All Forum Posts by: Fernando Angelucci

Hello BP!

We have available for immediate assignment a large brick bungalow fix and flip project in Auburn Gresham for $65,000.

Address: 7505 S. Carpenter, Chicago, IL

Size: 1,110 sq. ft. (Assessor's figure; we estimate it to be 1,600 sq. ft.)

Bedrooms: 3

Bathrooms: 2.1

Price: $65,000

Estimated Rehab: $55,000

ARV: $175,000+

Cash on Cash Return: 31.25%+

Details: This brick bungalow is located one block away from Stagg Elementary School and 3 blocks away from the Thurgood Marshall Chicago Public Library. The home has a great layout with a huge living room that leads into the large kitchen with two bedrooms and a full bathroom off to the side. One of the bedrooms has an enclosed back porch area that could be easily converted into a large walk-in closet. Upstairs has a 3/4 bathroom that could be expanded into a common area section for a master bath for the bedroom upstairs. The unfinished basement has a half bath and has plenty of space to have two bedrooms and an entertainment area if finished. Our rehab suggestions include refinishing the hardwood floors (there are hardwood floors under the carpet in the living room as well), updating the kitchens and baths, roof work, landscaping, paint, carpet upstairs, and finish the basement.

Photos and Video Walkthrough: https://www.dropbox.com/sh/vt2l0cp5ebqwx8a/AACTlYcEDcrQW9uMJhyEioCWa?dl=0

MLS Sold Comparables: https://www.dropbox.com/s/wqgs2yp1dfrels2/7505%20S.%20Carpenter%2C%20Chicago%2C%20IL%20Sold%20Comparables.pdf?dl=0

The deal goes to the first person to sign the assignment of contract and remit the assignment fee. If you have any questions or interest, please do not hesitate to reach out as this one will not last long!

CALL OR TEXT FOR FASTEST RESPONSE

Hello BP!

Today we have available for immediate assignment a fix and flip project of a beautiful 7 bedroom, 4.2 bath single family home one block away from the lake in Winnetka for $1,250,000 cash plus closing costs. It's estimated ARV is $2,000,000.

Address: 818 Bryant Ave., Winnetka, IL 60093

Building Size: 4,089 sq. ft.

Lot Size: 0.44 acres

Current Bedrooms: 7

Current Bathrooms: 4.2

Estimated Rehab: $250,000

Estimated ARV: $2,000,000+

Estimated Profit: $300,000

Details: This home is located in the most desirable area of Winnetka on a huge lot. The home is located in one of the top school districts in Illinois with 10/10 schools available for every level. The house is located one block from the lakefront, Tower Road Park and Beach, and Lloyd Beach Boat Launch. While the home has been very well maintained, the primary rehab needs are cosmetically updating the outdated finishes. While it is currently 7 bedrooms, by finishing the other half of the attic, an additional 2 bedrooms can be added. The basement is currently unfinished so the bathroom down there can be made into a full bathroom and the half bathroom on the main floor could be converted into a full bath raising the bathroom count to 6 full bathrooms. While there are new construction homes selling in the area, there are as-is condition homes flying off the MLS as well; so a freshly renovated and historic home of this size, lot size, and location will be a hot commodity. This is a probate deal with no tax proration and buyer to assume all normal closing costs for both sides.

Photos: https://www.dropbox.com/sh/hnr4237pcplipzp/AACAmzusMrAO9Cj9JPTDhFYga?dl=0

Sold Comparables: https://www.dropbox.com/s/p7g2vaoof5v57qa/818%20Bryant%2C%20Winnetka%2C%20IL%20MLS%20Sold%20Comparables.pdf?dl=0

The deal goes to the first person to sign the assignment of contract and remit the assignment fee. If you have any questions or interest, please do not hesitate to reach out. A single group showing will be set up for all interested parties unless the deal sells sight unseen. Proof of Funds required to view the property.

PLEASE CALL OR TEXT FOR FASTEST RESPONSE

Hello BP!

Today we have available for immediate assignment a brick and frame 3-unit at a 24.2% cap rate for $107,000.

Address: 320 W. 16th St., Chicago Heights, IL 60411

Size: 1,592 sq. ft.

Units: 3

Unit Mix: Unit 1- 4 bed, 2.1 bath | Unit 2- 1 bed, 1 bath | Unit 3- 1 bed, 1 bath

Details: Needs no rehab and has passed all city and rental/Section 8 inspections. Only a few blocks away from the Barack Obama School of Leadership and Technology. 4 bed / 2.1 bath unit is currently rented to a Section 8 tenant for $1,450 a month. The other two units are 1 bedroom, 1 bath with one vacant and the occupied unit rented to a market tenant at $675 a month. We would recommend renting the vacant 1 bedroom to a Section 8 tenant as there is a shortage of Section 8 housing and one bedrooms in 60411 can command $890 a month from voucher tenants. Otherwise, the unit can be rented out to a market tenant for $675 since the owner has interested tenants waiting. Tenants currently pay all utilities except for water and common area electric. Tenants have their own individual trash cans with the city.

