Chicago Action Investors 2/20/16

[Cory Gardner]

Chicago Action Investors Meet Up

This week we had a great meet up with new faces!! Each week our group is growing with new investors, new knowledge, and new DEALS!!

@Account Closedand @Aaron Vaughn on the south side of Chicago.  Talking points at this property involved the scope of work for the gut rehab fix/flip - investors walked through and pointed out what needed to be attended to and what each individual might do to improve the property.

The second property walkthrough was at a fix/flip bungalow also on the south side.  This property would need extensive rehab and even some architectural work, as an additional room would need to be constructed either by utilizing the "doormer" method in the attic or restructuring the main floor by knocking down walls.

The third property walkthrough was at an active gut rehab fix/flip deal that Dhru and Aaron are involved with.  There was a fire in the property so it will be very simple gut work.

Finally the group caravanned to a rehabbed ranch property for a comparison of the quality of work.

Action Items

• The offer for the fix/flip Sherrie and Aaron are working on was accepted, for just above the listing price (multiple buyer situation).  This week the title will be assigned and contractors will be contacted to begin examining the scope of work.
• Jerry and Ted's buy and hold is still an active property, they are going for Section 8 housing
• Patrick and Valarie have secured their Lines of Credit to start their first project with the help of a financial aid and will begin searching for a project to get involved in with Aaron
• Dhru and Aaron are underway on their first deal together on the second property visited. The acquisition cost is rather low (listed ~20k) and they are looking at ARV of ~115-120k however the rehab cost will be a large investment since it has severe fire damage (smells like $$$)!
• New investors are networking and new partnerships will be formed.  We are using lines of credit as a primary source of funding and EVERYONE is loving it so far

Take-Aways