All Forum Posts by: Joanne Basecki

Sounds very interesting. Did sent you a private message. Hopefully did so correctly and you actually received it (: Would love to hear your opinion.

Hello, I am back to the BB forum after a few years. Also back to the RE market in general, hoping for a solid advise ref Chicago market and WHP in particular. Thanks in advance!

I own a vacant lot there, free and clear, no debt. However I have never been to Chicago and more I read about it less I know (:

There is a brand new construction across the street from my lot. I thought this might be a sign of the neighborhood "turning around". Also, the location is close to a major intersection, touching some gov owned land as well, a land which I could have but did NOT purchase during the $1 program. 

I decided to sell the lot. Noticed other lots nearby for sale, just like mine or similar and priced mine accordingly. I wonder if a builder could take advantage of gov programs in the area to end up with a nice size land and ROI via building and selling condos. However I am trying to sell throughout the entire summer without any real offers. Any advise? Is there a strategy I should be aware of? Any specific website with ads selling land rather than buildings? Does anyone buy land before winter? Does price in this case even matter much?

I am in Binghamton, 13905.

Hello everyone, I'd like to re-introduce myself as I just relocated from west coast to east coast. Am hoping for new projects, ideas, partnerships.. Thanks. Joanne

My family (many are MDs working in medicare neighborhoods and doing well with it) taught me throughout the years how to identify buildings for a good professional use. We are mostly from NYC but I'd like to take the idea to Chicago.

Question: I am now searching for funding for a project in Chicago. The project (residential 4-units) is surrounded by buildings that I see as prime candidates for a professional use, already in correct zoning. In fact I am in the process of making offers on some. I wonder if the HM lender I am trying to locate to fix the 4-units could be inspired by the plans concerning the rest of the community? I see revitalization influencing the ARV of my 4-units and would not mind sharing the big picture observation with others as it could be mutually beneficial. However, might my HML share my views? Did anyone had success with this before?

Thank you so very much Jon. (It is a Chicago project, 60624, not CA)

Considering the plan below what are my chances (or anyone else's in similar situation) to obtain the 70K HML. Thank you in advance for a possible input/advise.

I got an accepted offer to purchase a 4-unit bldg in Humboldt Park, zip 60624. I have some initial estimates for the rehab. (I am also inspired by a few ideas as to revitalizing the area, particularly my block, without much cost). Here are the numbers and the plan in general.

- purchase - 70K (It should appraise as is for 90K, considering 23K per floor, as per comps, and there are no liens)
- I have 30K of my own money to invest in the rehab
- I also have another 10K for initial costs of the loan, closing, attny fees
- Thus the initial total comes to 110K

- closing - Dec. 15
- after the closing, still during Dec,I want to change the roof, check heating and plumbing and secure the bldg before winter (This might take up to 10K of my own money, leaving me with 20K for the first payment to gen contractor, see below)
- title insurance and hazard insurance will be in place at closing

- January 5 - will perform a new inspection and on Jan 9 my attny will present my renovation plan to the city
I plan to convert 4 illigal condos into two duplex apartments.

- January 10 - the rehab will begin with the initial 20K payment to contractor (my own money, not a loan)
I estimate the time line for 3 month and the total expense for 80K (including the mentioned 40K) However it might go as high as 100K. Thus there will be up to 80K due to contractor at refinance or sale.

- April 10 - the construction ends. I plan to sell each duplex for 150K, or refinance. This will bring in 300K, minus 170K or even minus 200K in pay backs. I should be left with about 100K profit.

I would be grateful to all who would point to my planning mistakes. Thank you so much.

Eric, would you kindly comment on waiting time for permits / inspections in Chicago?

Is it a good idea to offer a bonus for meeting the agreed upon timeline, i.e. if the roof is to cost 5k i could offer 6k for the on-time completion?

"You can't connect the dots looking forward; you can only connect them looking backwards. So you have to trust that the dots will somehow connect in your future. You have to trust in something — your gut,destiny, life, karma, whatever. This approach has never let me down, and it has made all the difference in my life."
Steve Jobs