All Forum Posts by: Bill Fleener

Here are the proposed expenses.......

We have located what should be a great opportunity, but the numbers aren't working for me the way I'd hoped using the BRRRR calculator. Am hoping that I can get some opinions as to whether or not this deal might make sense... The property is a 2 flat in a nice downtown area.... It is old but could be fixed up for $50-60k hopefully . Hope to purchase it for $230k ish and ARV would be close to $400k . Of course we need to use other peoples money, so I'm trying to figure out the best way to finance this. Thoughts? Hard money? Get a money partner and split the equity?

Total rent would be approx $2300/month.  Taxes are $6k.   I would like to refinance this for $280k (70% of 400k) after a year into a 30yr conventional loan.   Or, does it make more sense to fix it up and flip after we rent it out?  Thanks for your thoughts and your time!!      

We are wondering if there are any regular "good" networking events in the Chicagoland area that you could tell us about. We are looking to meet investors, sellers, buyers,  brokers, dealmakers etc..  Any direction is greatly appreciated! Thanks.

Bill

Do you have to be a member of something to attend this meeting? Please advise. We are a new RE Investment company looking for new deals. Thanks.

Bill 

Thanks for the advice Jeff... deals are nearly impossible to find around DG... 

we were hoping to find something that we could work on close to home. 

Hey Steve,

Looking for a value add deal wherein we can update and remodel to increase value and rent .....

Ideal would be lower than market rents (currently), 6-30 units, 15-45 years old and price to be determined based on the deal.....  

We like the DG, Lisle, Westmont areas - close to trains and in a good school district.

Thanks for keeping your eyes open.

Bill  

We are just finalizing our company LLC and are starting the process of hopefully purchasing many multi-family properties in the next few years..... We have some questions that we were hoping someone that is familiar with Chicagoland could answer:

- We are looking for "value add" B and C properties in the western burbs (ie. Downers Grove, etc.) but they are hard to come by because the market is tight .... Any suggestions other than the MLS to find those deals? Direct mail to owners maybe? Please advise.

- I have been told that the best investment opportunities are in the city of Chicago, but we don't know it well and were worried about things that could come up that we don't know about..... any thoughts vs the west suburbs?

- Could you recommend the best multi-family real estate broker that we could use as a buyers broker or that would have access to inside deals? We need to start a looking at many deals to find good ones as you know. 

- We would love to connect with other area investors to learn more about the business, so please let me know if you are open to talking some time. 

Thanks for your time and help!

Bill Fleener 

I am starting a new real estate investment company specializing in buying (BRRRR) and holding "value add" apartments in the west burbs of Chicago preferably. Of course we would look at other opportunities if the deal was that great! We also realize the importance of working with a "top notch" multi family broker too, so we are looking for a broker that knows the multi-family market "inside and out and can lead us to some great deals. Please let me know if you "are that broker", or, if you can recommend one that could help us. Thanks for your time and help!

Bill Fleener

email: [email protected] 

Thanks for your time and help Glenn!  I really appreciate it!  Lets keep in touch!