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All Forum Posts by: Evan Thoma

Evan Thoma has started 13 posts and replied 35 times.

Post: Aspiring Chicago House Hacker!

Evan ThomaPosted
  • Real Estate Investor
  • Chicago, IL
  • Posts 50
  • Votes 22

@Meera Lakhavani Welcome to BP! I don't know much about Pilsen but I did a little bit of research using the MLS. Currently there are 6 active listings (some under contract already) that are between 2-4 unit buildings ranging from $150,000 (needs lots of work) to $800,000 (recent rehab, 100% occupancy). For such a small area having 6 listings currently active is pretty decent. 8 multi units have sold in the last 6 months there so investors ARE picking up properties that need work and successfully turning them around. I'd say you found yourself I neat spot to focus on. Hopefully this image can give you an idea of what you might be able to pick up properties for. Best of luck with your investing endeavors!

Post: Southside Chicago Investors

Evan ThomaPosted
  • Real Estate Investor
  • Chicago, IL
  • Posts 50
  • Votes 22

Sherri,

There are plenty of buyers on the South side of Chicago. I'm sure you won't have a problem networking with them. 

Post: Send me your Dupage County Rentals!

Evan ThomaPosted
  • Real Estate Investor
  • Chicago, IL
  • Posts 50
  • Votes 22

I need a rental in Dupage County that cashflows (Naperville, Glen Ellyn, Downers Grove, etc) . Looking for a cash on cash return of around 15-20% or $450-500 a month after expenses. 

Interested in Townhomes, 3 and 2 bedroom condo's or SFR.

Call me at (312) 883-5824 or email me at [email protected]

Post: Loan Approval: Sweat Equity Report

Evan ThomaPosted
  • Real Estate Investor
  • Chicago, IL
  • Posts 50
  • Votes 22

@Josh Sartori, I too would be interested to see how someone reported their sweat equity. I don't see too much of that. 

Post: Probate attorneys in Chicago

Evan ThomaPosted
  • Real Estate Investor
  • Chicago, IL
  • Posts 50
  • Votes 22

@Account Closed what's nice about attorneys is that a lot of the good ones are on Yelp. When I was a full time agent in Chicago I always checked the status of attorneys, lenders, etc, on Yelp because the good ones are almost always there. I'd suggest calling as many as you need to in order to find the one that fits your needs. 

Post: How to find experienced General Contractors

Evan ThomaPosted
  • Real Estate Investor
  • Chicago, IL
  • Posts 50
  • Votes 22

I'd love to write a long post about all the different ways one can dig up great general contractors but the reality is that if you're looking for contractors you most likely need them NOW. I see questions everyday relating to general contractors: finding them, negotiating with them, trusting them, and always the terrifying horror stories. 

I've found that the FREE, easy, and relatively fast way to find general contractors is to go to your city's website or office and ask for theirs. That's right, your city keeps a list of registered contractors. It's really that simple.... I've yet to find a city we've done business with that doesn't keep a list of all the registered general contractors they've done business with. In Chicago, where I do business, you can go to their website here: Chicago's Registered General Contractors and find a MASSIVE list of all the contractors that are registered with the city. If your city doesn't have them listed online you can probably call or stop by in person to acquire a very similar list. 

What's great is you can literally run down the list calling all of the contractors till you find one that fits the bill. I'd suggest you call as many as it takes. Some only do large projects, $500,000+ and some only do small projects. Call them up. Tell them about the work you need done or the work you might need done in the future. Ask them to send you some examples (better yet addresses so you can check them out yourself) of work they've done in the past. Ask if they're willing to give you the names/phone numbers of a few past clients to get some quality references from. 

It's literally that simple. In a matter of hours you can have a list of 10-20 experienced contractors who have done work you like and fit the project you're looking for. 

Hope that helps with finding General Contractors!

Post: Out of state investor - Live in CA -4 units in Phoenix

Evan ThomaPosted
  • Real Estate Investor
  • Chicago, IL
  • Posts 50
  • Votes 22

Hi @Angela K. welcome to the Bigger Pockets community. I know a lot of people who bought in 2006 regretted doing so. The fact that you hung onto it and continue to cashflow is great. The outskirts of Chicago as well as the neighboring suburbs have proven to produce cashflowing properties provided you buy at the right price. Fee free to message me and connect anytime to discuss multifamily/investments in the Chicagoland area. I also highly recommend reading the top "sticky" posts on the forums for whatever topics you're interested in. The information in this community is 1) FANTASTIC and 2) FREE, so there's no reason not to take advantage of it. Best of luck with your real estate endeavors!

Post: Buying the next property

Evan ThomaPosted
  • Real Estate Investor
  • Chicago, IL
  • Posts 50
  • Votes 22

@Emily M. Congrats on your first successful deal in Evanston! 130% + Cashflow...That's a great deal any day. I know there are tons of off market multifamily deals around the outskirts of Chicago as well as in the suburbs. If you dig hard enough you can find just about anything. Are you looking for your next property to be a live-in flip as well? What's the price range your looking in? PM me anytime if you'd like to connect. Best of luck with your investing endeavors!

Post: New Investor Seeking Mentor/REA in Chicago

Evan ThomaPosted
  • Real Estate Investor
  • Chicago, IL
  • Posts 50
  • Votes 22

Hey @Jane Errebo welcome to the Bigger Pockets Community. I can't recommend enough that you read through the top "sticky" posts on the forums regarding Wholesaling and Flipping. That info provided by tons of experienced investors is truly priceless. Best of lucky with your real estate endeavors! Love the amount of active Chicago investors on Bigger Pockets. 

Post: *Investors Dream* Buy for less than 70%ARV - Repairs

Evan ThomaPosted
  • Real Estate Investor
  • Chicago, IL
  • Posts 50
  • Votes 22

Here's another Rehab brought to you by The Diligent Wholesaler! 

Selling for just under 70%ARV- Repairs. Investors Dream!!
Selling for $45,000!!
Profit $45,000 by the end of the year!!

7719 S Colfax Ave, 4 bedroom 1 bath
Chicago's South Shore only 5 blocks from Lake Shore Drive
After Repair Value: $155,600
Retail Repairs: $60,000 or Rental Repairs: $36,000 (work needed to be in rent condition)

Message me if you want to see the comps I used or have any questions. [email protected] or (312) 883-5824