Real Estate Deal Analysis & Advice
Market News & Data
General Info
Real Estate Strategies
![](http://bpimg.biggerpockets.com/assets/forums/sponsors/hospitable-deef083b895516ce26951b0ca48cf8f170861d742d4a4cb6cf5d19396b5eaac6.png)
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
![](http://bpimg.biggerpockets.com/assets/forums/sponsors/equity_trust-2bcce80d03411a9e99a3cbcf4201c034562e18a3fc6eecd3fd22ecd5350c3aa5.avif)
![](http://bpimg.biggerpockets.com/assets/forums/sponsors/equity_1031_exchange-96bbcda3f8ad2d724c0ac759709c7e295979badd52e428240d6eaad5c8eff385.avif)
Real Estate Classifieds
Reviews & Feedback
Updated 8 months ago on . Most recent reply
![Martin Neal's profile image](https://bpimg.biggerpockets.com/no_overlay/uploads/social_user/user_avatar/829592/1621500071-avatar-martinn6.jpg?twic=v1/output=image/cover=128x128&v=2)
Another Successful BRRRR in Chicago!
I'm so happy to have completed this deal! There were a lot of hurdles to overcome with this deal. The biggest being the leaky basement but I was able to persevere.
Challenges: Finding a quality electrician, fixing the leaky basement.
For some reason, I cannot find a quality electrician. They all seem to be overpriced for subpar work or just incompetent. I had to fire two electricians on this project. The first one showed up unprepared to do the job and the second one couldn't show up when he was supposed to.
The basement was my biggest headache. From the picture with the black tar on the wall, I knew this was going to be a challenge. I budgeted knowing I was going to have my work cut out for me. I let my contractor try the old hot tar and hydraulic cement trick but it clearly didn't work. Next I called PermaSeal who filled two cracks for $600 each. This slowed the water down but did not fix it. PermaSeal recommended a drain tile system which I agreed to. After realizing I could get the drain tile done quicker and cheaper than what PermaSeal offered, I switched companies. After the drain tile was installed, the problem was fixed.
Purchase Price: $39K
Rehab Cost: $32K
ARV: $100K
As you can see from the pictures, We redid mostly everything here; Windows, doors, flooring, kitchen, bathrooms and drain tile in the basement.
On to the next deal!
![](https://assets0.biggerpockets.com/uploads/uploaded_images/normal_1613356220-Screenshot_2021-02-14_at_8.27.59_PM.png)
Most Popular Reply
![Mark Ainley's profile image](https://bpimg.biggerpockets.com/no_overlay/uploads/social_user/user_avatar/172416/1621421406-avatar-gcrealtymgmt.jpg?twic=v1/output=image/crop=2831x2831@0x0/cover=128x128&v=2)
- Property Manager
- Roselle, IL (Chicago Suburb)
- 1,412
- Votes |
- 2,024
- Posts
@Martin Neal Nice job! The big guys like Perma Seal and US Waterproofing always seem to be more expensive and have longer lead time but you can count on their quality until you get a more independent guy that has flexibility and is typically cheaper. If you ever need a crack guy I have a quality guy that is a third the price per crack.
- Mark Ainley
- [email protected]
- 630-781-6744
- Podcast Guest on Show #72
![business profile image](https://bpimg.biggerpockets.com/no_overlay/uploads/marketplace/business/profile_image/717/1712787495-company-avatar.jpg?twic=v1/output=image/contain=65x65)