All Forum Posts by: Victor So

Hey Everyone, I am moving to Chicago from the northeast with my girlfriend (plan for mid-late Spring time) and am going to be traveling out to view condos in the River North, Gold Coast, Old Town and Lincoln Park areas. I have been doing some extensive research around 2 bed, 2 bath condos in those neighborhoods and looking into the building's rental policies in case I ever would like to move back to the northeast. My question is surrounding why they appear to be so inexpensive in these larger buildings? Am I missing anything in terms of regulations or general market dynamics that would cause these prices to be lower than other, comparable metro areas?

Hi all,

I am James. I am condo home owner (my second personal residence purchase) here in Chicago that has been dreaming/obsessing over beginning my journey into full time real estate investment. Any information or advice is always welcome, as I am in a stage of immense learning and growth, and if there are any other Chicago folks present hit me up anytime! I am always interested in meeting/networking.

Thanks,

James

Investment Info:

Condo fix & flip investment.

Purchase price: $152,500
Cash invested: $30,000
Sale price: $232,500

My wife and I purchased this condo just outside Chicago, remodeled it, lived in it for two years and then we sold it and moved Tennesee!

What made you interested in investing in this type of deal?

We wanted to try our hand at remodeling our own place for a profit.

How did you find this deal and how did you negotiate it?

We found this deal on the MLS and negotiated a lower purchase price. We basically just stayed firm on our offer price.

How did you finance this deal?

We used private money and our savings to finance this deal.

How did you add value to the deal?

We painted the entire condo, replaced all the doors and trim, installed luxury vinyl flooring throughout, knocked down a wall to create open floor plan, re-did the entire kitchen and remodeled both bathrooms.

What was the outcome?

We sold it for a very nice profit! Since we lived in it for two years, we didn't have to pay capital gains tax.

Lessons learned? Challenges?

The lessons we learned is that we can do our own work! I watched hours of YouTube videos and practiced until I could do everything on my own. We learned how to budget for future remodels and the skills to remodel.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

We worked with a local agent to buy/sell the condo once we finished.

I will be renovating a basement in Chicago and kind of crunched some numbers. It looks like to replace old tile with porcelain might run me at $11 a sq ft versus lvp from flooret (assuming the floor is leveled) at around $9 sq ft. Has anyone used LVP in basements? I have porcelain in my other basements, just wondering if I should stay the course or use LVP. 

Hello fellow Bigger Pockets members, I'm a recent BP Pro member and I wanted to introduce myself. My name is Preston, my fiancée (Jade) and I will be moving up to Chicago next summer/fall from the Kansas City area. We were wanting to connect with local real estate enthusiast as we begin preparing for this journey. We will be looking into the multifamily space (owner occupant), preferably 3-4 units with the possibility of a basement unit as well. Looking to get any insight, feedback, advice necessary as currently our research has been reading, listening to podcast, and watching YouTube videos. We were able to visit a few neighborhoods over the past year and will be making more trips up there in 2023 as well. We would love to connect with any likeminded Indvidual's as we begin our journey, any and all feedback and advice is encouraged. Our current portfolio is only our single-family home in Kansas City (Overland Park area). Thank you! 

Paul, thanks for the connection. My current plan is to use an FHA loan, as I would be living in the property as well. I would appreciate any resources, thank you kindly.