All Forum Posts by: Brian Murphy

@Michael Plante thanks. Lots of moving parts. Where there’s a will there’s a way…

Hi BP community.  I have found a potential off-market deal.  It's a 5 BR (3 up, 2 on first floor) house that needs work being sold by owner located in Oak Park, IL.  The house is currently lived in, but would need extensive rehab - new kitchen and bathrooms, new exterior siding, refinish floors, landscaping.  Not sure of the condition of the roof.  I think the house was gifted to him.  The property includes two tax parcels.  One has the house, the second is a side yard without a house.  He is asking $340,000 for both lots but I believe he would come down from that.  Comps in the area that are fully rehabbed sell for $550 - $650k, often higher if higher end finishes are in place.  Yearly property tax bill is $9k for the lot with the house, $1,100 for the empty lot.  

I plan to check with the village about splitting the two lots to determine if I could either sell the second lot to a builder, or if I want to get really crazy, hire a builder to build a second house.  

Yes, this is a bit complex but it seems like there's a lot of potential here and that's how money is made.  

I'm looking for the following:

1) Anyone in the area that has experience on large projects that would be interested in partnering. 

2) If no to above, any GC recommendations who might actually have availability.  

Thanks!

@John Warren can you let me know when your next one is scheduled?

I'm in for a meetup as well.  Would prefer in-person if possible.  I guess depending on the size/interest would dictate the ability to have an in-person event for virtual.  

@Sarah McCluskey if prices drop significantly, you go with a hold strategy, not an exit strategy. In fact, if that happens, you’ll want to try to go with a buy strategy if possible. Numbers look good for a hold.

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*This link comes directly from our calculators, based on information input by the member who posted.

I had Larson storm windows installed by American Thermal Windows.  They did a great job.  Work was done about eight years ago and they're still holding up great.  

 Thank you John.  You were right, this would be a commercial deal.  Not the right first deal for me...  I'm still looking.  

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*This link comes directly from our calculators, based on information input by the member who posted.

Just came across this deal.  It's 5 2br units.  Still need to check the condition of mechanicals and roof.   Furnace is hot water boiler.  Each unit has it's own electric service - tenant responsible.  

There was obviously a water problem.  I did this in my primary residence and it actually worked extremely well.  The fact that this was completed actually may be a good thing.  I haven't had a problem since I had this done four years ago.  But definitely ask about it and maybe find out who did the work.  Good luck.