All Forum Posts by: Ibn Abney

@Alec Clasen IMO I wouldn’t recommend borrowing any money from your father or anybody 1) because it sounds like this is your first deal 2) he is near retirement 3) all investments involve risk, 4) owner occupancy provides many low down payment options.

FHA/203k/conventional financing can get you into your first deal with as alittle as 3.5%-10% down. Depending on what you choose.

check out bronzeville, Bridgeport, or kenwood. A lot of great things happen out south. Less than 3 miles to the downtown Chicago. In that price range

Once you get a few deals under your belt then partnering to scale is a good next step.

My 2 cents. Good luck!

This group shares and discusses all things Real Estate!!! However, we share a specific bond and interest in Developing the South East Side of Chicago.

Real Estate Investing is a Team Sport!!!

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@Mariana Rojas  Hello! I love the midway area. Lived there for years!! great long term value in my opinion.

1) check with zoning. 

If you can build would be great. I would try to get permitting for 2-4 units if possible.

2) New construction would run you about $165 sq/ft  in the area.

Im looking at a new construction project for a 1300 sq ft sfh near 66th/western

if you need to tear down the existing structure may be more. 

3) first steps is get architecture drawings, understand the utilities needed, then permitting.  

@TAWANNA HENRY  Reach out to Tawanna!! @Eden Amsalem

Good Luck!

@Ehimen Sedenu IMO i dont think there is any  % loss. The market/potential buyer for a WC is different than the market for a NWC.

Nonwarrantable condos are more attractive for investors due to the difficulty of conventional financing. Most home occupants will not pay all cash and/or have desire to pursue financing for such an investment.

Nevertheless, a NWC will be much harder to sale so the value will probably be lower. However, NWC can be very lucrative for investors as rents are normal market rates but entry price is lower.

@Russell Barnes @Joel Zawko Please do come out and join the team on Saturday!! Definitely would love if you joined us.  

We have a special guest and some exciting announcements regarding the upcoming months!

Hope to see you all soon!

@Arturo Andres Lara Chicago is a great place to invest. Every city has pain points and issues. Chicago is no different. 

Taxes in the suburbs are much worst than the city! I think the city has a great mix of cash flow and upside potential via appreciation compared to other Midwest markets, besides Texas and That prob more South than Midwest. 

Hey Bpers!!!

The South East Chicago Real Estate Club is putting together a Team for the Susan G. Komen 5K race on Sunday May 12th. 

$20 Fee includes race, shirt,  and all proceeds go to Breast Cancer Research. Very dear to my Heart!!

Join the Club after the race for Beers and Laughs!! 

Health before Wealth!!

@Dominykas Bickus

1) The B in BRRRR stands for Buy, not Build! If you Build then no need to Rehab!! :-)

2) 60 days from purchase date with proof of improvements for a commercial loan. 6 months for a residential loan

3) Any bank which provide mortgages can do a BRRRR. in banking term used is just refinance or cash-out

4) FHA is a great way to good. 203K loans are good for a BRRRR. House hacking and seller financing are two good ways to get units for the low-low.

Good Luck!

This group has a specific focus and shared interest in Developing the South East Side of Chicago.

Welcoming all Investors, Lenders, Contractors, Wholesalers, Trade Professionals, Veterans, first-time home buyers, community leaders, and anyone interesting in REI.

We will network and share experiences. We discuss ALL things Real Estate!!

www.meetup.com/South-East-Chicago-Real-Estate-Club