All Forum Posts by: Robert Obniski

Here's the link for the listing 

https://www.redfin.com/IL/Chicago/2439-N-Avers-Ave-60647/home/13447771#

I would assume that i would like to go about it in a way that wont bite me in the aas later so i would be going the permitted way. 

No square footage listed

3 Levels

By plumbing I believe they mean just within the walls. I would assume going out to the city its fine. But you never know.

But I wouldnt be putting up walls or anything like that. Just basically starting from the studs. New plumbing, electric, drywall, roof, flooring, baths/kitchens, fitxtures, appliances, 3 seperate HVAC units, etc. 

Its wouldnt be low grade material but it wont be top shelf either. Its going to be mix of mid level contemporary looking that looks kinda pricey but only because its brand new and in style. 

Hello all, I am currently looking to buy a 2 or 3 flat (duplex/triplex for some of you)

Ill try to give the most precise details I can and if someone could give me a ballpark figure I would greatly appreciate it.

3 units

2 - 2 bed 1 bath

1- 1 Bed 1 bath

I would need basically a complete gut and rehab which includes...

Old shingles tear off install new

New drywall

New kitchens/bath

New fixtures

New plumbing through out

New flooring

New HVAC (None pre-existing) 

New electric through out - (minus panels)

-Essentially brand new everything.

Again, ballpark figures

@Theodore Renka

First of all, Congrats. $70k is more than my 3 flips will be combined. Although my flips were cosmetic condo flips and each took about 2-4 weeks of work. 

I have some specifics to ask you though as Im trying to make the move into sfr with a paydays of $40k+ 

Like i mentioned i have only done cosmetic flips so ive nevr done anything major like siding and a kitchen.

My questions (whether you want to share publicly or privately or not at all)

How much did you pay to re do the exterior of the house? Could you break it down?
-How much roof and how much for siding? Does this include materials and labor or just materials?

-Did you add a bedroom or bath room to the house?If so, how much did you roughly pay to put up walls for a bedroom and and how much to install an new bathroom?

-Did it take you 9 months from teh moment you had it under contract to the point where a check was in your hands or 9 months for the rehab?

I have yet to cross the bridge of doing major work like what you have done and my lack of number knowledge is something that's holding me back.

Awesome thanks! 

 1. Ok great ill start negotiating :D

2. From my understanding,  the taxes will be 100% prorated so how do you figure I will be paying? Doesnt that mean they will give me 100% of the amount from the previous year?

3. I know most do this up front but is it the same process on the back end? As in after i own the property and have it rented? 

4. If i can get more than what i have in it, should i take it? Or just cover my investment and get more cashflow?

Im tip toeing the line of purchasing my first buy and hold as an investor. I have only flipped properties at this point and they have all been from the MLS.

So I have a few questions regarding purchasing from a wholesaler and a rental sfr. 

1. Purchasing from a wholesaler - Is this price negotiable? (I know everything is 'negotiable'  but you know what i mean)

2. Terms are: Buyer pays all closing costs, 100% prorated taxes, must be cash. -As far as the closing costs does that mean on both my side and their side? What does it more or less equal out to?

3. Asking price is $49k with the terms stated above. Rehab is roughly $15k

So lets say all in is $70k with my own cash. I have it rented at $1k per month. 

Now the next step, from what I gathered, is to get my cash back. 

So I take out a loan against the property correct? What kind? How much of the value?

I guess im really asking 2 questions. Precautions before buying and what do I do after im all in and rented to get my money back. 

 Thanks, i was a big fan of the floors also. Almost everything was menards/hd. Paint was sherwin williams. Aplliances was sears. Flooring was floor and decor.

I look at a property today that was perfect. 3 beds 2 baths not everything in my criteria until I got to the fuse box. It has old electrical throughout the whole house. It was kind of a deal breaker for me being as I would not be carrying any walls down anyways so the electrical wouldn't be touched. My question is if I purchase and renovate the house, do I have to put in all new electrical throughout the house? To bring it up to code.

I was thinking about removing old bushes and adding new ones with red mulch or something like that

Sorry, I dont know how to rotate the pic