episode helpful, please give us a 5 star rating and share us with a friend. And if you own properties and do not manage yourself, please reach out if you want to see how we can improve your property performance, check us out at GC Realty & Development, LLC.: Chicago Property Management, Chicago Homes for Rent.

Connect with Mark and Tom: StraightUpChicagoInvestor.com

Email the Show: StraightUpChicagoInvestor@gmail.com

That's our show! Thanks for taking the time to listen and please leave us a 5 star review. Also consider joining our Facebook group at https://www.facebook.com/groups/3265227216848263

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Production House: Flint Stone Media

Episode 40: Navigating Chicago's Eviction Process with Tom Raleigh Dec 24, 2020

Show notes

Tom Raleigh, of Halsted Law Group, breaks down the current environment for landlords as it relates to the eviction process. COVID has shaken things up, and understanding what you can and can't do is more confusing than ever, so having an ally who understands the rules and will fight for you is paramount. Listen to our hosts ask Tom some FAQs about landlord process and protocol and learn about a new service coming out to help landlord's screen tenants way more effectively! Rent Butter is coming in 2021 and you'll want access to it.

Connect with Mark and Tom: StraightUpChicagoInvestor.com

Email the Show: StraightUpChicagoInvestor@gmail.com

Sponsor: GC Realty & Development

Guest: Tom Raleigh of the Halsted Law Group

Link: Who Not How: The Formula to Achieve Bigger Goals Through Accelerating Teamwork Link: Know Your Rights: COVID 19 Eviction Protection Ordinance Link: Rent Butter Link: Sell More Faster: The Ultimate Sales Playbook for Startups (Techstars) Link: Das Law – Litigation Attorney in Chicago, IL

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Guest Questions

Landlord tip of the week. 3:15

Can you tell us about what laws and rules landlords have to follow right now? 6:30

What do you do if you have a non paying tenant in Chicago? 8:10

How do you get a hold of tenants who are unresponsive? 10:40

Is there a difference with non paying tenants if there is an active lease or an expired lease? 12:50

What does the solution look like when you have a tenant who is not paying? 16:00

What happens if a tenant goes silent after giving all the notices? 21:00

Know your rights form rundown. 23:25

What happens to landlords who were filing evictions prior to covid? 25:20

What is your two minute rundown on Rent Butter? 29:20

Wrap Up Questions

What is your competitive advantage? 36:40

What is one piece of advice you'd give a new investor? 39:14

What do you do for fun? 39:45

What's a good self development activity you would recommend? 40:25

Who would you recommend as a quality resource here in chicago? 40:45

That's our show! Thanks for taking the time to listen and please leave us a 5 star review. Also consider joining our Facebook group at https://www.facebook.com/groups/3265227216848263

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Production House: Flint Stone Media

Episode 39: Scaling a Multi-Million Dollar Real Estate Business in Chicago Dec 17, 2020

Show notes

In today's episode, Sean Connolly talks about his not so usual journey of scaling to a multi- million dollar portfolio and the lessons and tools he's acquired over the past 8 years. Sean provides his advice on investing in certain southside markets as a new investor and if you're not doing volume, why it's so important to control your material cost. Sean also provides his thoughts on the imminent future of the Chicago real estate market. Lastly, he explains the role and significance of virtual assistants and how they can help you scale.

Listen in to hear all that he has to say, and if you learn something, hit that 5 star button. If you want to see how we can improve your property performance, check us out at GC Realty & Development, LLC.: Chicago Property Management, Chicago Homes for Rent.

