All Forum Posts by: John Widlacki

@Nathan Kantner

I am a licensed plumbing contractor in the state of illinois and work primarily in the burbs and city of chicago. Always looking to expand my network! If you ever need anything let me know.

Good evening BP’ers! My question may be fairly simple, does anyone know of any banks, credit unions, etc. that do FHA new construction single close loans? I know the FHA offers them, but it seems for some reason most banks that do FHA loans do not do these types of loans. I am in the Chicagoland area, so finding a bank here would be ideal. Any help would be greatly appreciated!.

Hey all! Just curious what everyones favorite areas to flip currently are in the Chicagoland area! We have been doing the naperville/ plainfield area, but looking to possibly try some other places! Im also curious what everyones market range is? We have been looking at B to high C neighborhoods, but i know sometimes you can do good in a A or even D area if the prices are right! What kind of roi do you guys look for?

Awesome thank you, i will look into this more! I knew if i asked here id get the help i needed. I appreciate it!

Thank you everyone! Yes I would never buy a OK deal, it always has to be a good deal and makes sense. I just wasn't sure if he knew something I didn't LOL. I believe obviously multi families the way to go, I was just looking at flipping homes to make money to buy multi family.

So I was watching a live webinar on Facebook last night and caught the tail end of it, and Grant Cardone said not to buy houses that it's the worst time ever for it. Am I missing something? I am in the Chicagoland area, and I was thinking it seemed like the housing market was doing pretty good! Does anyone know why he would say this?

Good morning BP community! I am reaching out because I have a unique question and I figured with the intelligent minds on here someone may have a solution. So I would like to build a home, it would be my first home. What I would like to do would be to acquire the land and build the home and then pro cure a USDA loan for the property and home. I like the USDA loan because of the hundred percent financing option, and the fact that they gave you 100% of the home value, so if the house is being bought for 100k but it's valued at 150k, you would get up to 150 K. I figured this would be a good way to get our first home, as well as have some working capital to purchase a multi family. I just don't know how to get the land and build the home without the loan first. Because obviously I do not have the working capital to just pay for it out right! And I don't think I can get another construction loan first, then switch it to a USDA loan and still get all the benefits. So any help or ideas would be greatly appreciated!

Kerry Boyle thank you, i appreciate you taking time to give me some pointers. Its so great how much everyone is willing to help here!

Thank you John! Yes that is what i will be doing, hitting up several groups and meetings and networking. I always feel like people wouldn't want to help, because in most business its about building yourself up, not those around you. But I've noticed from all the forums i have read, especially here on BP, everyone is so willing to help one another grow and succeed! Its awesome and inspiring! Thank you for your input.

Thank you susan! Some valid points. I might go to a few first and see how they go, get a feel for the structure of it all. The one good thing is that usually give you 30 day notice so i can kind of check out the area and the houses around it on the market and off the market to see how much the house maybe worth.