All Forum Posts by: Alexander Chavez

@Bradley Levy I have a similar project I am planning on doing in the near future on my brick 2flat's unfinished basement (about 1000 sq ft) in Chicago. Keep me updated on how this goes for you if you decide to get it done.

@Mike B.  does the 7' 6" ceiling height include any HVAC soffits or is just the general ceiling?  Also, the basement floor (concrete) has slight slopes to them near areas where there are drains in the basement floor, is there anyway to even these out with thin layers of concrete or will that have to be dug and filled with thicker layers of concrete? If so what is a rough estimate on something like that

@Brie Schmidt Thanks for the information I greatly appreciate it. I will stay away from MLS properties unless I know I can get it much lower than the listed price.

@Brie Schmidt Thank you for the thread link! So would you recommend not evening attempting to Wholesale ANYTHING listed on the MLS even if you can offer (to the end buyer)a lower price than what is listed on the MLS? Would this in general look bad or create a bad rep of the wholesaler to his possible investors/buyers?

@Mike York 

 Thanks for the response. How did you go about finding that specific seller and contacting her? Also, do you know how she knew to put that clause in the contract?

Hello,

I am new to REI and have a few questions dealing with wholesaling. I would like to hear anyone's experiences in wholesaling properties that are listed on the MLS. How has it gone with this? Do you deal with the seller or the sellers Realtor and how welcoming are the Realtors to these types of deals. I will be operating out of Chicago so if anyone from Chicago would like to share some experiences and or tips I would greatly appreciate it.

Thanks! 

Thanks everyone for the welcome and tips!

@Gautam S. I am focusing on the NW but am open to other areas as well

In my rental (two flat) I do not pay for the gas or electricity, instead I had the tenant call the utility company and sign themselves up for that.  This only works if you have separate meters for the two floors for both the gas and electricity.I think this is a better way to go (for me at least) because you have no control on how the tenants use these utilities and could be capable of leaving lights,AC,TV's Heat etc. on for unnecessary periods of time which in the end could become a large variable cost.   But I do have to pay the water every 6 months but that is not metered so I get charged a set amount no matter how much water is used (still need to determine if it would benefit me adding a water meter or not). So it usually depends on the landlord. Some may not have the tenant pay utilities directly and instead the landlord pays the bill but would make sure to charge sufficient monthly rent to cover for those costs.

Hope this helps

Hello Everyone!  My Name is Alex and I am new to BP . I work a full time job as an Engineer making machines for manufacturing companies, but I have always wanted to invest in real estate and am now starting to get into the finer details of it so I can take it on as a part time and eventually have it become my fulltime job. I am focusing on starting with wholesaling and eventually begin rehabbing houses myself for quick flips and flip and holds.

I Recently Bought and Rehabbed a Brick 2 flat in the Northwest Side of Chicago (Irving/Avondale Neighborhood) where I am now living and also renting. It was a complete gut rehab (down to the studs) and I performed a lot of the work myself and worked directly with the contractors I hired so that I can learn about the work and costs involved in these types of projects.

I am Hoping to make connections with people who have experience with wholesaling and rehabbing and build relationships with possible mentors, investors, and cash buyers in the Chicagoland area. I would like to focus on the up and coming Northwest Side of Chicago Neighborhoods to start with and then expand to other neighborhoods.