All Forum Posts by: Faiz Kanash

Hey guys,

I was hoping someone would be able to recommend me a hard money lender in Illinois(I'm in chicago). I don't have experience, and currently looking to do a fix and flip on single family homes. I'm shadowing a friend of mine who's been doing this for years, he's going to be the one that is going to be guiding me through mostly everything on my first property investment so i'm not going in blind here. I was hoping if anyone had any recommendations for a hard money lender that would work with someone with no experience? I have high credit(730+) and enough savings to cover rehab and downpayments. I'm also looking for a loan provider that preferably doesn't have any prepayment penalties. I don't have any property i'm committed to right now, wanted to ensure I could get pre-approved first before committing to sending out offers, looking to purchase a property that range anywhere between $70k- $250k. Hope this information is of use.

Thank you!

Quote from @Luke Townsend:

Probably roughly in these Inflationary times, masonry 1300 sqft. 

300k 1 unit 

550k 2 unit

900k 4 units

you have to find the land with the proper zoning and make sure you find a good architect that knows how to build cost effectively and also doesn't rip you off.

Thank you for the reply!
When you say masonry, is the estimate based off of the building being built entirely out of brick or something along the lines of siding/hardy plank? I figured since its going to be a rental unit and not something i'll be living in, I don't need to really worry about the quality of the exterior and instead focus more on a proper loveable interior. Nothing luxury, more closer to low-mid quality interior finishings.

Quote from @Jonathan Klemm:

Thank you @@Tom Shallcross - always appreciate the tag!

@Faiz Kanash - Where in Chicago / cook county is your project and what is the scope of work?   We work about 30 miles from Chicago's city center but tend to try and focus on larger jobs.  Either way, happy to help you any way we can even if we aren't the perfect fit.

@Robert Los, @Luke Townsend, @Jonathan Klemm

 Hey!

So, right now I don't have land but currently looking to construct a duplex or 4plex within Orland Park, IL, to act as rental units. The reason im looking for a rough cost for building right now is because it'll help me determine whether or not I'll build between a duplex, triplex or a 4plex, depending on how far I'd like to stretch my budget. It'll also help me better understand the overall phases and what exactly i'd be getting into. It'd be around 1300sqft per unit, im thinking 2bed 2 bath with a single car garage. Its a project i hope to get started near Q4 of this year hopefully. Thank you!

Hey guys,

Anyone happen to have any good general contractors or developers they're able to recommend for work on a duplex in cook county or dupage county? Trying to get an idea on who I could work with, as well as ask about rough ball park prices before committing into my first investment property.  Thank you!

Update: sorry for any grammatical errors!

Hey guys!

I've been looking into the real estate side of investing for a while now, like watching youtube vids and getting input from a friend who flips houses for a living. The side of real estate i'm really interested in is rental income properties, passive income would go nicely with what I currently do for work and would be nice to own a handful of units to sit on and possibly become a full time landlord overtime(I know, its always too good to be true.)

However, the issue is that there's really no good multi-family properties around me for sale(I live in the chicago land/cook county for reference). My price budget is around $600k, and all the great worthwhile properties are usually above $1mil, while everything within my price range either requires a lot of work to put in, or won't have that great of a cash flow since all the properties are really old, in shoddy neighborhoods, and usually has the landlord paying for most utilities. When I did my basic little math, it looked like i'd have a greater cash flow if I built a new property and rented it out instead, since then I could attach each unit its own water or gas meter so the tenant would have to pay their own utilities.. Plus, in the areas i've been looking at (in the suburbs) have been in high demand for housing with the average rent being reasonably high. I wanted to start somewhere small, like building a 4 unit apartment building to start off.

So, my question would be is it difficult to get into building to rent? Right now I have around 100k in liquid cash I could put somewhere, with the ability of bumping it to 150k if really needed. My credit is solid, nearly 800 so it shouldn't be too hard to get any loans.. Of course I wouldn't do this straight away, I need to learn far more into it before even stepping my foot into the door, so where could I learn more information on the steps needed to take into doing something like this? Learning things like the type of loans I'd have to apply for, what sort of companies do i need to hire, do i handle the permits or does the construction company do that, etc etc... Or, another question would be, are their companies or something that do all this sort of work for you but work off a commission/percentage/flat fee sort of thing, just as long as they build the property for you? Or, if you have any better ideas where I should invest my money in, i'd be more than happy to listen! Thank you!