Real Estate Investment Group Minutes 5/16
Key concepts to note
- Passive Income: comes from money received regularly with little effort.
- Exit Strategies: preplanned method of taking yourself out of situation before it can affect you. This can be included in a business plan.
- Hard money lender: asset based loan financers who lends funds that may be safeguarded by property.
- Asset based loan versus credit loans.
- -Credit based: relies on credit history and regulated by the lender.
- -Asset based: business loan controlled by assets. The loan is secured by record.
Speakers at this week’s meeting included:
-Erick Soderberg, CIC Chicago Services
Pamela Johnson, My Corporate Castles Funding Opportunity
Kenyata Walters, Real Estate Broker
Nicole Wheatly, President of Steps Inc. Consulting
Janine Ingram, President of Love Journey
CIC is a non-profit bank that focuses on multi-family housing.
Each speaker gave personal background stories as it related to investments and finance.
Tips and info from the speakers:
- Find diversity in vacant retail spaces.
- Good landlords= good 0wners= good managers=good tenants: Overall result: good neighborhoods.
- There is a need for homeowners in the community. (This allows the community to control the area and pick who is within it.)
- Start building your business plan.
- Dabble into other things that will make you money, (Side hustles).
- Live without limits in the community.
- Get an investment journal.
- 2-flat units are a hot commodity right now.
- Consider managing multi-family housing units, so that you have a say so in who is within the community.
- Study your craft and know they ends and outs
- Brainstorm techniques in which the community can be revitalize through business ventures.
- Pamela Johnson is considered a hard-money lender who fixes and flips properties. She has flipped over 200 spaces and moved her business to Englewood.
- A testimonial was shared by speaker, Kenyata Walters, which included her road to real estate and investing. After fighting for a couple properties in the Chicago community, Walters achieved her goal of owning her own property. She did not let a credit score or the fear of rejection deter her from being persistent and obtaining a property at the age of 27.
- The book Rich Dad, Poor Dad was cited a few times throughout this week’s meeting as an investor’s go to for motivation and tips in the industry. The book pushes for financial stability and independence by way of investing, real estate and entrepreneurship. The New York Times Best Seller highlights the many values of financial literacy and achievement.
- -“Real estate started to make sense for me,” Walters said.
“Begin with the end in mind,” Rich Dad, Poor Dad by Robert Kiyosaki.
Useful scheduling system website: www.bplans.com
Available programs mentioned in the meeting include:
Offers federal assistance to buy down a mortgage and refinance into a reasonable loan. Requirements for I-REFI
- You have to be current on the mortgage for at least a year.
- Credit qualifies for an IHDA mortgage through a participating lender.
- Be within IHDA’s income application limits.
- You can access a participating lender at www.ihda.org/IRefi or 877-456-8656
Chicagoland Bilingual Landlord Association
- One-on-one consultations
- Leases and Rent Increase
- 5, 10 and 30- Day Notices
- Weatherization and other Resources
- Tenant Screening Packages inclusive of: Single Bureau Credit Report, National Criminal Background Check, Offender Registry Check, etc.
All services from CBLA are free with the exception of the last bullet point which is $35/55.
You can find out more about CBLA by visiting their website at www.sc4housing.org
Contact information for speaker Erick Soderberg: Erick.email@example.com