Skip to content
×
Try PRO Free Today!
BiggerPockets Pro offers you a comprehensive suite of tools and resources
Market and Deal Finder Tools
Deal Analysis Calculators
Property Management Software
Exclusive discounts to Home Depot, RentRedi, and more
$0
7 days free
$828/yr or $69/mo when billed monthly.
$390/yr or $32.5/mo when billed annually.
7 days free. Cancel anytime.
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
Chicago Real Estate Forum
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated over 7 years ago on . Most recent reply

User Stats

32
Posts
15
Votes
Amer Mallah
  • Monkton, MD
15
Votes |
32
Posts

Chicago Edgewater Condo Flip

Amer Mallah
  • Monkton, MD
Posted

My dad & I are trying to get involved in some flipping in Chicago. We have a condo in Edgewater on the lake, with a unit facing the lake. 

In the past year, I've seen two other units purchased for 100k-140k, rehab and sold for 270k-280k 7-9 months later. There are two more on the market in the 280-310 range. The building just had an enormous assessment which was for a rehab of the entire exterior of the building (including balconies), and the dynamics of that are what I think is driving people out and creating an opportunity for flippers.

We'd like to be on the flipper side of this - but need some advice and mentoring on how to do this properly. I've been listening to the BiggerPockets podcast for months, so I know this is a great community for guidance. My big challenge right now is funding the rehab - I'd like to borrow the money, do the flip and repay, but not sure how to get started in Chicago. Any help would be appreciated!

Most Popular Reply

User Stats

2,717
Posts
1,689
Votes
Crystal Smith
  • Real Estate Broker
  • Chicago, IL
1,689
Votes |
2,717
Posts
Crystal Smith
  • Real Estate Broker
  • Chicago, IL
ModeratorReplied
Originally posted by @Amer Mallah:

My dad & I are trying to get involved in some flipping in Chicago. We have a condo in Edgewater on the lake, with a unit facing the lake. 

In the past year, I've seen two other units purchased for 100k-140k, rehab and sold for 270k-280k 7-9 months later. There are two more on the market in the 280-310 range. The building just had an enormous assessment which was for a rehab of the entire exterior of the building (including balconies), and the dynamics of that are what I think is driving people out and creating an opportunity for flippers.

We'd like to be on the flipper side of this - but need some advice and mentoring on how to do this properly. I've been listening to the BiggerPockets podcast for months, so I know this is a great community for guidance. My big challenge right now is funding the rehab - I'd like to borrow the money, do the flip and repay, but not sure how to get started in Chicago. Any help would be appreciated!

 3 options if you own the condo free and clear:

  • Refinance the condo & use the funds to renovate then sell
  • Put together a package to present to private lenders showing how much they could make partnering w/ you to flip the property.  The package should include the After Repair Value, The cost for renovation, any holding & selling cost along w/ the profits.  Then start attending meetings w/ investors looking for deals & shake some hands
  • Hard Money- Most hard money lenders we know won't lend against condos, but there's nothing for you to lose in doing some research & finding a lender that will do it. 
  • Crystal Smith
  • 3126817487
  • Loading replies...