All Forum Posts by: Samuel Liapis

@John Warren

Thank you guys for helping! I will review the comps again and see why you guys chose 275k and try to learn from it.

Can you comment on the rehab portion? Was that pretty accurate? The kitchens were a total remodel so I thought about 20k each. Bathrooms 5k each.

Any other feedback would be awesome!

Thank you again!

@Steve Morris

I saw a lot of the 270k, but they were not renovated. The two that I saw that were renovated were 345k+. I split the difference at 325k

What is CFBT?

@Alyxandria Welch

I started out by reading Rich Dad, Poor Dad and it changed my mentality about money. I talked to my family about investing but it just wasn't the time back then. Once we had capital (down payment) we purchased a 3 flat that we house hacked. 2 years later we purchased another 2 flat with a finished basement and a side lot.

This is where we made our mistake. Although we didn't lose money and we had a 700% cash on cash return we didn't do our due diligence. We are not able to rent the finished basement do to the zone we live (and the fact the code department is right down the street). We then looked at selling the side lot to the house because it is a different pin. Turns out they changed a law a few years before where in order to build the lot size has to be 33ft wide. Ours is only 26ft. Now we could still sell it, but who is going to buy something they can't build on?

Do you due diligence! Check out everything! That is my advice.

Hello All,

I am trying to practice Analyzing deals and this deal seems pretty good. I will not be purchasing because I just want to practice right now. Can someone confirm if my numbers are correct?

https://www.trulia.com/p/il/cicero/1241-s-57th-ct-cicero-il-60804--2104782002

Asking: 135k

I figure I can most likely get this for 125k.

Rehab looks to be around 120k

3 kitchens, 3 baths, Laminate throughout.

Comps look close to 325k for an ARV.

Rental comps look to be around 1500.

Please let me know how I did!

@Patrick Menefee

I have to admit, I am little afraid of of the multiple sources of funding. Probably because it makes everything more complex. I was thinking about a private lender and maybe a HELOC along with the little bit of cash. But I think I should wait until I have more experience.

I also don't want to keep telling myself that and end up not doing it. I am pretty motivated at the moment and I really want to learn real estate. I have 2 apartment buildings and one is house hacked. I am searching for a third traditional type as we speak. Reason being is this is a family business and we are all using our first time buyers discount.

A lot of what I read says you need to get the experience by doing. So that is what I am trying to do.

@Ryan Ingram

Thank you for not sugar coating. I understand to sell books you need to make it to good to be true and I see that is pretty much what he did. It is still something I am interested in doing but I think I need to take a step back and take more time. Maybe run through a few deals with another investor so I can get some practice in.

@Zach Gring do you know of any click invest places that will run me through the process or that I can tag along and see how it is done?

I'm very interested in this click link what is that and what company does that. Also if there are any Chicago investors that do BRRRR strategy would it be out of the realm of possibility for me to tag along during this process.

@Mary Mitchell I believe that is what I'm I am going to do. right now things are still unstable and people may be foreclosing due to the extended lockdown.

@Jason Dillard 95% you use no capital of your own? Wow! Teach me haha