Chicago Action Investors 7/2/16

[Cory Gardner]

Today the group met at a 2 unit, with an unfinished basement. Each unit had 3 bedrooms and 1 bathroom. We found the property on the MLS but didn't find out it had tenants until we showed up!

@Edward Richardson @Sean Jones @Zachary Sargent @Angie C. @Michelle Williams

We started out in the basement of this property and talked about the typical things to look for when walking through:

Electrical work, foundation leaks or cracks, piping, asbestos, gas meters, structural integrity (support columns, rafters) and heating (forced air water heater vs radiator boiler)

The basement of this particular property (according to one of the tenants) was actually a beauty salon about 20 years ago, so there was still a toilet in place on one side of the room, as well as an additional entrance.

Aaron mentioned that today gas companies prefer to have the meters on the outside of the unit for access, and since these were on the inside Peoples Gas would do the necessary work to route them outside the unit.

We traversed through the back entrance to the top floor and walked through, noting the floors, kitchen area, bedrooms and closets, bathroom and living/dining areas.  There was lots of opportunity for natural light because of several windows, though they were covered. We noticed the bathroom was on a slightly higher level - usually done for piping in the bathroom.  Additionally there was shower tile, not only around the shower area but up to the ceiling covering most of the ceiling to the door.  I didn't take a video walkthrough since there were tenants with us but it was a decent space that wouldn't need a ton of work, but definitely some cosmetic and aesthetic rehabbing.

I believe Michelle asked a question about purchase with tenants - Sean answer this one.

We also discussed why it's important for us to be investing in this area, though sometimes dangerous since we go as a group it's less of a threat for us.  First movers advantage means potentially huge gains down the road.  Look at what happened with Cabrini Green.  We have a similar vision for the South Side - give it time.

The next property we visited is an ongoing project acquired by @Albert W. and Heidi.  Pictures from this project have been in a previous blog here:  CAI 5/21/16

Huge difference if you watch the video from that previous blog post, a ton of work has been done to this property and it's looking fantastic.

Details for this property are on the linked blog post above.

If you're interested in learning more about the group feel free to reach out!

[Michelle Williams]

Another great session with Chicago Action Group!

[Victor Carreon]

This is awesome. I am new to REI and would love add value to the group if possible. I am excited to get started and looking to become a full time investor. How can I get more information on joining you guys for the next outing?