I have been on the CAREIA board for less than a year and the least experienced in real estate investing on the board. I thought to myself what could I possibly share in this newsletter!  It’s my turn, so let’s get it done!  

The Importance of Perspective

My husband Bryant and I have a couple properties. We have made many mistakes along the way, some mistakes more costly than others.  Lessons learned when taken with the right attitude, perspective, and an action plan can be used to course correct for the future and they become stepping stones for success.  It’s important that we not allow our fears to hold us back from moving forward. I am learning that even if some of the fears actually happen, the experience, if we let it, can be a great teacher. Perspective is everything.  

Here are two influential books that have helped me navigate my fears:

“Feel The Fear… and Do It Anyway: Dynamic Techniques for Turning Fear, Indecision, and Anger into Power, Action, and Love” by Susan Jeffers - Jeffers introduces a powerful No Lose Model. She encourages us to affirm: “I can’t lose—regardless of the outcome of the decision I make.” This mindset opens us up to learning opportunities from every choice.

 “Do It Scared: Finding the Courage to Face Your Fears, Overcome Adversity, and Create A Life You Love” by Ruth Soukup - Soukup outlines the fear archetypes: The Procrastinator, The Rule Follower; The People Pleaser; The Outcast; The Self-Doubter; The Excuse Maker; and The Pessimist.  You can take the free assessment here to find out your fear archetype.

My Learning experiences

Here are some blunders that turned into valuable lessons:

Inspecting Properties: Always bring a flashlight when viewing a property without electricity. Have a contractor inspect the foundation during the buying process. Discovering issues early is far better than mid-renovation.

Collect W-9s Upfront: Get contractors’ W-9 forms before they start working. This makes tax time much easier when it’s time to issue 1099s.

Security Systems:  Install security system on vacant property.  With a Simplisafe system, you don’t even need Wifi. We didn’t know this until after property had been broken into. The security system also served as a way to check on contractors. We live an hour from the property and we suspected the contractor wasn’t spending that many hours on the project as it was taking way too long to complete.  Once we had the security system installed and contractor had to enter contractor code to disarm and arm, then we knew exactly how many hours the contractor was at the property.

Quickly Rent Multi-Units: If you have a multi-unit property, focus on finishing up at least 1 unit as quickly as possible. Unless you push the issue, a contractor is going to do what is convenient for them. Putting a unit in service and rented as soon as possible helps to pay mortgage and other expenses,  helps when it comes to tax time, you may also be able to convert from vacant insurance to regular property owner insurance, and having traffic at the property reduces chances of a break-in. I am not a tax or insurance professional, check with one for more information.

Test Used Appliances:  If buying used appliances, use them multiple times before a tenant moves in. Ex for a stove, use every burner and cook something in oven!

Thorough Applications:   On applications, make sure you get complete addresses including unit # if applicable and cross reference property owners with County records.  A thorough screening can save a lot of trouble later. 

Include All Residents on the Lease:  Make sure everyone 18 and over is included on the lease, even if they are added later. I will save a long story, but basically I was unable to evict someone residing at the property during the Eviction Moratorium  and then later could not go after that person for rent because the person was not on the lease.

These experiences didn’t break me; they taught me valuable lessons. Don’t let fear paralyze you. Embrace the No Lose Model, explore your fear archetype, and remember: you can always learn and grow from every experience. Feel the fear and do it anyway—do it scared!

