All Forum Posts by: Jennie Berger

Thank you for the shout-out @Jonathan Klemm! :-)

Hey @Alex L. Congrats on this venture - new construction (for the first time) is incredibly complex and exciting! Lots of moving parts...and it's wonderful to be able to start with a blank canvas and design exactly what you want to build (as opposed to retrofitting based on the restrictions of an existing older structure).  

Many (even experienced) General Contractors (who have lots of 'rehab' experience) will tell you they can do it, but I recommend workingwith a team / GC who has new construction experience specifically.

We have spent the better part of the last 3 years designing and building single family homes and small multi-unit buildings (on spec) on the North and NW sides of Chicago. I'd be happy to chat with you about the process, if it's helpful. Feel free to message me and we can coordinate a time via email.

Looking forward to connecting!

-Jennie Berger

Property People

@Raymond Pritchett Sending you a DM!

 Thank you @Beth Johnson. I'll go join the group now! :)

-Jennie

I'll direct message you now. :)

Jennie

@Roseann Koefoed LOVE that you are diving into new development in the city - brava! Let's connect via DM and possibly even set up a time to meet (virtually or in real life). I'd love to see what you're building, and how we may be able to provide value to one another. 

My former partner and I worked as general contractors / developers on new construction SFHs and small multi units (3-4 flats) for the last 3.5 years. I'm taking a break from development right now, but still offering design consulting services to other investors, developers, and homeowners. (Not that you need design consulting, just thought I'd throw it out there in case) And, my passion for new construction never went away. Plus, as a fellow chick in construction, it would be great for us to be in each other's network. ;) Let's talk - I'll message you now!

Jennie Berger

Property People

I really appreciate the shout out @Tom Casey! And yes, I'd be happy to talk through this with you, @Rob Blumenstein. We've been working on new construction development in the city of Chicago (North and NW side mainly) since 2020 and may be able to shed some light on the process from start to finish. Looking forward to connecting with you and diving in!

-Jennie Berger

Property People

Hi BP Mates!

My company has recently started to get into the private lending space, specificially with TRANSACTIONAL FUNDING for double closes. If you're in this space - or have even utilized this type of loan - I'd love your advice & insight into the best ways to find people who need this type of funding. 

So far, I've reached out to: 

1. My private network of close friends who are also real estate investors

2. Posted in various relevant Facebook groups (the ones that permit promotion of our businesses & services)

3. Emailed, text, or called various wholesalers I know

4. Spoken with other lenders who do NOT provide this type of funding, in case they come upon anyone who needs it

5. Told some people at local networking events about it

Thank you in advance for any valuable input!

-Jennie Berger, Property People

My former partner & I began renovating homes together in 2020 in Chicago. Hundred+ year old homes that needed a full gut, some begging for the addition of a full 2nd story and even digging down in the basement to increase ceiling height and functionality.  Our rehab costs were way less back then (especially when compared to new construction), before the pandemic caused all sorts of havoc in every area of our industry.

There can be a lot of joy and fulfillment breathing new life into an old home. And Chicago buyers really appreciate a touch of vintage charm. Overall, however, I see new construction as an opportunity to create exactly what you want, how you want. I personally don't like being bound by the restrictions of an old home - discovering all sorts of surprises behind the walls. Have to retrofit things, and abide by (or remedy) the structural decisions made over a hundred years ago.  There is SO much more freedom in starting from scratch!

In late 2020, we found an off-market, four square-ish style home with an adjacent vacant lot and decided to gut the house and build a new construction SFH right next to it. After that experience - of renovating and building new simultaneously - it became highly evident to me that new construction was the way to go. Since then we stayed focused on new construction of single family homes, eventually segueing into small multi unit buildings (3 & 4 units), while doing some interior condo renovations here and there to keep generating revenue until the new builds came to fruition.

Overall, my hot take is: New Construction for the win. If you have  / can find suitable land (topography and zoning can be an issue), have access to the necessary capital (more expensive), can be more patient with the timelines (new builds will take quite a bit longer, especially on multi units, and dont' forget to factor in possible weather delays), and enjoy the process of designing something from nothing - GO FOR IT.

One big caveat: make sure you have the RIGHT General Contractor who really understands new construction. Many GCs will tell you they can do it. Doing a large gut rehab is NOT the same thing! I'm willing to bet 99.9% of them have never been involved in excavating for a foundation, preparing the forms, footings, ensuring the underground plumbing is set up correctly, and pouring a brand new foundation into the Earth.

Good luck! 

Jennie Berger
Property People

@Anthony Swain YES EXACTLY! Great insight. Thank you for your feedback!

@Anthony Swain Great post!

NOT a millenial but I'm a HUGE believer in the power of househacking! :) I have been renting a 2 bed 2 bath apartment in a luxury boutique highrise building with amenities galore and lake views in South Loop for 4.5 years. About 1.5 years ago I decided to move my 'office' into my living room and fully furnish my extra bedroom and bathroom for traveling students & professionals. 

Since beginning, I've rented to about 8 different people from various walks of life - mainly business travlers from other countries, rotating medical students, and travel nurses. Their rent helps to tremendously offset my high rental expenses (apartment rent, building storage fee, parking). I rent out on a 32+ day basis to avoid Chicago red tape and building restrictions.

I own real estate in several states (strange that I'm still renting, I know!). And while ultimately I'd like to have a multi unit of my own that I actually house hack, for now I get to live in a first class building (maintenance free) on a non-first class budget. Additionally, I really LOVE meeting new people and true hospitality is in my blood. Traveling is one of my greatest passions, and I haven't had the opportunity to travel much since starting my business 4 years ago. I love how international travelers bring their unique customs and cultures to me. :)

House hacking is HERE TO STAY.

-Jennie Berger, Property People