CURRENT FINANCIALS

Gross Operating Income (with vacant 1 bedroom unit rented to market): $33,600

Annual Taxes: $4,666.71

Actual Annual Insurance: $675.31 (Country Financial)

Monthly Owner Paid Utilities: $160

Total Annual Expenses: $7,262.02

Net Operating Income: $26,338 = 24.6% Cap @ $107k

PROFORMA FINANCIALS

Rent vacant 1 bed unit to Section 8: $28,918 NOI = 27% Cap @ $107k

Rent both 1 bed units to Section 8 when lease expires: $31,498 NOI = 29.4% Cap @ $107k

Here are the documents to support the reported expenses: https://www.dropbox.com/sh/8t7c6233bozbc7i/AAAOi4uT7a-VLHI56IpP_KLja?dl=0

PHOTOS: https://www.dropbox.com/sh/o4mm09xue7wk43f/AAAMCpYJ0L7dF43bvDiQYZfga?dl=0

We will set up a showing for all interested parties unless the property sells sight unseen. The deal goes to the first person to sign the assignment of contract and remit the assignment fee. Please let us know if you have any questions or interest.

PLEASE CALL OR TEXT FOR FASTEST RESPONSE

Hello BP!

We have available for immediate assignment a rehabbed and rented brick 3-unit in Back of the Yards for $185,000.

Address: 4820 S. Honore, Chicago, IL 60609

Size: 2,700 sq. ft.

Bedrooms: 9

Bathrooms: 4

Total Gross Monthly Rent: $2,200.00

Market Value: $230,000+

Taxes: $2,542.88

Details: Fully rehabbed in 2015. Fully rented at well below market rate to long term tenants (top two units on two-year lease ending April '18, garden unit on month-to-month). Newly poured concrete pad for entire enclosed backyard. New roofs and siding for building and garage. Two car garage and coin laundry produce extra income. Units are separately metered.

Photos: https://www.dropbox.com/sh/a2zn5l7o68dabs9/AABU8qXYv-IyWD3R9IPFJbjEa?dl=0

Let us know if you have any questions or interest. The deal goes to the first person to sign the assignment of contract and remit the assignment fee.

PLEASE CALL OR TEXT FOR FASTEST RESPONSE

Hello BP!

Today we have available for immediate assignment a brick and frame townhome in central downtown Hyde Park for $399,900.

Address: 1316 E. 52nd St, Chicago, IL 60615

Size: 2,412 sq. ft.

Bedrooms: 6

Bathrooms: 2.1

Other details: Professional appraisal of after rehab value of $745,000 almost a year ago. Prices have only risen in the area. Rehab was started before the current owner ran out of money due to other projects drawing away funds. It is located on a cul-de-sac with high ceilings, a fenced yard, a 2-car garage, a large porch, and a balcony. It has a new roof and gutter system. Less than a half mile away from Whole Foods.

After Repair Value: $745,000+

Estimated Rehab: $150,000

Estimated Rehab Timeline: 3 months

Estimated Profit After Sales and Holding Costs: $120,500

Estimated Net Cash on Cash Return: 21%+

Here is the appraisal, which includes the rehab estimate of about $150,000 and the proposed floor plan: https://www.dropbox.com/s/dy1alp7oydctir3/Appraisal_1316_52_Chicago_IL.PDF?dl=0

COMPS: https://www.dropbox.com/s/22yoxzdb69m1m2g/Comparables_1316_52_Chicago_IL.pdf?dl=0

PHOTOS: https://www.dropbox.com/sh/nudu8bfcquj34ja/AADvK-EWKdAul3bQ8Ughocn9a?dl=0

The deal goes to the first person to sign the assignment of contract and remit the assignment fee. Please let us know if you have any questions or interest as soon as possible as this deal will not last long.

PLEASE CALL OR TEXT FOR FASTEST RESPONSE

Hello BP!

We have available for immediate assignment a seller financed double lot duplex a block away from the lake in the South Shore for $135,000. The property can also be bought outright for $124,900 cash.

Address: 2716 E. 75th St., Chicago, IL 60649

Size: 2,624 sq. ft.

Unit 1: 4 bedrooms, 2 baths

Unit 2: 3 bedrooms, 1 bath

Details: Fully rehabbed at the end of 2014. Tenants have been evicted and building is in need of turnover rehab estimated to be $30,000 total. Building comes with adjacent lot with two car garage and driveway. Units are separately metered. Assigned schools are 7/10 GreatSchools.org rated elementary school and middle school, Powell Community Academies. Less than 10-minute drive from the future site of the Obama Presidential Library.

Seller Finance Details

Down Payment and Assignment Fee: $35,000

Financed Balance: $100,000

Interest Rate: 5% Interest Only ($417 per month)

Term: 3 Years

Additional Details: No prepayment penalty, first payment is not due until 3 months after closing to allow for rehab and placing new tenants.