Belinda Moore

Chicago Area Real Estate Investors Association - Newsletter

Upcoming Events

CAREIA Board of Directors

CAREIA Monthly General Meeting Monday, October 14, 2024 @ 7:00 p.m. Networking starts at 6:45 p.m. Hyatt of Lisle • 1400 Corporetum Drive, Lisle Topic: How to Make Real Estate Investing Work in 2024 and Beyond Key Note Speaker:  Lawrence Dunning https://www.careia.org/event-5682645 A Member's & Non-Member's Event Come ask our panel of long-term, short-term, and mid-term rental operators your nitty gritty questions! And decide which strategy to use in your first or next investment.  Panelist:  Rob Hayes, Steven Bell, Jillyan MacMorris.  Moderator:  Danny Galvez Whether you own 200 units or have no real estate experience, anyone who has an interest in real estate investing is invited to attend our General Meeting. Each month a different speaker will share information on topics relating to the many aspects of investing in real estate and being a landlord. Our General Meetings provide a great opportunity to network with experienced real estate investors from all over the Chicago land area. We also have an extensive real estate library for our members to use. The General Meeting is held on the 2nd Monday of each month. Want to learn more about CAREIA & Real Estate Investing? Follow us on Facebook (https://www.facebook.com/ChicagoAreaREIA/). Short Term Rental Sub Group Meeting  (Members Only Event) Monday, October 21, 2024 @ 7 p.m.  Portillo's Hot Dogs, 531 N. Randall Rd., Batavia, IL 60510 https://www.careia.org/event-5901184 Anyone who has an interest in investing in short or mid-term rentals are invited to attend our monthly STR sub group meeting. Each month we will have an open forum to discuss all things short term rentals. Real Estate Networking Night Monday, October 28, 2024 @ 6:30 p.m.  Portillo's Hot Dogs, 235 E. North Avenue, Glendale Heights, IL 60139 A FREE Member & Non-member Event https://www.careia.org/event-5682599 Cash Flow Game Night (Members Only Event) Wednesday, November 6, 2024 @ 7:00 p.m.  McDonald's off Highland Avenue 1 Yorktown Shopping Center, Lombard https://www.careia.org/event-5793236  Join us for fun and learn how to create streams of income so you can get out of the rat race and onto the fast-track with money that's working harder than you are! Dinner and Networking with Vendors Monday, November 11, 2024 6:30 - 8:30 p.m. Nonnie's Pizza • 1565 W 75th St, Woodridge Members & Guests: $15; Non-Members: $25; At Door: $30 https://www.careia.org/event-5879057 Short Term Rental Sub Group Meeting  (Members Only Event) Monday, November 18, 2024 @ 7 p.m.  Portillo's Hot Dogs, 531 N. Randall Rd., Batavia, IL 60510 https://www.careia.org/event-5901207 Anyone who has an interest in investing in short or mid-term rentals are invited to attend our monthly STR sub group meeting. Each month we will have an open forum to discuss all things short term rentals. Real Estate Networking Night Monday, November 25, 2024 @ 6:30 p.m.  Portillo's Hot Dogs, 235 E. North Avenue, Glendale Heights, IL 60139 A FREE Member & Non-member Event https://www.careia.org/event-5879053

President: Pete Gordon Vice President: Steven Bell Secretary: Rob Hayes Treasurer: Vanessa Krynen Librarian: Dwayne Denzinger Programing: Pk Kleinert Vendor: Vacant Newsletter: Belinda Moore Publicity: Vacant Membership: Danny Galvez Tech Support: Keith Jablonowski __________________ Our mission To support and promote local real estate investors though networking, education, support, leadership on legislative issues, and promoting professionalism and standards of excellence in the real estate investing industry. __________________ WORDS OF WISDOM “Don't wish it were easier, wish you were better. Don't wish for fewer problems, wish for more skills. Don't wish for less challenge, wish for more wisdom..” - Jim Rohn

 

Library Book of the Month

Work Just Gets In The Way Of Making Money: Simple Prosperity Through Real Estate Investing 

Scott Jelinek

MAKE MONEY on your schedule through REAL ESTATE
Do you feel stuck in a dead-end career? Would you rather work part-time, cash $25,000 checks regularly, and make $100,000 in just your first year? There’s more to life than what you are doing now. You have the ability to become self-sufficient and make serious money. The only thing holding you back is yourself.
Expert real estate investor Scott Jelinek understands how to achieve entrepreneurial success, and in Work Just Gets in the Way of Making Money, he shares strategies you can use to find, negotiate, and sell real estate. You’ll discover how to: • market for properties • calculate and present effective offers • obtain cash buyers for deals • flip houses for selling or renting • assemble a team of professionals • set yourself free to live an awesome life
This isn’t a get-rich-quick scheme―you’ll still have to work hard and study. But by following Jelinek’s step-by-step action plan, you can gain the confidence and knowledge needed to become a successful real estate investor with a predictable income.

Did you Know?

We have: Books, CD's, and even Movies!

Have you ever wanted to read a book or listen to a course but didn't want
to spend the money knowing if it was what you really wanted?

Well, that's what our Library is here for. It's for you to read, listen or even watch some great things on real estate without having to dish out the bucks!

Sometimes you will find you may want to purchase the book or program after you borrow it. Great, but aren't you glad you didn't pay for all the ones that just weren't right for you?

To check out materials:

• Only members can borrow materials
• Review inventory here: https://www.careia.org/LibaryList
• Fill out CAREIA Library request form
• Receive materials at the next General Meeting
• Materials are due back in one month
• Note. If materials are not returned, member is responsible for paying cost of materials for replacement.