All Forum Posts by: Delroy Watson

Hey @Eudith Vacio I self-managed. No hiccups thus far with ADU. Thanks!

Hello Everyone,

I am reaching out to introduce myself and my project management services, tailored specifically for real estate investors seeking to offload project responsibility in the Chicagoland area. As a new investor eager to increase my experience and potentially scale my own portfolio, I am dedicated to providing comprehensive solutions that ensure efficiency, cost-effectiveness, and high returns on your investment.

My expertise includes:

1. End-to-end project management, from initial planning to final execution

2. Budgeting and cost control to maximize profitability

3. Coordination with contractors and suppliers

4. Risk assessment and mitigation strategies

5. Timely completion of projects to meet investment goals

By enlisting my services, you can focus on growing your investment portfolio while I handle the complexities of project execution. My goal is to streamline the development process, minimize risks, and enhance the overall value of your properties.

I would welcome the opportunity to discuss how my services can align with your investment objectives. Please feel free to contact me at your earliest convenience to schedule a meeting. I look forward to collaborating with any interested party and contributing to the success of your projects.

Thank you!

@Jonathan Klemm I do have contractor skills. Yes! I would actually do quite a few stuff different next time around.

@Jonathan Klemm I did both unit for 25k. Shopping around for good deals and being able to do alot of the work myself played a big role. Since I did alot myself, I had to eat the cost of vacancy since project completion would be longer.

Thank you @Dmitriy Fomichenko

Thank you @Ryan Spath

Investment Info:

Small multi-family (2-4 units) buy & hold investment.

Purchase price: $475,000
Cash invested: $25,000

2 complete units with an unfinished basement. 2 and half car garage. Basement will be converted into a ADU.

What made you interested in investing in this type of deal?

Two reasons:
1. I wanted to challenge myself by acquiring a property that need rehab. This is because i am interested in obtaining my GC license to kick start my own business.
2. The area, Portage Park Chicago, is an up and coming area with great rental metrics due.

How did you find this deal and how did you negotiate it?

Consistent real estate platform (zenlist, zillow, realtor, etc) search.

How did you finance this deal?

FHA loan

How did you add value to the deal?

1. Rehab of both units.
2. Conversion of base to ADU
3. Added Gate to access half parking spot.

What was the outcome?

Available unit was rented above market value.

Lessons learned? Challenges?

1. Ensure budget includes vacancies.
2. Create scope of work before project begins to manage material cost.
3. Vet realtors carefully.
4. Shop around for great deals.

Hi All,

I have only been in Chicago for 5 months and purchase my first investment property (house-hack). I want to build my network, get a better understanding of this market and share my knowledge with others. I am researching meet up groups here in the Chicagoland but, I am open to connect with others like myself (first-timers) and experienced investors over coffee!

 Portage Park Area

Thanks for all the feedback everyone!