All Forum Posts by: Account Closed

Since we are acting as a contractor, we are definitely open to providing quotes or walking a property for you and telling you honestly what we think of the property and neighborhood. We do not know small property managers in the area, is that a service you are requiring as well?

I think that rental is very strong in Chicago and depending on the neighborhood, you are still able to find deals that will create good cash flow for you. We are not as familiar with the 60636 neighborhood, but do know that local investors are looking in that area as well. I personally have a friend who just purchased a 3-flat near there that will be renting out all 3-units and she might have a bit more insight on the neighborhood.

Shoot me a direct message if you want to discuss anything specific in terms of your needs/interests!

We are a family-owned and operated general contractor with experience doing new construction, additions as well as renovations in Illinois since the early 1990s. As developers ourselves (we have been flipping homes in the City of Chicago as well as the Northern Suburbs since we moved from Poland in 1992), we understand the process of working with municipalities in getting a project approved and permitted. We are looking to focus on residential flips, gut rehabs or new ground-up projects. Because of our history, we have connections to architects, engineers, and every type of subcontractor to ensure your project stays on schedule and your vision is delivered. We are happy to discuss your project and see if we are a fit! Our focus is on quality and customer satisfaction and we are confident in our ability to deliver. Visit our website to get more information on our services, see a sampling of a rehab project completed recently and learn how to contact us: http://www.edoinc.us/ . We look forward to working with you! 

Dorota Olejniczak - Owner | President

Edward Olejniczak - VP, Project Management

Victoria Olejniczak - Office Manager

Olga Olejniczak - Marketing Manager

@Eric M. @Harjeet Bhatti @Jon Schoeller Thank you so much for the information and for taking the time to contribute! I am learning a lot through BP already, what an awesome community. Turns out after touring the space, that it isn't habitable so my pre-approval for an FHA conventional loan won't work. Also, the broker let me know there are already 4 offers in place and they want all offers by tomorrow. So it looks like this won't work for us, but it was a great learning experience!

@Theresa Harris and @Wayne Brooks Thank you for the additional information! Not sure if you would know this, but given that I am a first time buyer and was originally interested in purchasing a 2 or 3 flat that wouldn't require a gut rehab, how would I go about financing the rehab? Let's say this is the scenario: I am pre-approved for a 2-flat for an FHA loan for $500,000. If this building is a 2-flat with a listing price of $400,000, but I am positive it could be sold for easily $550k minimum if fully rehabbed and leased, where would I get the money for that gut rehab? Is a 203k loan the answer? Or do I seek out a hard money lender that is separate of my mortgage? Clearly I am very new to this, so I apologize if my questions are ridiculous :)

Hello BP community,

My sister and I are currently looking for 2 or 3 flats in Chicago to purchase. The plan is to occupy one unit and rent out the other(s). We found a great deal (for the location) on a 2-flat that is an estate sale. We are not scared of doing a full gut rehab because our dad owns a construction company and is fully capable. However, I have no idea on my options for financing a rehab. I have started looking into 203k loans but now I am starting to read about hard money lenders. This might be TOO broad of a question but I feel stuck and would gladly take any advice on next steps! Does the 203k make sense? Or do you just take out a second loan specific to the rehab and still pay for mortgage? 

THANK YOU!

@Adam Farag I would love the opportunity to chat with you! I currently found a two-flat in Chicago that is listed as an estate sale and needs a complete gut rehab. I am currently in the market for a 2 or 3 flat that my sister and I would own and occupy together and rent out the other units. Our father has a construction company, so we have a trusted and experienced rehabber. However, this is our first ever purchase ... would you recommend even pursuing this? Thank you in advance!

@Tarcizio Goncalves Did you go through with this purchase? I am in the exact same position currently in Chicago and would love advice!