All Forum Posts by: Alexander Chavez

Hi All,

Planning on doing some house flips in the city of Chicago (specific neighborhoods on the NW side). I recently created an LLC for this. I am now wondering if the LLC will even help for the house flips. Depending on the property type and condition I am looking more into using a bank(conventional investment-20-25% dwn---yes I understand property has to be livable upon purchase) or rehab loan lender(20% dwn of purchase + rehab cost) for the project since I will have enough funds through a HELOC for the down payment, but not enough to purchase and fund the entire flip completely. The problem is I can only obtain the loan under my personal name, since the LLC does not have 2yrs worth of income. Is there a way to have the loan under my name while having the title under the LLC and would any bank allow you to do this? Would this even make sense to do, anyone have experience in doing this? Would like to hear your thoughts and any recommendations you may have. I guess the whole idea of starting the LLC was so I can protect my personal assets in case anything goes drastically wrong with one of the flip projects, as well as to expense the costs associated with the flips (which I may be able to do without the LLC regardless?)

Trying to figure out my options. I understand hard money could be an option to purchase it all cash through the LLC, but since I have a decent amount of available funds through my HELOC it would be nice to avoid the high interest rates and points that comes with hard money. Not ruling hard money out completely, but just trying to explore my options.

Hello,

I am about to start searching for homes for some fix and flip properties and wanted to get some peoples thoughts.  Is it frowned upon or just not good to use multiple agents to find properties or send you listings?  I am just getting started on this so before I choose an agent or agents I wanted to see what people think?

@Phillip Powell does your company do work a lot in the city of chicago? You can PM me some more details.  Thanks for reaching out!

@adam 

@Adam Farag I do not have a deal under contract yet, just trying to get my ducts in a row before I do and have my list of potential contractors ready to hit the ground running as soon as I do.  PM the contacts, I would greatly appreciate it!

Looking for contractors who do work in Chicago. I am trying to build a team for my fix and flip business, and am looking to add some contractors to my go to list.  The properties will be on the Northwest Side of Chicago (NOT the NW suburbs, but the actual NW side/neighborhoods in the city of Chicago).  If anyone has any recommendations or if there are any contractors out there who would be interested please send me a message.

Thanks!

@Brie Schmidt

Can you send me the property analysis you have came up with, I will PM you a reminder.  I would love to take a look at them.

I am in the process of establishing my LLC. The LLC will focus on fix and flips in the Chicagoland area. I would like to have a domain name for my website to match the name of my LLC. The .com version for it is already taken but there is a .org version available. What are people thoughts of having a .org website for a business??

I know I can try to make an offer on the already taken domain name but am curious to see what people think of a .org website and if and how it would affect your decision on doing business with someone just because of this?

@Mark Ainley

Thanks for the heads up.  It is in Chicago, basically on the border of Avondale, Kilbourn Park, and Old Irving park neighborhoods. 

Trying to determine what my current property is worth in Chicago.  I feel like sites like zillow and others are not super reliable for determining this.  Anyone recommend a site that has worked for them and gives a realistic number.  Or even better any Chicago real estate agents willing to analyze my property for me, if so inbox me and I can provide you with the details.

What would you recommend?

I plan on using the equity in my home for a fix and flip project in Chicago. The plan would be to acquire, rehab and sell within 6 months. For this would you recommend a HELOC or cash out refinance, and WHY?

What are the main differences between the two? 

Also any recommendations on a bank to do this with that offers good rates, will borrow above 80%LTV, and will cover the appraisal.