All Forum Posts by: Gerardo Villarreal

@Tom Shallcross this is really helpful, thanks for your thoughts. I’d love to discuss further. Will reach out via PM.

Hello! Wondering if anyone is successfully doing BRRRR in Chicago. I'm particularly interested in the north / northwest side of the city. Any insight you may provide would be greatly appreciated!

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $275,000
Cash invested: $300,000
Sale price: $730,000

Deconverted a two-flat into a luxury single-family home. This was complete gut rehab requiring extensive structural, electrical, plumbing, and HVAC work. Renovated into a 4 bd/4ba with 3000 sq ft of living space.

Hi everyone,

I've got a property that I'm currently fixing up for a flip in Chicago - Avondale area. I bought the property with a conventional mortgage loan and recently began the renovations, financing them with my personal savings and credit. However, I know that eventually I will need additional capital to finish the work.

What options do I have? I've reached out to a few private hard money lenders but they want to be in the first position lien, which is currently occupied by my conventional loan. Do you know of any private or hard money lenders out there that would lend money just for the renovation cost of the property? Or maybe lenders that will take a secondary lien position?

Thanks!

Gerardo

@Chris T. 

Thank you!

Sorry to hear that your condo purchase didn't pan out as expected. May I ask why? Was the rent lower than what you thought?

Avondale is certainly an up and coming area. I've seen a ton of flips there, but not really any rental opportunities that make sense.

Thanks @Matt Boyle! I am doing most of my research on MLS and am also in the buyers list for a few wholesalers. Are you wholesaling as well? If so, what area do you specialize in?

Hello everyone,

I'm relatively new to the game, having purchased one property in Avondale which is in the process of being rehabbed. After this property I'd like to get a property to buy and hold, possibly using the BRRR strategy. I'm also considering house hacking a multifamily building 3 or 4 flat.

The research I've done so far on multifamily units has not been very promising as far as returns go. They seem to be very highly priced compared to the rents, and taxes are quite high also. Has anybody successfully invested in rental properties in this area? Or maybe house hacked a multifamily unit?

Cheers,

Gerardo

Hello fellow investors,

My goal is to begin acquiring real estate for rentals and passive income.

I begun my journey by investigating the market. I've analyzed listings of rental properties and personally went to for multiple showings in the area I want to invest. I've been able to compare them and get a sense of the market rental rates. I'm looking for a SFH rental as my first property with minimal maintenance and renovation (starting out with baby steps).

At this stage, I am ready to interview agents and find one that can help find good deals for me as well as provide intel on the market. Besides asking about his or her investment experience, what else should I focus on? What other questions should I ask? How do I know I've found the right person to work with?

Thanks for your input,

Gerardo

Hi Matthew,

Do you have anything similar to this anywhere near Ohare area? If you ever come across something in that area please feel free to contact me.

Thanks,

Gerardo