All Forum Posts by: Jennie Berger

There are SO many! Give them all a try and see which ones fit best and align most with you and your goals. A few of my faves IN the city:

1. Chicago Multi Family Meetup (even if you're not into multi family per se)

2. Windy City REI

3. Chicago Cash Flow Breakfast Club: Never been but a close colleague and friend of mine runs it

4. Chicago Real Estate Investors Meetup

Wishing you the best on your journey!

Jennie Berger

Hi @Lasparkle Hopkins!

Your opportunity in Auburn Gresham sounds like it could be very lucrative - particularly that you've sourced this entirely off-market with no competition from other investors. ;)

Thanks so much @Jonathan Klemm for the shout-out!

While this particular deal may not be quite the right fit for my direct lending at this stage (I typically partner with investors who have a few projects under their belt), I'm genuinely happy to connect for a brief chat. Perhaps I can offer some general insights or maybe even connect you with someone whose focus aligns better with a first-time BRRRR project like yours.

Feel free to DM me if you'd like to talk!

Kindly,

Jennie Berger

What an incredible video - thank you so much for sharing that link @Scott Mac! And as others have mentioned, 2, 3, and 4 flats are literally EVERYWHERE in this city!

Hi @Eshe Harvey!

It's great to see another female developer here in Chicago :)

I've also been developing properties in Chicago for the past five years – everything from SFH gut rehabs to new construction single-family homes and small multi-unit buildings.

While I'm currently taking a bit of a development 'hiatus' to focus on scaling my private lending operations, I'm always enthusiastic about connecting with other developers and aspiring developers in our area, especially fellow women in the field.

I'd love to connect with you, whether virtually or perhaps in person sometime if you're open to it.

Let me know if that's something you'd be interested in! 

Kind Regards,

Jennie Berger

Hi @Brandon O.:

I can understand your frustration regarding the unexpected credit score drop, especially when you have everything else lined up for your flipping projects.

I'm a private lender based here in Chicago. While traditional lenders can be very score-focused, many private lenders, myself included, tend to look at the bigger picture.

For us, while we do review credit, we often place more emphasis on the details within the credit report rather than just the score itself. Our lending decisions are typically based primarily on the strength of the asset (the property you're looking to flip), your experience (or the experience of your team), and the integrity and character of the borrower. So, a recent score hit, especially one you're actively disputing, isn't necessarily a deal-breaker.

Since you're in the Chicago area and looking to connect, I'd be open to a conversation to learn more about your projects and see if there might be a fit. It's always good to connect with other local real estate professionals.

Feel free to reach out if you'd like to chat more!

Kind Regards,

Jennie Berger

Hi @Kendra Chui!

I'm a private lender as well, based in Chicago, and have been lending on real estate fix and flips for the last year in both Illinois and Texas.

Beyond my lending activities, I also bring five years of experience as a developer and general contractor/builder. This means I've been on both sides of the equation when it comes to borrowing and lending money for real estate projects, so I have a pretty thorough understanding of what makes a deal work from all angles.

I'm currently looking to scale my private lending operations, and a key part of that is bringing in more capital partners who are interested in the returns and opportunities that real estate lending can offer. Your mention of your mother having funds available for lending is what prompted me to reach out, as this could potentially be a great fit.

I'm not sure what level of experience you or your mom might have in this specific arena, but that's where I come in. I manage the deal sourcing, underwriting, and servicing of the loans. My background helps me to carefully vet both the projects and the borrowers.

If this sounds like something you and your mother might be interested in exploring, or if you'd simply like to learn more about my approach to private lending, I'd be happy to set up a brief call to discuss.

I just sent you a private message and connection request. Looking forward to hearing from you!

Jennie :)

How interesting they charge a fee BEFORE closing. 

I've never worked with a lender who employs this strategy. I'd recommend speaking with some of their past borrowers to hear the pros and cons, if the lender will share that info with you and you can actually validate that the borrowers worked with them before. It sounds convenient, and how nice to have 100% financing... However, as I'm sure you know, there are additional ways to fill that gap that traditional HMLs leave us with (15-20% cash equity to close) that don't require an 'up front fee', like equity partnerships, gap funders, etc.

If you don't close (for whatever reason, even due to no fault of your own - ie perhaps the seller changes their mind), is that fee refundable?

From the perspective of a seller (developer of spec properties and then selling them to buyers myself, also a licensed Realtor) and a landlord (own / manage my own rental properties), I can say with 100% confidence that almost EVERY SINGLE PERSON I have spoken to, shown my units to, sold or rented to, has asked for and expects / hopes for dedicated outdoor space. Chicago Spring / SUMMERS / early Fall are coveted and people LOVE to be outside as much as possible. It's one of the top 5 amenities most people seek, whether renting or buying. Cheers to your new deck!