All Forum Posts by: Angela Dani

Looking only to fund rehab. That’s why I’m reaching out to the community for ideas.

Purchase price: $160k

ARV: $275K

Rehab: $40K

Looking for private/hard money to fund the rehab.

Thank you,

Angie

Purchase price: $160k

ARV: $275K

Rehab: $40K

Looking for private/hard money to fund the rehab.

Thank you,

Angie

So I recently visited a property that was completely gutted to the bones. It’s considered an R1 but compliant as a 2 flat as well. I figured this is a great foundation to work with if I want to flip it. But it was interesting to see contractors tools left behind, and a permit paper stating a date of March of this year on the floor, so it looks like it was an abandoned rehab and one of the FOIA documents alleged to the contractor not finishing out the job to what they were paid for. I pulled the FOIA papers from the city and received lots of documents I frankly can’t seem to understand. I am essentially wanting to figure out what happened with this property -if there’s anything legally I should be aware of before pursuing placing an offer. The current asking price is way overpriced considering it’s not in a livable condition, especially compared to other comps in this area! Should I reach out to a real estate attorney or is there any other type of person out there who would be able to help go through these documents and consult me in whether this property is worth further pursuing? Would it maybe be worth me just reaching out directly to the owner and asking his side of the story? Any advice on what to do here with this gutted home and FOIA info would be greatly appreciated,

thank you BP friends!

Thank you everyone for your responses! This has given me a lot of insight on what my approach shift will be! 

Hello BP Fam,

Curious to get your thoughts on this. I have been spending a lot of time on sites like Realtor.com, zillow, redfin, MLS, etc. learning to search and scavenge for deals in the area's I'm interested to start flipping in Chicago. I do believe this is a good method while starting out to get familiar with the types of listings out there, however it is SO time consuming to make a list of properties, pick the ones to analyze, and then decide whether they are worth pursuing. I came across a few website services that claim to provide you a list of leads that are 20-50% off retail price with the ARV's and profit potential already done for you. Some are free, some require to pay a premium to access.

Are these sites legitimate for deal findings? The idea of the front end research work already being done sounds ideal, but haven't these properties already been through too many hands to end up already analyzed for others? How are they coming up with these profit values and how accurate are they to even trust? Are these wholesalers marketing their properties? Have people (in Chicago) found any success using sites like this instead?

I still work full time and spend my evenings moreso web browsing properties and feeling like I'm not getting as far as quickly as I'd like to. What have you guys found is the most time efficient way to search and analyze deals?

Thanks!

Forgot to mention we are in Chicago. So if anyone has particular experience in Chicago, I'm curious to hear what your biggest lesson learned was!

I've been listening to the podcasts and audiobooks everyday for a solid month now, and dove into viewing low-income area properties with decent knowledge and proper resources in place for flipping. This is a new field of work for me (engineering degree), and have really enjoyed learning from hearing peoples experiences flipping, but have not gotten much insight from peoples experience/lessons learned with investing in up and coming areas for multifamily home flips. Any tips, tricks, recommendations, things I should know as I dive into this venture from your experiences?

Thank you!