Another Successful BRRRR in Chicago!

[Martin Neal]

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!