All Forum Posts by: Hanna Parker

Thank you all for your feedback/comments. Like Alex Bekeza, my agent doesn't consider HML financing to be the same cash. While that may work in other markets, that doesn't appear to be the case in Chicago. Based on Henry Lazerow's comment, I may consider using conventional financing for the house purchase instead.

I have submitted offers on a number of properties in Chicago that had multiple offers on them, and in each case, I lost out on the property. I am using a hard money lender to finance the project. While I understand that cash offers are sellers first preference, has anyone had any luck getting a hard money backed offer accepted? Specifically, those in the Chicago area. If so, which lenders have you had the most success w/?

@Eric M. / @Prashanth Mahakali - This helps! Thank you both for the info! 

I am currently under contract for my first flip and I was recently told that I need to get complete architectural drawings for various alterations to the house. If only three rooms and the back porch are being updated, in order to get the plans approved for a permit, do I need drawings for the entire house or just the areas being changed? Thank you!

Hi @Jaclyn McClellan and @Lumi Ispas ,

I am looking for a general contractor as well. Finding that many are either not licensed or target market is homeowners not investors. If you have any suggestions, that would be greatly appreciated. Thanks!

@Andrew Syrios: Thanks for the info! @Adam Nartowicz: I haven't done my first flip yet so I wasn't sure the first lien position was a requirement for every lender or if they're just interested in the return. Based on your questions and Andrew's comment, there both required. Thank you! 

I am considering seeking private money lenders (individuals specifically) on BP for flipping opportunities where they would receive a 12-15% return and if needed, first lien position on the property . If I was to do so, in addition to the purchase price, reno costs, ARV and comps, what other information would be needed? Thank you!

Thank you for welcoming me to the site! I am interested in the South Shore neighborhood of Chicago and Dolton and South Holland. I talked with individuals at Renovo in the past. However, I will be sure to check out your materials for recent updates.

Hey everyone! I've been a fan of Biggepockets for quite some time and I'm interested in connecting with fellow investors on the site. I currently live in an owner-occupied duplex and I am interested getting into flipping in the local market.