Proforma

Total Monthly Rent: $2,600.00

Annual Taxes: $3,514.30

Net Operating Income: $18,500.00+

Cash on Cash Return After Debt Servicing: 20.8%+

Photos: https://www.dropbox.com/sh/gvupd37hwpf4tsc/AADGAhvIqY1kpE8PtRf3uzI8a?dl=0

MLS Comparables: https://www.dropbox.com/s/njahd8vu6z37roe/2716%20E.%2075th%20St.%2C%20Chicago%2C%20IL%20MLS%20Comparables.pdf?dl=0

If you used the cash flow of the property to pay down the principle balance over the 3-year finance term, you would be at over 30% equity in the property (ARV of $175,000+) and be able to do a refinance with no money out of pocket.

The deal goes to the first person to sign the assignment of contract and remit the assignment fee. If you have any questions or interest, please do not hesitate to reach out as this one will not last long!

CALL OR TEXT ME FOR FASTEST REPLY

Today we have available for immediate assignment a brick and frame 3-unit at a 18.8% cap rate in Chicago Heights for $135,000. It has the potential to be a 23% cap rate!

320 W. 16th St., Chicago Heights, IL 60411 is nestled in a residential area only a few blocks away from the Barack Obama School of Leadership and Technology. The property is in need of no required rehab as 2 out of 3 units are rented and the third vacant unit is being left vacant for the new owner's convenience. One of the units is 4 bedrooms and 2.1 baths and is currently rented to a Section 8 tenant for $1,450 a month. The other two units are 1 bedroom, 1 bath with the occupied unit rented to a market tenant at $650 a month. We would recommend renting the vacant 1 bedroom to a Section 8 tenant as there is a shortage of Section 8 housing and one bedrooms in 60411 can command $890 a month from voucher tenants. Tenants currently pay all utilities except for water and common area electric. Tenants have their own individual trash cans with the city.

CURRENT FINANCIALS

Gross Operating Income (at current 4 bedroom Section 8 unit, and two 1 bedroom market renters): $33,000

Estimated Annual Taxes: $5,075.30 (Based off 1st installment of 2016 as $2,537.65)

Actual Annual Insurance: $675.31 (Country Financial)

Owner Paid Utilities: $160 (Water and common area electric; water is billed every two months and has averaged at $262 (per 2 months) over the past 4 years)

Total Annual Expenses: $7,670

Net Operating Income: $25,330, 18.8% Cap @ $135k

PROFORMA FINANCIALS

Rent vacant 1 bed unit to Section 8: $28,210 NOI, 20.9% Cap @ $135k

Rent both 1 bed units to Section 8 when lease expires 7/17: $31,090 NOI, 23% Cap @ $135k

Here are the documents to support the reported expenses: https://www.dropbox.com/sh/8t7c6233bozbc7i/AAAOi4uT7a-VLHI56IpP_KLja?dl=0

PHOTOS: https://www.dropbox.com/sh/o4mm09xue7wk43f/AAAMCpYJ0L7dF43bvDiQYZfga?dl=0

There are no comparable sales in the past 12 months but with its rate of return, it will pay for itself in 5 years.

We will set up a showing for all interested parties unless the property sells sight unseen. The deal goes to the first person to sign the assignment of contract and remit the assignment fee. Please let us know if you have any questions or interest.

Cheers!

Hello BP!

Would you be interested in the red-hot Rogers Park neighborhood on the north side of Chicago? I have a 2-story brick Georgian that is ready to be flipped in the high demand area with historically low inventory. The location is amazing being 1 block from the red and purple lines, 2 blocks from the fire department, and 5 blocks from the lake with low taxes. This off-market full remodel came through a probate case and will be available to walkthrough on Friday, May 26th. Call my cell for the time.

7356 N. Ashland Ave, Chicago, IL

2-Story Brick Georgian SFR

4 beds, 1.5 baths, 1-car garage, 1,782 sq. ft.

Full unfinished basement

Taxes (2016): $4,067

Purchase Price: $261,343
Rehab Range: $90k - $120k

ARV Range: $500,000 - $545,000

Gross Profit: $118,000 - $144,000 (less holding and selling cost)

Photos and Comparable Sales: https://www.dropbox.com/sh/kzdpps14rcu30e9/AAAs7q8JtV9_LHD0vUF1cl-Ga?dl=0

Rehab

2nd floor: Remove all carpet and refinish hardwood underneath in all 4 bedrooms, windows, replace wood paneling with drywall, paint, remodel full bathroom, tear out drop ceilings, doors, hardware, and trim.

1st floor: Remove all carpet and refinish hardwood underneath, windows, tear out all interior walls to create open concept, replace wood paneling with drywall, paint, remodel kitchen, remodel half bathroom into full, tear out drop ceilings, exterior doors, hardware, and trim

Basement: HWH, Furnace, replace plumbing for new kitchen and bathroom setup.

Exterior: Rollover a new layer of architectural shingles, garage door, landscaping.

Optional: If you would like to push the ARV above $545,000 finish basement to increase livable square footage and create a large family room and/or extra two bedrooms and full bathroom.

This is a Double Close deal so if you are interested call me right away and I will send you the purchase agreement with terms.

Cheers!

@Brian Donnelly interested as a flip or rental?

@Steven Wear what are your thoughts on this?