As of Friday I along with @Zachary Sargent are officially homeowners (technically our LLC's are) of a 4 unit property in Englewood, Chicago. Everything happened so quickly, just 3 weeks ago we were finishing up getting our no money down funding to start a project. Out of nowhere @Sean Jones got a call from a wholesaler to move on a property.

Thanks to Aaron and Sean's quick diligence and persistence we got the property under contract before it foreclosed! This Tuesday we're going to be bringing our GC to do walkthrough and get a solid understanding of what needs to be taken care of. The seller is responsible for fixing a few code violations (super small details like locks on doors). Our goal is to have the property finished and back on the market within 90 days. With the team we have in place that shouldn't be an issue. More details on this project as we get into the rehab process.

Rest of post regarding Saturday's meet up!!

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On Saturday we met up with the group at a property on S Michigan (past 59th). We weren't able to get into the property initially so we gathered on the front steps and talked a little about the group and did some introductions since we had MORE NEW MEMBERS!!!

@Ted Meltzer @Robin Pritts @Michelle Williams @Dhru Das @Albert W.

We emphasized our group using no money down techniques to get funding, as our members utilize these strategies we joint venture with new members and get into projects. Zach and I were up next for the project in Englewood and there are several others in the process of getting their funding aligned to get into the next property.

Sean got a call from the seller and we were able to head inside and check out the property. We usually start off by doing a walkthrough and then reconvening afterwards to discuss project options and what we liked or didn't like about the property.

This property as you can see from the videos is "pre-habed" and for some reason or another the previous owner has stopped the rehabbing process. Maybe they ran out of money or don't want it for another reason - either way we're interested because they've done most of the hard work.

Sean mentioned that usually the toughest part in starting a project is the demolition aspect, getting down to the walls is important so you can see what's behind everything.

The property is on the market for 180k, that's not going to happen so we'd make an offer around ~115k ideally. Rehab will cost ~120k at first glance. Looking at an ARV of ~300k or more.

Albert shared with us some great insight with his architectural background here, great to have so many skilled members in the CAI group.

If you're interested in participating with the CAI group, feel free to reach out to me for more information!

Chicago Action Investors - Zach & Cory's First Project!

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