All Forum Posts by: Kevin Hunter

Hello BP team! I’m in the process of flipping my 1st investment property, multi-family property on south side. In my search for Future properties, I’ve come across condos that are able to be rented out...any thoughts on investing in condos? Is this a good idea, or should I avoid?

@Kevin Hunter...HA! You got that right! Keep it going out there in PA!’

@John Warren-thanks so much for the info John! I’m sure there are plenty of horror stories out there in the market where plumbers and other tradesmen take newbies for a “ride”. I will inquire about the methods you mentioned. Thanks again!

@Tom Shallcross...THANK YOU Tom for your response! It is greatly appreciated...I agree with your assessment of the difference between traditional Pullman and West Pullman, much similar to when some classify a residence in Hyde Park, and it is not really Hyde Park. While certainly not to the extent of the Pullman projects currently underway, there is some glimmer of hope as construction has begun on a new state of the art firehouse on 119th st (a few blocks west of halsted), once complete will be the 2nd largest fire facility in the city. A large non-profit (Habitat for Humanity) has also acquired several blocks in the area where they are completely gutting & rehabbing homes for some type of 1st time buyers program. I also have read in the past year or so of more potential opportunities coming to the area...I’ll stew on this some more for a few days to see what I’m feeling...I don’t wanna fail on my 1st investment property! And I feel like selling maybe admitting that!

Thanks Jack, appreciate the response, only caveat...the neighborhood is not “quite there” yet in terms of full revitalization...money is starting to be injected into the community and surrounding areas

Hello BP Community! Finally signed up to this platform, probably should've done a while back! Born and raised Chicagoan and dived in head 1st in the market over a year ago, took a chance on a 2 flat all brick multi-family property located on S. Side (West Pullman)...Was well aware of repairs that were needed but I felt the potential was there as area also appears to be coming back. I passed up a ready to go SFH in the S. Burbs that would've produced immediate cash flow because the 2 flat would net more when fully occupied. I've completely remodeled the 1st floor unit and planned to rent that out, prior to using any more of "personal funds" to complete 2nd floor unit. Found out a few mths ago that the "low water pressure" in the building wasn't just a simple "rodding out" as I was originally told. It is now a $10K job that requires digging to run a new water line into the building due to the age of the pipes underneath. I've confirmed the price by quoting with more than 3 plumbing companies and even the city came out to make sure it wasn't an issue on their side. I've easily thrown ~$20K already, I've got a mortgage on the property, thankfully not causing to much strain on me, but regardless, i'm losing $ every month I'M Paying the mortgage and not a tenant. BP Community HELP! Do I Dump this and hope to recoup my sunk costs by selling and redirecting my sights elsewhere? Or do I stick it out with the long-gain in mind? Brick 2 flats are hard to come by at decent pricing in Chicago, regardless on the sides of town. any help is appreciated!

Hello BP Community! Finally signed up to this platform, probably should've done a while back! Born and raised Chicagoan and dived in head 1st in the market over a year ago, took a chance on a 2 flat all brick multi-family property located on S. Side (West Pullman)...Was well aware of repairs that were needed but I felt the potential was there as area also appears to be coming back. I passed up a ready to go SFH in the S. Burbs that would've produced immediate cash flow because the 2 flat would net more when fully occupied. I've completely remodeled the 1st floor unit and planned to rent that out, prior to using any more of "personal funds" to complete 2nd floor unit. Found out a few mths ago that the "low water pressure" in the building wasn't just a simple "rodding out" as I was originally told. It is now a $10K job that requires digging to run a new water line into the building due to the age of the pipes underneath. I've confirmed the price by quoting with more than 3 plumbing companies and even the city came out to make sure it wasn't an issue on their side. I've easily thrown ~$20K already, I've got a mortgage on the property, thankfully not causing to much strain on me, but regardless, i'm losing $ every month I'M Paying the mortgage and not a tenant. BP Community HELP! Do I Dump this and hope to recoup my sunk costs by selling and redirecting my sights elsewhere? Or do I stick it out with the long-gain in mind? Brick 2 flats are hard to come by at decent pricing in Chicago, regardless on the sides of town. any help is appreciated!