All Forum Posts by: Sheila Villacampa

Robert Chuang Bill Jacobsen thanks for the advice. I will get more bids. And thanks for simplifying the numbers for me. I have to weigh in all these factors in my decision. I will let you know how it turns out.

Crystal Smith Thanks for sharing your experience. Are you still investing in the South Shore area? This place is actually 2 blocks from the Lakeside Project which is visualized to be te next downtown Chicago. I don't mind the wait since I'm in this for the long haul. I don't want to miss this opportunity for sure hopefully by the time I get to retirement I can enjoy this house. The fixer upper in the listings now are fewer plus they're already in 20-30Ks. I feel like I got lucky getting it at 4k.

@Joel Owens Thanks for the advice. I'm not averse to selling this property as long as I will not lose a big chunk of the amount I already put in. The 10-12k is same amount I was thinking too to get even. I do have a question, I bought this property as a homebuyer and not as an investor. Since my idea is to fix, live in it for a few, get some equity and move to the next. When I received the deed of the house, it came with a clause that if found out that I sold and reinvest the property I can be fined for 10,000.00. Has anybody ever heard or experienced this?

J Scott You definitely hit some points. I've had some bad experience with contractors in the past too, enough to suppose scare me away. Thus your advice is a good one, albeit may not always true since I'm sure there might be still some good and honest contractors out there. He did show me some of the work that he has done in the area. We talked about materials to be used that are comparable. He mentioned that he likes to get permits for the electricals and plumbing but he has to hire somebody since he is not licensed in that area, but that he can pull out the license for dry walling and stuff. The house that he showed me seem to be of good craftsmanship. In front of that same building is a sign that says - NSP project. I don't know if that proves some integrity on his part being the contractor of that building. He seem to have same goal as me and that is to be financially secure to be able to spend time with his family and send his kids to college.

Thanks to you all for the response. I'm being blown away by the many ideas, which made me really think how inexperienced I am. I'm willing to learn though.

Thanks, Bill. Crystal Smith , this property is 2 blocks from the lake in South Shore. We're thinking of buy and hold get a refi and do it again within 1 mile from the Lake. Rents are about 1-1.2k for 3/2 SFR.

I have a fixer upper house which I bought for 4,000 in an upcoming area. I have contacted a contractor who suggested that we would partner together. The discussion was that if I buy the materials, he'll take care of the labor. We also agreed that we establish a contract and that his name is also added to the deed. It sounds fair to me. My questions are: 1. He quoted about 50-60k cost in rehabbing the place that includes materials and labor, how do I know that that is fair and legit? 2. What should I include or exclude in the contract in a 50/50 business partnership? Is it best to hire my own lawyer to review the contract? 3. This is a single family house which I intend to live for 1-2 years, how can we structure the contract in a way that is fair to my partner. 4. If all is well and I sign the contract, I plan on financing the half of the project with 10K loan with 6% interest, 8k on credit card with 22% interest, these I already have. But I still have to look for funds for the remaining, minus the value of the house. Is this too much risk? My personal finances now are not great, but I'm willing to work hard and hang in here but is this project worth it? How do I know my numbers are correct and know that I'm not running into a trap. This single family house needs extensive work but does have Hvac in place, water and electricity are working although I don't know the condition of those. Also, the roof is just 3-4 years old. It is situated in a 3000+ sq ft lot which is typical of Chicago city lot. If I don't act now, I figure the house is not able to survive the winter. Please help!!! I'm in a rock and a hard place, or am I? Thanks so much.

I can say I have not made exact $$ yet. But BP has given me the support I needed when I was almost ready to give up RE. Also, thanks to Michael Barbari who help me get a loan to jump start my rehab project. And to Lumita Ispas for taking the time to refer contractors my way. Thanks so much, BP.

Very inspiring story. Thanks for sharing.

@Lumi Ispas thank you for that wonderful information. Can you give me the contact number from Guaranteed Rate, my email is [email protected]. Thanks.