All Forum Posts by: Timothy Pauldon

I got my license through Real Estate Express. Great self-paced program.

@Crystal Smith This would be awesome! Both viable options at this point in time. I look forward to getting connected.

Hey guys,

I've been running into the same issue when attempting to qualify for a loan under 100K: it's too small of an amount. I'm looking at properties with a purchase price of 60-75k. I've talked to some lenders (hard money/conventional) who I was referred to, but again, their mins are too expensive for what I am trying to accomplish. I've got the 20% downpayment for a property in the 60-75K range and need the financing to complete the transaction. My idea was to use a hard money lender for the entire rehab, but not for the home purchase. I've already tried to find a 203K loan to house hack, but they're just not around due to Covid and I'm not really looking for an FHA loan obligation, tbh.

If you have any insights or recommendations as to any lenders or strategies on working out the financing I would appreciate it! I’ve been analyzing deals like crazy and am hoping to get a pre-approval so that I can take my journey to the next step: ACTION! A bit more about what I’m looking for:

- SFH fix and flip

- South Chicago Suburbs

- purchase price 60-75K

- rehab ~70k

- ARV ~185 to 190k

Thanks!

@Dave Poeppelmeier Thank you for this! Needed it right about now. :)

I was wondering if anyone knew any HMLs or Private lenders who would be interested in working with a newbie in the Chicagoland area? I’ve been doing a lot of research on the market and have been driving for $$ (calumet city area) and think that some really good deals could be made. I’m looking to fix and flip on SFL.

I'd love to work with someone collaborative, but a conservative HML would be okay.

Thanks!

@Jonathan Klemm

Hey Jon,

A fix and flip because it’s part of the mission statement for my company. The goal is to provide affordable rehabbed housing in underserved neighborhoods to incentivize minority new homeowners to stay/move to the area. Our goal is to aid in updating underserved neighborhoods to attract new families looking for affordable (and beautiful) housing.

@John Warren Hey John, thanks for the insight! I live downtown (right off of Michigan Ave) and property around here is mad expensive. I guess I’m trying to figure out if the trend for better deals are in the south suburbs? West side? Northwest suburbs?

@Mark Ainley

Hey Mark, thanks for responding! Here are my answers:

1) Purchase Price Range: I’ve been looking for the 25-40k range ($60k max)

2 ) Rehab Range: 6 - 30k (45k max)

3) A deal for me is a house in or around the Chicagoland area that has surrounding houses priced at 3X+. Mostly houses in the 25-35K range that have an ARV of 100k+. Rehab would ideally be between 8-12k. Also, because my company is wanting to rehab specifically underserved communities, I'd like to stick to the outskirts of downtown.

4) I’ve been looking at upper west side, oak lawn, oak park, Dolton. I’d like something a little closer to the city, but most opportunities are out that way. Only problem is houses sell for much less. I’ve found a couple of 25-30K deals in the Oak Park/River Forest area as well.

5) I have not began working with a broker but do have a call with one tomorrow. Was hoping to get some insight here first.

6) I’ve seen a few houses in auction on Redfin but haven’t pursued them.

Hopefully this gives you a better look at where I’m at and what I’m thinking about!

Thanks so much!

Hey guys,

I’m still a newbie without any deals under my belt yet, but am looking to purchase my first house within 90 days. Any insight into some hot areas within and around the Chicago area? Looking to fix and flip the properties.

Thanks!

Hey guys,

So I have been able to find some solid properties on Redfin recently but have been a bit hesitant on pulling the trigger. I have 10% downpayment the houses but the entire loan process mentally hangs me up so much.

It’s my first fix and flip and I’m looking for potential portfolio lenders over hard money lenders in Chicago. My problem is that I am not exactly sure so much on how to secure the best funding option. I’ve reached out to loan officers for more insight but I was hoping to get some feedback on your experiences: Did you work with the loan officer prior to choosing the property (approval for amount first)or did they require you to have a proposal built out for the property first? Have you been in a position where the property itself would be paid for by the loan but not the rehab costs?

Which do you think would be the most strategic route? Any help on the best sequential process of securing the loan, finding/working with an agent and closing on the house would be great!

Thank you guys so much!! :)