All Forum Posts by: Lee Lockhart

Hi,

I've dealt with Lima Capital, Jordan Capital Finance, Realty Shares, Lending One, and Barnett Capital. 

These are higher rates but will help get the job done if they think it's a satisfactory deal. Also, try Wintrust Community Bank, Community Bank of Oak Park River Forest, US Bank, and some of the smaller community banks in the city. 

Keep us posted with your progress!

TBBR

Lee

Colony American Finance is great...

That is an awesome accomplishment and milestone! Congratulations! Keep it going!

Hi, I'm in Chicago as well. Most of the investors that I know who have purchased multi-unit buildings convert the units into forced air (furance) where each apartment has its own furnace, hot water tank, and central air unit. They also have separate electrical meters. The investors do this in an effort to have the tenants pay for their own utilities... I'm a contractor so if you need help, just email me. Thanks and Good Luck!

Welcome aboard! 

https://www.cityofchicago.org/city/en/depts/bldgs/provdrs/inspect/svcs/chicago_buildingcodeonline.html

Hello Community, I'm a general contractor in the Chicagoland area. If anyone needs help with putting together scopes of work, budgets, and time frames, don't hesitate to message me. Thank you...

Hi, I received 12 to 24 month term, 12% to 17% (depending on the lender), interest only... 

Hi. Go to the local building department in the property's area and start your research there. Keep in mind some municipalities may require an inspection. If you own the property and something is not done correctly or permitted properly,  then you may be on the hook for the correction. 

Thanks

Hi. As a contractor,  flipping requires an enormous amount of time. Also, managing contractors is a skill-set that developed over time. I'm not sure of your market, but a rehab for flipping is different than a rehab for buy and hold. Although you want both rehabs to be professional and appealing,  potential home buyers typically pay more attention to repair details than renters. However as lease values increase, renters become more demanding as well. Whatever strategy you choose, just know your demographics and build the best property for your market and price it lower than your competition so you can get continuous interest...