All Forum Posts by: Chris Wienke

@Lumi Ispas That is very helpful, thank you. I had the same thought with lot of the positives you mentioned. The rental restrictions and health of HOA/potential for special assessment are definitely top of the list for things to watch out for.

@Jeff Valentino I was seeing the same thing.  I also saw that there's a networking meetup this coming Tuesday.  I sent a request to join via meetup, hopefully I'll see you there!

@Michael Barbari  @Dominick Adolfo  thank you both for your input, confirmed a lot of what I was thinking.  

Since you're both familiar with the area, what are you thoughts on best towns around there for flips/rentals?  I've spent the last 2.5 years managing a commercial shopping center there and am looking to get into my first rehab project.  I have some good contacts with contractors, lenders, etc. in the area which is why I figure it could be a good place to start, but I grew up north of Chicago and don't have much familiarity with the housing market in the south burbs (yet!).  

@Michael Barbari I don't have a specific deal in mind at the moment, just exploring the idea and want to see if I am barking up the wrong tree with thinking condo vs. SFH.

Have you had any experience working with rehabbers in the area/any insight on flipping a condo there? 

Does anyone have experience flipping a condo in the South Suburbs of Chicago (or flipping a condo at all for that matter)?  It seems like a decent option and the condo market in the area I'm studying (Oak Lawn) is strong with ~4 months of inventory and 79% of attached 2BR/2BA properties selling over the past 12 months.  

I realize that rental rules could be an issue in the event it's not selling and plan B (BRRRR) needs to be executed. Assuming the building is renter friendly, what would some other major differentiators be between a SFH and condo? Financing issues? other things I know I'm not thinking of?

Any input would be appreciated - thanks from a newbie,

Chris 

Hi @Corinthus Wilson - I can't help with the schools you mentioned and I'm not sure if you've already looked into other schools and narrowed your list to those, but I took my classes at the Chicago Real Estate Institute at 2711 N. Halsted.  I enjoyed the classes there and was well prepared to pass both the state and national exams on my first try. 

http://chicagorealestateinstitute.com/

**I am NOT affiliated with this school in any way, just sharing my experience**

Hi everyone,

I've been on Bigger Pockets (podcasts, forums, reading the books..) for several months and admittedly have not been good about posting, but that changes today with this re-introduction! 

I currently work in a small family owned real estate firm, am an IL licensed broker, and have experience in property management, project management/capital improvements, and brokerage on the commercial/industrial side. I am eager to grow my personal business into acquiring distressed properties for flips/BRRRR.

I would love to connect with some local rehabbers/investors in the Chicagoland area.  I am ready to get into my first deal and have about $30K saved up to put some skin in the game.  I'm looking to partner with and "shadow" someone who has experience in this market and in these disciplines.  It would make me (and my wife!) a lot more comfortable and confident in the process.  I have a lot to bring to the table with regards to skills and experience, time to commit, and the eager willingness to learn and be successful as a rehabber and partner.  

Looking forward to connecting! 

Chris Wienke

@Nick Versetto that's a great story, congrats!  Was the property in the South Suburbs or closer to the city? 

@Patrick O'Neill

 I was thinking the same thing as far as calculator access goes.  Thanks for the info! 

@Patrick O'Neill  & @Adrian Chu  have you found that the pro upgrade was worth it?  I'm pretty new to BP and trying to decide if I want to make the move.  Thanks in advance for any input!  

Thanks everyone.

@Dale Stevens Finding a couple of good networking groups is definitely something I want to do.  I will be out of town starting Thursday for the holiday so wouldn't be able to make that one.  What's the name of that group, and does it meet regularly?