All Forum Posts by: Andrew McCotter

Hey BP! Anyone got a good recommendation for design apps I can use on my phone? Something along the lines of uploading pics of my units to it and being able to add different designs.

Lets hear what ya got!

Hi BP Nation!

Partner and I are in the middle of buying a 3 flat in Chicago. Plan to pay cash ($600K purchase price) and do some relatively light rehab. 2 units need a new kitchen and a new bathroom. All the units need flooring/paint. Rehab should be around $30-$35K. One unit is vacant, one is Owner Occupied, and the third is under market rent. 

What would you do with this property to ensure you could pull the most cash out? Wait until the rehabs are all done and new tenants are in all the units? Anyone work with a smaller bank in Chicago that could help with this?

@Mark Ainley Thanks Mark, yeah we're backing out of the deal. 

If you ever wanted to connect, feel free to reach out. My partner and I have saved up some money from the other business we run, and we're trying to get into some BRRR deals to get our real estate portfolio going. Currently, we have 20 condos in the city between us, but we're looking for some multi-families in the areas that seem to be appreciating a little better (Logan Square, Avondale, West Town). Would love to hear your thoughts on the market.

Show 72 was great by the way!

Hi BiggerPockets Community!

Myself and my business partner are looking for a hard-working, deal-finding person in Indianapolis to partner up with on some deals. We're mainly looking to BRRR small multi family buildings.

A little background on us:

We are both from (and currently live in) the Chicago area. We own 20 doors between us, and have been actively managing our rentals for about 5 years now. The property tax situation in Illinois frankly worries us, so we're actively looking at new markets in which to invest.

What we bring to the table:

Most importantly, cash. We have been fortunate enough to run a successful (Non real estate related) business for several years. We've manged to save up quite a bit of money. With that business experience, we've become very good at cost analysis and project management. Excel skills are very solid as well.

What we're looking for:

We're looking for someone who can hustle and find deals. Are you organized with your information and willing to spend the time to put together a deal and explain WHY it works? If so, we'd love to chat. We'd prefer someone with a couple deals under their belt who knows how to handle a rehab, and has some experience with contractors.

Feel free to reach out if interested. Or if anyone knows someone that we should talk to, let me know!

@Nathan Mount We have a signed contract, we're planning to back out if we can't figure out what to do with it. But we feel it was a really good price. Haven't seen anything that cheap come along in that area.

And yes, they tried to conceal the lean. Appears they glued the access to the crawl space shut and added cement to the exterior of the building to try to make it look like new foundation was poured or something.

My business partner and I have a property under contract in the 60647 zip code in Chicago. We just completed the inspection and realized the building is leaning pretty significantly. We couldn't get in the crawl space because the current owner glued the hatch shut. The land value of the property seems to be around $320K - $350K from what I'm seeing in comps.

A little background on the property:

2 Flat originally built in 1898

Purchase Price - $320,000

Lot Size - 2178sqft

My question - Has anyone dealt with fixing foundations before, and if so, is it worth it? Anyone familiar with this area who might want to partner on this deal?

So I read all the time investors saying "If you find a good deal, the money is out there". But I rarely hear the other side of that equation.

Anyone out there a hard money lender/ever put cash into someone else's deal. How did you go about finding those people with the deals? What did your partnership look like, just 50/50 split?

I've been doing some internet browsing looking for a robust excel template where I can track all the relevant numbers for my rental props.

Anyone have a template they like/are willing to share? 

 @Jason Allen Good stuff. Never heard that bit before about equity stripping. Will definitely be calling my lawyer this week to ask about that. Thanks for the tip!

Karen, great advice on the emergency fund. I'm a person who hates having cash sit in a bank account collecting little to no interest, but I'm definitely going to make a point to keep some cash liquid.

You make a point in here that has always been my biggest question with things like the BRRRR strategy. At what point (roughly) do banks stop giving you loans (whether its cash out refi or an upfront conventional mortgage)? Are people really getting banks to give them 100+ loans?