Connect with Mark and Tom: StraightUpChicagoInvestor.com

Email the Show: StraightUpChicagoInvestor@gmail.com

Sponsor: GC Realty & Development

Guest: Sean Connolly of the Scale Virtually: Home | Email Sean | Call Sean

Link: Emerging Real Estate Markets: How to Find and Profit from Up-and-Coming Areas Link: Scale Virtually: Home Link: Virtual Freedom: How to Work with Virtual Staff to Buy More Time, Become More Productive, and Build Your Dream Business Link: Traction: Get a Grip on Your Business: Wickman, Gino: 0783324916904 Link: Who Not How: The Formula to Achieve Bigger Goals Through Accelerating Teamwork Link: The Experience Transformer - Fillable PDF Link: Straight Up Chicago Investor Club | FB Group

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Guest Questions

Guest Introduction 6:25

Where have you been investing over the past 8 years? 7:50

Why move from Austin to the southside? 10:00

Are you mostly flipping or holding? 10:25

How did you do your first 50 units in Austin? 11:18

What is your outlook on the Chicago housing market?19:10

How did you start using virtual assistants to scale? 27:18

At what point can an early investor get involved with a virtual assistant? 33:30

Tell us about your bad cash for keys experience? 39:55

Wrap Up Questions

What is your competitive advantage? 43:04

What is one piece of advice you would give a new investor? 44:00

What do you do for fun? 44:55

What is a good self development activity you would recommend? 45:25

Can you name someone who you'd recommend as a resource? 46:00

How can we learn more about you? 47:10

That's our show! Thanks for taking the time to listen and please leave us a 5 star review. Also consider joining our facebook group at https://www.facebook.com/groups/3265227216848263

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Production House: Flint Stone Media

Episode 38: Can't Find Deals on the MLS? The Cook County Land Bank has Hundreds of Distressed Properties Waiting for Investors Dec 10, 2020

Show notes

Are you looking for distressed deals? The Cook County Land Bank (CCLB) has plenty and they go right under most investor's noses! In today's episode, Rob Rose provides an overview of the CCLB, a socially responsible wholesaler working with investors to turn dilapidated properties into newly remodeled homes. Rob describes CCLB's acquisition process, their commitment to neighborhoods, CCLB's unique ability to wipe out liens, and how you can engage with CCLB to get in on the action.

Connect with Mark and Tom: StraightUpChicagoInvestor.com

Email the Show: StraightUpChicagoInvestor@gmail.com

Sponsor: GC Realty & Development

Guest: Rob Rose of the Cook County Land Bank

Link: Family Properties: How the Struggle Over Race and Real Estate Transformed Chicago and Urban America Link: Thurman Tony Smith on LinkedIn Link: Calvin L. Holmes

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Guest Questions

Landlord tip 4:30

What is the Cook County land bank? 7:22

What is the land bank able to do faster than the county/city can? 9:10

Besides REO, what are some other ways the land bank acquires property.10:00

What is a tax sale, annual sale and scavenger sale? 13:00

How is your budget funded? 23:00

What kind of activity have you guys been doing? 25:10

What's the distribution of property types that you acquire? 30:10

As an investor, how can I engage in the land bank? 34:35

What are things the land bank wants to see on applications for new applicants? 39:20

How often are inventories on the website updated? 43:10

What are the restrictions on the sale? 44:20

Wrap Up Questions

What has the land bank done to be successful? 48:15

What is one piece of advice you'd tell someone who has yet to buy their first property through the land bank? 49:40

What do you do for fun? 51:48

What is a good self development product you'd recommend? 52:01

Who would you recommend as a resource in Chicago? 53:45

How can we find out more about you? 54:50

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Production House: Flint Stone Media

Episode 37: The NBOA - Your Ally and Voice as a Chicagoland Housing Provider Dec 03, 2020

Show notes

In today's episode, our guest Mike Glasser, President of the Neighborhood Builders Owner Alliance, explains how neighborhood housing provider advocacy groups are fighting for fair and lawful protection for investors in and around Chicago. Mike lays out the current advocacy campaign against the proposed CRTLO, the differences between the CRLTO and the RTLO, and the unintended consequences from previous legislation. Lastly, he gives advice on what you can do to help support the fight. Listen in and if you find value in today's episode, please leave us a 5 star review and recommend us with a friend. If you want to see how we can improve your property performance, check us out at GC Realty & Development, LLC.: Chicago Property Management, Chicago Homes for Rent.

