All Forum Posts by: Tony Mondalano

@Demetrius Davis have you considered looking closer to home? There are some petty fantastic markets right around Oak Park for flipping. Forest Park and Berwyn come to mind right off the bat. My rehab project is about one week from completion, and should be a solid investment. We picked it up off the MLS!

@Rogers Williams what type of contractor are you looking for, and how far south? I am on the near southwest side (Oak Park/Berwyn area), and have some good contacts. Obviously, Chicago is a huge marketplace though, and a lot of contractors don't like to travel too far. 

@Rogers Williams what type of contractor are you looking for, and how far south? I am on the near southwest side (Oak Park/Berwyn area), and have some good contacts. Obviously, Chicago is a huge marketplace though, and a lot of contractors don't like to travel too far. 

you need to know the terms, costs, and underwriting needs.

The riskier the loan, the more it's going to cost you (usually up front). 5x leverage on cash is risky, so expect it to be equally expensive.

Wouldn't they have to secure the line of credit against something?  I wouldn't think that a bank/lender would give you 5x your cash without securing it somehow, especially if you have no history.

@Dave Francis I dig out a lot of basements for my flips and rentals.  It is just a matter of $$$ I am willing to spend and what comps are doing as well.  At at 5ft tall basement currently I would doubt that your foundation goes deep enough without the need for underpinning or bench footing.  Both those techniques are labor intensive and require an engineer to make plans and sign off on them after.  If there is a good slab in the house I tend to keep the basement as is.  If the slab needs to be repoured at that time I make the decision to dig out or not.