All Forum Posts by: Jodi Taylor

@Jake Brady I never ended up doing it. If anyone else does, I'd be happy to join! I could probably help out a bit, but I've been super busy. 

Thank you for the feedback @Chris Seveney. Wasn't sure if there was any standard way of doing it. We are both speaking with our attorneys Monday about it. I'll start working on a list of what ifs and possible solutions! 

@Jonathan Klemm I'm targeting 8-15 unit buildings, ideally needing a medium amount of rehab to get a decent value but without a ton of risk. My experience is all with 3-4 unit buildings, and I'm aiming to expand into larger buildings like this one. I do now have an investor locked in on this one - now on to finishing up attorney review. Hopefully all goes well. 

Hi all, 

I have a building under contract and I have an investor funding the entire project. We are both new to working with a partner and trying to figure out the dynamic for the contract/risks/etc. The initial thought was a 70/30 split (me at 30) - investor funding all the cash ($250k) while I do all the work. We both have concerns about what happens if more funds are needed, what happens if we are going to default on the loan, etc. 

Can anyone provide insight on how they usually structure these deals?

Thanks!

@Jonathan Klemm I'll reach out over private message to get your email and send you the full packet for your review. And yes, I can share my proforma sheet. It's a bit of a mess currently, but I'm happy to share with you!

I'm planning on a 70/30 split since this is my first deal with other investor's money rather than my own. 30% going to me. My long-term plan is to hold indefinitely ideally. After stabilization, I will be refinancing and getting some funds back to the investors (but not all). 

Hi all. I'm looking for private investor funding to cover the DP/closing costs on a deal of mine I have under contract. It's a 10-unit property at 60623. It's right next to an elementary school, and I have been told by locals it's relatively safe compared to the larger 60623 area due to this. 1/10 units rented. 7/10 units rent ready. 2/10 units left to rehab. Doing a 12 month term rehab loan that covers purchase price and rehab. Will refinance after it's stabilized. Just need the funds, and I will take care of the rest. Looking at an overall 17%+ cash ROI at ~$267/door/mo after stabilization. Will need around $250k to close and willing to work with more than one investor to get to that number.

I have much more detailed information at the ready if there is interest. Please reach out!

@Dewayne Reid @Jonathan Klemm @Evan Alexakos @Richard Molu@Evan Alexakos

Thanks for the feedback everyone! I'll look into it and see what I can do for us Chicagoans :)

@Jonathan Klemm Hey Jonathan! Discord is a chat service that is essentially invite only and allows for both text chatting via customizable channels plus impromptu and scheduled voice/video/screenshare calls. It's highly customizable. I thought it would be a great place for all our Chicago networking clubs to come together under one place and be able to easily host their virtual events there as well. 

Hello everyone! Is there an existing Chicago real estate discord group I could join? If not, would anyone be interested in joining one if it was created? Feel free to reach out if you don't know what I'm talking about. 

@Danny Polanski @Samuel Pavlovcik I've looked into the pilot program for ADUs and do not believe the Austin neighborhood made the cut. Good to know that it would only cover one ADU rather than two. If I move forward, I would just do one first to see how it goes and add the other later.

@Jonathan Klemm this is super helpful - thank you! I'll look into the insurance and zoning. I'm also a little concerned about the lease being upheld if there are ever any issues. Or the tenant themselves reporting it.