All Forum Posts by: Jennie Berger

Hey @Ryan Driver. Have you considered the following?

Partner with an Experienced Wholesaler: Consider partnering with a more experienced wholesaler in Chicago / vicinity who has a strong buyer network. They might be willing to take over the deal or help you find a buyer for a share of the assignment fee.

Wholesale to a Retail Buyer: If you can't find an investor-buyer, consider marketing the property to a retail buyer (someone who wants to live in it) on the MLS. If you're not licensed, engage the help of a local Realtor (I can help :). You'll may need to do some light repairs (unless it's truly turn key as you mention) and staging, but it could be a viable option.

I hope this helps! Wholesaling has a steep learning curve, but with persistence and the right strategies, you can succeed. Good luck!

@Sebastian Nadal Congratulations on your first purchase and how exciting that you want to start house hacking!

As someone who did something very similar to this for the last 2 years - rented out my 2nd private bedroom and bathroom in my apartment (rental) furnished to traveling professionals and medical students - I think it's a great idea! 

I'm in South Loop near the Loop, lake, Grant Park, CTA, and a variety of hospitals / schools, so renting out the room on a mid-term basis (32+ days) for a premium was the best strategy for me. Since you're so close to Loyola and not too far from Northwestern, I imagine you might have a pool of people who need temporary furnished housing while they study, do a medical rotation, or travel in the medical industry. Have you considered this option as well? 

The investment is a little bit more upfront since you'll have to furnish the room and bathroom fully, but you may be able to command a higher rent each month since you're covering all utilities, WIFI, and providing all the furnishings.

Either way, renting out the room is a great idea and I'm sure it will be helpful so you can rest a little bit easier while you save to move to Lakeview, eventually :)

 Did you ever rezone this? Inquiring minds want to know. :)

@Madeline Walsh Just a note to say we're here in Chicago if you need boots on the ground! I'm not sure exactly where you are located, but you've made a great connection here with @Jonathan Klemm if you need contractor help. Best of luck to you working through the renovations - if you need any design advice, feel free to reach out!

-Jennie

@Abigail King 

Hi and welcome! I'm also in Chicago (like @Jonathan Klemm :), and am always looking to connect with more female RE investors, especially those who are actively doing, or aspiring to work on, fix & flips. If you're interested in a virtual 'meetup', please feel free to DM me. Best of luck with your endeavors!

-Jennie

Hey Joy!

Out of curiosity - where are you located? I'm in Chicago and noticed you are interested in investing here. If you're local to the area, let's connect in person to see how we can help each other. Welcome to BP! :)

-Jennie 

 Sending you a message now! :) Happy to help.

 Hey @Jaclyn Spinelli! I'm in Chicago and was just curious where your 4-flat is located here? :)

@Kevin Zmick Where in Chicago is your unit? 

@Mike Klarman 100% agree with this. As a builder and developer in Chicago, I've been on both sides of the 'GC equation' - working with GCs and being the GC ourselves. Even with my former partner (who was our 'PM / GC' on site for our projects), it was sometimes tough navigating the process, managing budgets and costs, and keeping everyone in line, including him. 

@Shayan Sameer As @Drago Stanimirovic mentioned - many rehabbers are gong with 75-80% just to do a project. I have even run my numbers using anywhere from 65%-80%, depending on the scope of work, timeline, neighborhood, and ARV. If you have a solid ARV AND a great GC / team that you trust to do good work, consistently, and can stick to the timeline planned, even with hard money you will still make money at 75 or 80%, albeit a little less than at 70%. 

Hard money lenders have been some of our BEST teammates over the last 4 years. We've done more than 20 projects, many of which were funded (at least in part) by hard money lenders. A private lender is optimal (so you don't have to use all of your cash and can scale easier if desired) because you may not have to jump through as many hoops. But if you haven't established those relationships yet, good hard money lenders are some of the most honest and reliable capital partners available.

Jennie Berger