All Forum Posts by: Evan Thoma

We attempted our first flip and we ended up going over budget. We planned to be finished months ago but our GC stopped showing up to the property and was sending us photos of work that didn't actually happen. Long story short we need to sell this thing. We put about $57,000 worth of work in including new kitchen, fixed driveway, new garage roof, all new paint, refinished floors, new tile in kitchen and bathrooms, new appliances, and a lot of other minor fixes. We need to unload this project. There's roughly $10,000 of work to get this home on the market. Reach out and I'd be happy to discuss as I have a link to more photos. 

This is a 3 bedroom 2 bath with a 2 car detached garage within walking distance to the Metra in Bellwood. We drywalled out the basement for a 4th bedroom and entertaining space as well as put in a utility room. The bathroom downstairs is partially complete. The garage needs some new siding. The basement needs to be painted and the flooring needs to be done. Upstairs needs cleaning as the GC was sloppy with their grout work. Need base boards on main floor, touch up paint, and other minor aesthetic touch ups. 

Hey @Alex Bok I just emailed you. 

Albany Park is the place to rehab right now. Within the area I pulled comps in (1/3 of a mile, 6 months back) the monthly supply of homes is 1.7! The average market time for rehabbed homes is 15 freaking days!!

Quick Numbers...

Asking: $170,000

Repairs: $170,000

ARV: $500,000

Taxes: $4,293.02  (2015 paid)

Okay, about the property. This is a corner lot, frame 3 bedroom 2 bath that needs a GUT rehab. If you spend $170,000 on this rehab you'll be able to get this thing to a 4 bedroom, 4 bath, roughly 3,000 sq ft beauty that is a "like new" listing. I recommend extending the home back and getting rid of the rear deck. You'll be able to fit 3 bedrooms on the second floor as well as a laundry room. I'd have 1 bedroom/office on the first floor (basically a room with a closet). Do as much with the basement as your budget will allow as it's not that deep. 

After all monthly expenses (loan payments, taxes, utilities, etc), closing costs, Realtor Fees on the end sale, appraisals and even adding in a home warranty this property should net over $100,000 profit really any way you slice it and can be done in 6-7 months just in time for the new school year. 

Hey @Khris Mcafee shoot me an email at [email protected]

My business partner and I are looking for a personal investment. We are looking for 5+ units in Chicago or surrounding suburbs (ideally within 25 miles of the city and north or west of 290). We are looking for already tenanted properties that have positive cash flow and have the opportunity for value adds such as increase in rents, light cosmetic rehab, improving management, etc... 

If you have inventory or access to properties that match this description please reach out as we're looking to close on something as soon as possible. 

@Gabriel Cardenas First off congrats on being accepted into college. A great step to take. I would start trying to connect with people around where you'll be attending school. Reach out to investors, agents, etc so you can learn how to best help them. Wholesaling is much like being a real estate agent in that it takes a while to lay the groundwork and then when things get going they GET GOING. Take a few people out to coffee and see where that gets you. Nothing will help you on your pursuit to wholesale faster than networking and learning from others. If you have any questions about the wholesaling process I'd be happy to help walk you through them. Best of luck!

Hey @Ryan Piotter,

It's great that you've been analyzing deals. That's a great way to get comfortable with the numbers. That being said there's nothing that will build more confidence than actually taking the step. PM me if you'd like to connect, I'm a wholesaler and I'm also connected with a few great hard money lenders. Best of luck with your real estate endeavors!

Properties:

6424 S Hermitage Chicago/ 3 bed 1.5 bath

13141 S Eberhart/ 3 Bed 1 Bath

Both houses are brick. Full gut rehabs. See image for more details. Taxes are up to date. 6424 S Hermitage has building violations (had a fire in 2010)

Call me at (312) 883-5824 as these properties really won't last long. 

Hey Bigger Pockets,

I'm in need of a frame duplex, ideally 4 beds and 2 baths (2x 2/1) that needs work and can be picked up for less than $30k. If you have any 2 flats on the south side of Chicago that are near that budget let me know! Can purchase with cash and close in less than 10 days. 

@Jacqlyn Stoltenberg Welcome to the BP community! You'll have to reach out as soon as you're in the Chicago market as we do a lot of business finding deals for rehabbers/flippers. I can't recommend enough going through the top "Sticky" posts in the forum categories that you're interested in. For rentals you can find info on the forums Here and for flipping you can find info Here. Hope that helps! Best of luck with your real estate endeavors!!