Today I’d like to share an emotional story we received from Stephane, a real estate investor just starting up, looking to find his first property. I am withholding onto last name for privacy purposes. So, here we go…
I have been using several websites looking for foreclosures and other possible deals. I had about 50K to start with and I was looking at a fixer-upper, SFH 2 or 3 bedrooms, something in need of some repairs that can command a high price discount, even a foreclosure.
Being from Chicago, I have been looking on the South side of Chicagoland where it seems to be a good place to find such bargains. However, Chicagoland is huge and next to impossible to comprehend and stay accurate with all market prices.
My wost fear starting up as investor: how do I know if I can break even? How do I get the rent info? After asking left and right everybody pointed me to the local newspaper and even craigslist. Some also pointed me to ask local realtors. I got confident and picked up one property in Chicago Heights, IL listed for $55,000. Oh wow, that fits my bill I said and I jumped in my car and took off.
After driving for 45 min I get there, and then the reality hits me: ok, if i buy it, how much can I rent it for? I was scratching my head nervously, I was sitting there in my car and I called my friend who has several properties in neighboring areas.
His answer was: Do you have Internet on your phone? I said, sure, I have a Treo. Then go to www.zilpy.mobi and enjoy yourself.
I sure did because I was able not only to pull an instant free rent estimate of $858 right off my Treo, but also top 5 comps nearby in 2 seconds flat!! That was excellent and since I was already in the area, I drove by to see them. Oh WOW, I felt I started to love what I was doing for the first time!
Thank you Stephane for the great story. We at Zilpy love to hear stories like yours, where first time investors or even those with several years of experience leverage the power behind Zilpy when they need it and how they need it. You just saved a weekend worth of scouring newspapers and internet sites, making lists and putting properties side by side to compare apples to apples. www.Zilpy.mobi was created with convenience in mind, to quickly have access to do a reality check on a specific address or cross street.