All Forum Posts by: Albert Plawinski

I am interested in the reality of crime in the area. Yes, I am reading the crime statistics in the area, but is the area really as much of a "war zone" as some investors make it to be? My biggest concerns are 1) finding quality tenants, and 2) keeping my tenants and property safe.

I am looking at some properties in the North Lawndale area on the West side of Chicago. Anyone from this forum investing there? This is an area that has undergone some changes in the last two years. I wouldn't mind meeting up for coffee to chat about our investment strategies as well as networking with some investors in the area. The key to developing such areas is to have a strong community presence and a connection with owner-occupied buildings. Anyone out there?

I second (or third) the Zinus mattress from Amazon. There was a sale a few days back and a Queen cost me only $179.

I am a total beginner here. Before I even start thinking about investing, I want to make sure I have a well rounded knowledge of all the moving parts as well as hear real-life experiences from other forum members. 

At this point, I have a good understanding of how basic fix and flips work. What I am trying to learn is how most of this works on the North Side of Chicago. In some areas (i.e. Wicker Park, Ukrainian Village)  2 story (+basement) SFRs are available for sub $400k and sell in excess of $1M when rehabbed with high end finishes. These properties need a gut rehab.

There are 3 ways of financing these sort of deals: 1) cash, 2) hard money, or 3) mortgage. The latter is less preferable because these properties are often gone in matter of days. Does anybody have any advice on financing such a large sum? I researched Patch of Land, for example, and it appears that a $400k loan matches many of the criteria especially because the comps in the area for a rehabbed home are almost 3x the purchase price. 

Obviously, it appears that a deal like that (if you can get it before it's gone) is almost too good to be true. Has anybody done such a gut rehab into a luxury high-end home? Estimating that a gut rehab like that will cost $200k, there is still over $200 left in profit after paying for the debt servicing and paying all closing costs. What are approximate costs to do such a rehab? Simply, what can I expect to pay per sq. foot for a ~4,000 home?

I realize this is a lot of questions, but I am simply trying to understand how to analyze such a deal. I believe analyzing other rehabber's deals is important in order to learn and do similar kind of deals.

Hi everyone!

I just joined the forums and I am excited to be a part of this community. 

First, a little about myself:

I am currently a Law Student at the Chicago-Kent College of Law due to graduate in May 2017 with an undergraduate degree in Political Science. Although that is probably not relevant to investing overall, I have worked in a real estate law firm in the past and currently working in high-stakes privacy litigation.

Additionally, I am involved in the residential and commercial cleaning industry in the Chicago area. We often help short-term rental businesses turn over units before the new guests arrive. The business also consists of move in and move out cleanings with bigger residential leasing/rental businesses and regular cleaning services with individual clients.

When it comes to construction, I have worked in the past to acquire a REO property and remodel it extensively. Furthermore, I have family members and connections who are able to complete construction jobs quickly and cost effectively.

And thus, this brings me to REI. With some of the experience (especially construction) I feel that it is only natural to take steps in investing. My plan is to buy from wholesalers, remodel, and sell. Down the road I plan to the same, but keep some units as rentals.

I would love to connect with like-minded people and potentially some wholesalers and agents.