All Forum Posts by: Mike B.

You are probably right, although I never claimed to be generous. I never expected a percentage of any of the work I've referred my contractors so I don't know why this is considered different. In Melissa's situation, I don't think the contractor showing appreciation for keeping him working through 2 rehabs is out of line.
To each his own...

Thanks for the warm welcome! I rehab single family homes in Chicago and the surrounding suburbs. I get enough properties where I'm able to wholesale here and there to other investors I network with. I'm happy to help in any way I can. I'm also anxious to learn what's working for other investors.

I personally buy several lists. Probate, recently divorced, out of state owners, etc...I look for non listed pre foreclosures with equity and door knock. I drive around neighborhoods looking for over grown grass, roof damage, anything that stands out like a distressed situation. I look for houses that are close to being lost due to delinquent taxes and door knock. Be aggressive.

Hey guys, I'm Mike, been investing since 2003. I'm very passionate about my work and really happy a place like this exists. I'm excited to learn more about your experiences and share some of mine when needed.

There's nothing wrong with your plan, positive cash flow is always a good thing. I jumped the gun on my advice and I apologize. Good luck with your project in Pilsen.

Personally, I wouldn't give him more than a $200 gift card to take his wife out to dinner...and I would give it to him after closing.

The only discount I would give is ARV - 5% (which would have been real estate commissions you would've paid if it was on the market).

I don't agree with not talking to the potential buyer. It doesn't make much sense to me to disqualify any buyer, especially if it gets the property sold quick (less holding costs for you). In the same breath, I wouldn't delay marketing the property waiting for this specific buyer ala putting all of your eggs in one basket.

I obviously don't know where this property is at in the city, but have you comped it as a single family? I've been making a killing converting 2 flats into single families in the Lakeview/Logan Square areas. There are a bunch of factors for it to make sense, most importantly the purchase price. They typically cost 150-200k to convert and that includes digging in the basement to get height = additional living space. If you leave more details I'd be happy to run the numbers for you.