Chicago Novice Flipper!

[Alex Huegle]

Hello BP!

I'm a recent transplant to Chicago (downtown) and am looking to get back into real estate investing, specifically fix'n'flips, and am seeking advice from seasoned veterans on the ins and outs!

Background: I'm from Cincinnati and did some investing there in the form of a few wholesales and flipped a SFH I found in partnership with my father's REI company. I've assisted with my dad's business since I was 14 doing house repairs for flips and holds, but I'm looking to complete this on my own now.

I work full-time, which I know is a hassle, but from my research on available deals it seems the margins are large enough given the home prices around here to account for private lending as well as a project manager to oversee the rehabbing. Note: I realize this eats into the profits significantly, but I don't have many other options without wholesaling. 

I've anyone who has experience working money lending and contractors rehabbing your projects I'd love to connect and ask you some things!

Thanks in advance!

[Account Closed]

Are you still looking to network in Chicago?

[Lumi Ispas]

@Alex HuegleWelcome to BP and to Downtown Chicago. We are neighbors!

As you just moved to the city and if you don't own a home yet here, have you considered doing your first flip with a 203K FHA loan, so the bank will finance your purchase and your construction loan with only 3.5% down?

That will be low downpayment and an excellent interest rate. Let me know if you want to talk further.  I used the same type of loan on a 4 flat and kept the building, however you can just flip it if that's your business model!