All Forum Posts by: Tom Casey

Hey Na Na!

@Paul De Luca and I are on the same team, The Axon Group (eXp Realty), and we have an extensive network of investors looking for off market properties in and around Chicago. I would be more than happy to be your boots on the ground contact here since you're not currently in the area. As Paul mentioned, Jonathan Klemm could be a great resource to work as GC if you decide to complete the rehab. But let's connect either way! Looking forward to seeing what we can do to help!

Hey @Tim Duffey!

I think that you and I connected earlier this year on Facebook. Glad to see that you're close to making a move on something! I'd love to run through some numbers with you on this property. Sounds like you're thinking along the right lines in calculating your numbers conservatively. To me, these numbers sound great for a good neighborhood in Chicago! But I would need more specifics on the property so that I could run the most accurate numbers possible. Let me know if I can help. And either way, best of luck out there!!

Hey Paul!

Here's a few that I like: 

Chicago/NWI REI Meetup - https://www.facebook.com/groups/1600859530109051

Windy City REI - https://www.meetup.com/windy-city-rei/

Chicago RE Investors Meetup - https://www.meetup.com/chicago-re-investors-meetup/

Chicago Multifamily Club - https://www.meetup.com/Chicago-Multifamily-Club/

The Chicago/NWI group is awesome and they'll be meeting this Monday, December 6th. There's also a holiday party happening December 9th where a bunch of meetups are..well.. meeting up! lol. That one you'll have to get tickets to, should be a good time. Here's the link for that: https://www.eventbrite.com/e/h... 

Hope that helps. Looking forward to seeing you out there!

@Juan Camilo Lovera

Hey Juan! That’s exciting stuff to be starting your portfolio in Chicago! This is a very unique market and it’s important to be familiar with the block-to-block dynamics of the city and suburbs. I think it’s great that you checked it out in person. What did you think about the city?

Hey Maksim! 

I 100% agree with @Jennie Berger that markets close to downtown will have very strong growth over the next 5-10 years. West Loop is literally one of the hottest markets in the country right now if not the world. If you plan on getting into these markets, I wouldn't expect much cashflow at all but if you are able to weather that in the mid-long term game, I just don't see A class neighborhoods in Chicago going anywhere but up (both value and rent price).

These downtown neighborhoods are my bread and butter and I would love to connect with you to talk further about what your plans are and what types of properties you'll be looking for.

@Brie Schmidt Thank you for your insight!

@Jonathan Klemm Thank you for passing along. I hope Patty can share here as well. I'm definitely hoping that I can borrow up to the amount with the additional unit as that would make it more plausible to stay within the allowed budget for 203K.

@Patty Gaillian That would be amazing. Thank you!

Hello all!

I'm a new investor here in Chicago and for my next investment property, I'm looking to purchase a multi-unit building using an FHA 203K loan. I have a question regarding the loan amount that I haven't been able to find a definitive answer for.

I’m wondering if I buy a 3-unit building and want to convert it to a 4-unit, could I get a 203K loan up to the max amount allowed for 4-units?

I ask because the max loan amount for a 3-unit is only 587K whereas the max for a 4-unit is 729K. That extra $140K would give me a lot more to work with for the rehab and I can value add by creating a legal extra unit. I think if this is possible, it could be a great strategy for a 203K rehab project.

Please let me know if you know the answer. Thanks for your time!