All Forum Posts by: Leo Kwok

that is an amazing transformation congrats! I sent you a message on your IG talk to you soon!

as everyone has stated, you cannot learn this online

go find someone at a meetup or a RE meet that is in the field and ask to tag along or try to partner into a deal so that way you can at least get a general idea on costs and how someone negotiates pricing on certain jobs etc. 

also dont ever try to buy into or purchase a "class" or coaching, you might as well burn your money if that's what you do!!

nothing will ever replace hands-on experience

good luck!

hey @Jonathan Klemm thanks for the kind words its much appreciated!  I actually tried to reach out to you on FB about a month ago about airbnb in the city since I have heard you are the expert in that area, hopefully we can make some time to have a discussion about that in the near future!  I'm sure my message when to your spam or something so you probably never saw it lol

I have done city projects but they are just so horrible with inspections and everything else so I have shifted my focus completely to the suburbs only now and so far it has been much better, hopefully it continues that way! At this point I am only doing city projects if the spread is so crazy its worth my headaches to deal with it, which actually I do have one 2 unit full gut rehab I am about to get started on

inventory is still pretty low in Chicagoland suburbs, especially homes that are nicely rehab.... anything that looks nice gets snatched up right away

I think if you present a nice product there should be no shortage of buyers for that!

@Mark Ainley  wow awesome! that would be such an honor, but hopefully there is no video because I am not an on camera type of person!

I'll reach out and we can discuss!

 @John Warren Thank you appreciate it! Yes I have had my fair share of warnings about Forest Park but the profits potential is so big I can't pass it up!!

 @Mark Ainley Thanks alot! I actually met you at one of the meetups when I first started out I'm sure you won't remember anymore lol, but I appreciate the kind words and hope everything is going well with your business!  Will keep you in mind if I am in need of assistance!  Yes I know forest park is rough, but I have done a new addition with basement dig in Oak Park and they are the worst so if i can handle that I'm sure I'll be able to tackle this one

if there was never a signed agreement, you should be in the clear.... Him claiming he is going to lawyer up sounds like a scare tactic to me

I have been a fairly long time member but don't post or do too much here simply because I always have felt that it is much better to learn things "hands-on" rather than reading a book or listen to a podcast.... but in any case I wanted to share one of my little success stories in hopes of inspiring others!

A little bit about myself, I am 48 and am a full time RE investor mostly doing fix and flips and have some buy and holds in the Chicagoland area, this is my 5th year in it, have a total of 25 projects under me, have done everything from regular cosmetic to full gut rehab 3 unit MF buildings and SFH new 2nd level additions, only thing I have not been in is new construction…. Just wanted to share this recent success story that I just finished where if everything works out perfectly this can be the result! The white single level house on the top half of the picture is in Villa Park IL, I bought this on a wholesale deal on Nov 1, it is the epitome of if you buy a deal right you will never lose, and that is exactly the case in this one, minor mechanical updates and cosmetically update house with kitchen and master bath being the focal points…. Spent about a month to get permits situated and about 10 weeks construction time, when I bought we initially was thinking 380-390k sales price but when it came time to come on market I saw how there is no inventory of nicely rehab homes in there or the few other surrounding suburbs in the same price range so I decided to push the envelope and list at 425k!! Went on the market March 1, 4 days and 24 showings later I am under contract at 420k with wanting fast close by end of the month!! 

The numbers on this deal:

Purchase + lender fees 235k
Rehab 60k
Holding costs 10k
Estimated closing costs 25k
ALL IN COSTS 330k
Contract price 425k
NET PROFIT 90k

Not bad for 3 months of work splitting this kind of a profit with my investor on the deal!!

Not sure how the market has been going around the country but here in Chicagoland suburbs it’s very robust and I’m about to start a new one in Arlington Heights, and also just went under contract on a off market deal in Forest Park, hopefully getting similar results!  And yea the bottom half of that picture, just so happens to be another house on the south side of Chicago that went under contract same day at full ask also so that was indeed a good day!

I also have been real bad with being "social media active" but I promised myself this year I have to do it, so if you guys can do me a big favor and give me a follow on my IG I would greatly appreciate it!! I will be documenting the newest Forest Park off market deal that we just acquired which is essentially a full gut reno with architectural drawings required, so will be showing the process of that one from start to finish!

IG: @lechu_2018

Enjoy the pics and feel free to shoot any questions you have, I'll be glad to answer them as best I can!

Thanks!! Anyone else with an opinion don’t be shy!