All Forum Posts by: Martin Lawrence

@Clay Manship , any update on this? What did you ultimately end up doing?

Hello BP community! My name is Martin Lawrence. I am not a very active member of the BP forums but do have a request. I am looking for recommendations for a contractor in the Chicago area. My wife and I bought a condo in Uptown back in March. There was some floor damage and we were told it was from a 'one time' incident that had been resolved. So we settled on a credit for repairs and moved forward with the purchase. We immediately had the floors redone and all was well, until May. That month was when the first big rainstorm came through and we had water pooling up in our 3rd bedroom, where the floor damage was when we purchased. Since then, we have had to have mold remediation in that room, plus the master and hallway, and are now looking at having a drain tile put in around the entire interior perimeter. So that leads me to my request for a contractor. We need someone to come in, do demolition of the areas the Drain Tile company needs cleared, then repair it all once they are complete. I am happy to provide any additional information if anyone wants it; photos, etc. Thank you for your help! My Best, Martin Lawrence

Sorry for the double post, I didn't think my question posted on the other thread. :-)

Hi Erika! 

Do you mind sharing the address? This might be something my builder would be interested in completely re-doing. 

Thank You!

Erika, do you mind sharing the address? I would love to take a look at this place. It may be something my builder is interested in completely redoing.

Thanks!

Thanks everyone for the replies! 

@Kumar Paj, I'm currently thinking Uptown, Avondale, and some surrounding areas. We will hash out specific locations on Saturday.

@Ebe Chinweze, I would really like to own many large, multi-family units that are bringing in enough passive income for me to grow a portfolio so large that I have to hire people to work for me, to manage the day to day activities. I see my future in this not only as an investor but also as a creator of jobs

Hello! My name is Martin Lawrence and I am in Chicago, IL. My wife, daughter, son, and I moved here from Virginia Beach, Virginia in August. I work for a local event production company, handling the technical aspects of weddings, corporate events, galas, social events, etc. My wife is a full-time Domestic Engineer.

I have always had a strong interest in real estate. We own a 2/2 condo in Virginia Beach, and have a tenant with a three year lease. When we moved to Chicago we were renting an apartment in Boystown. Because of our son being born, we needed more room, so we just closed on a condo for ourselves in Uptown at the end of February.

After the closing and our son being born in March, I kept thinking more and more about what I can do to get actively involved in real estate in this area. I found BP and immediately started listening to podcast after podcast; learning what works for some and not for others. I then called my realtor, spoke to him about my idea, and he said, coincidentally a builder/contractor he works with a lot called him a couple of days prior about flipping houses. We decided to schedule a meeting for this weekend for us all to discuss ideas and make a plan.

While I am interested in flipping, I don't think I will be able to be heavily involved in the process. Since we just purchased our second condo, we don't have a whole lot of cash available. My other thought was getting into multi-family units, renting them out, and renovating as much as possible. I am worried about this in the Chicago market because the laws absolutely favor the tenant over the landlord.

So that is my, not so simple, introduction. A couple of questions I would like comments and opinions on are:

1) For the Chicago market, do you suggest flipping condos/single family homes, or buy and holding multi-family?

2) Does anyone have recommendations for financing for both options. We may be able to come up with some cash for a down payment, but not a whole lot.

3) Any other, quick advice, you think would be beneficial for me to know.

I am really excited about this next chapter in our lives. I am ready to work hard, make great connections, and grow not only as a real estate investor but also as a person! Thanks everyone!