Also, check out our Straight Up Chicago Investor Club at https://www.facebook.com/groups/3265227216848263

Connect with Mark and Tom: StraightUpChicagoInvestor.com

Email the Show: StraightUpChicagoInvestor@gmail.com

Sponsor: John Warren

Guest: Mike Glasser of Magellen Properties

Link: Neighborhood Building Owners Alliance (NBOA) Link: Chicago Tribune Link: Chicago Sun-Times

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Guest Questions

Landlord Tip 6:15

What is the NBOA and the current coalitions in it? 9:10

If I'm a landlord, why should I care about these groups? 11:50

Who are the advocacy groups advocating to? 14:25

What were some of the unintended consequences of the CRLTO? 18:45

If the RTLO passes, what does this mean for property owners? 23:10

Has there been any pushback from individual cook county cities? 28:20

What can investors do to help with the advocacy campaign? 33:15

Do you think rent control will come up again? 34:50

Wrap Up Questions

What is your competitive advantage? 39:15

What is one piece of advice you'd give a new investor? 40:05

What do you do for fun? 40:40

What is a good self development activity you'd recommend? 42:00

Who would you recommend as a quality resource? 43:00

How can we learn more about you? 43:30

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Production House: Flint Stone Media

Episode 36: Inaugural SUCI Thanksgiving Episode - What to be Thanking for in Chicago Nov 25, 2020

Show notes

First and foremost, a huge thank you to all our listeners! Please continue to be active members of our community and help spread the good word!

This Thanksgiving, we want to take a quick moment to reflect on all the great things and opportunities we have in this great city of Chicago. A rich history, epic sports franchises, an extensive park network and some of the best food in the world are only the tip of the iceberg. With one of the largest metros in the country, we've been able to build this podcast and develop this network of investors and entrepreneurs. Listen in as we talk about some of the city's highlights and teach each other a bunch of things about our home.

Listen in and if you like what you hear, leave us a 5 star review and share us with a friend. If you want to see how we can improve your property performance, check us out at GC Realty & Development, LLC.: Chicago Property Management, Chicago Homes for Rent.

Also, check out our Straight Up Chicago Investor Club at https://www.facebook.com/groups/3265227216848263

Connect with Mark and Tom: StraightUpChicagoInvestor.com

Email the Show: StraightUpChicagoInvestor@gmail.com

Sponsor: John Warren

Guest: Tony Angelos of IRPINO Real Estate

Link: Geoffrey Baer Tours Link: Unusual Attractions in Chicago Book: Am I Being Too Subtle?: The Adventures of a Business Maverick by Sam Zell Book: South Side by Natalie Y Moore Link: The City Podcast Episode 1 - Six Stories Book: The Jungle by Upton Sinclair Link: Papa Joe's Pizza

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Production House: Flint Stone Media

Episode 35: Diving into Belmont Cragin, North Austin, and the Northwest Side Building Coalition with Jon Womack Nov 19, 2020

Show notes

Jon Womack of Third City Properties has been investing in the Chicago market for four years focusing on the northwest neighborhoods of Belmont Cragin and North Austin. Jon dives into what the investment landscape looks like in these areas, including tenant expectations of finishes and his general investment strategies. One of the key differentiators for Jon is his involvement in local neighborhood coalitions. Jon heads up the Northwest Side Building Coalition and is also an active member of the NBOA. Jon lays out several Chicago neighborhood coalitions that you can participate in to help move your neighborhood forward.

Also, check out our Straight Up Chicago Investor Club at https://www.facebook.com/groups/3265227216848263

Connect with Mark and Tom: StraightUpChicagoInvestor.com

Email the Show: StraightUpChicagoInvestor@gmail.com

Sponsor: John Warren

Guest: Jon Womack of Third City Properties