All Forum Posts by: Gani Veer

@Stephanie Simmons

Yes we are planning to scout some comps in the 400's to see what is being offered.

I am looking for contractors and financiers for the rehab.  Any suggestions are welcome

@Will Barnard

May I know why you are expecting a 390k or 395k number. Or how do you arrive at that number?

It is possible to arrive at 400k, but the concern is, as a newbie how to get the right finishes at minimizes the cost

@Will Barnard

We were estimating 50k, with about 4 to 5 months holding costs.

Converting into rental is also in the cards. About 2500 in rent

@Eric, @Scott Rogers

Yes agree with you guys. In this situation I trusted the realtor's input. Somebody had estimate in the range of $30-$40k.

After I had the offer in many other people were interested in it..!

Now doing the reality check of the minimum rehab needed.

@Anthony Dadlani

Thanks for your comment. Is there a way to find people that can buy wholesale?

Even though I have experience with rentals, trying to do a flip for the 1st time.  Got a property under contract in Beverly Chicago. I am just trying to find a good contractor and money lenders..

Purchase at 245k, where properties in the neighborhood sold in the range of 370-400K. The house needs windows, nice kitchen, second floor remodel to add bed/bath, windows, concrete etc.

I really have to get a good estimate on these. Any idea on how to estimate the cost of rehab on this.

I am also considering selling the deal to other people as well.

Great inspirational Story Brandon!  You rock!  Thanks for sharing! I am a newbie to BP..! Good to learn about great success stories!

It is  in Chicago Streeterville excellent location.  Did talk with a realtor who proposes listing for 245K as-is , pricing based on some very nicely updated units adjusted down.  But there were a few listings similar to mine sold for around 190-200K range purchased for cash.  It is my feeling that it will fetch at least 230K or more to owner buyers. But I got to wait till my lease is up for doing that..!

Looks like the investor is looking for a very low ball offer, and deal may not go through. Trying to propose a partnership so that at least I can cut at least part of my loss. I am looking for suggestions on how to structure a 50% partnership for example? How could I that, considering potential upside/downside?  Should there be an exit clause?