New Investor in South Suburban Chicago

Chicago, Illinois
Starting Out
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New Investor in South Suburban Chicago

Bernard Davis
Member since 2022 · 17 posts · 5 votes

Greetings everyone. I've started my Series LLC and am awaiting a closing date for our first investment. It's a tenant occupied (tenant has been there for 5 years), 2br condo that is a cash deal for 30-40% under ARV(just paint and maybe new flooring is all that's needed), and will cash flow $500 per month after all expenses. Not sure yet if I want to BRRRR this eat away at the monthly cash flow.

Looking for more condo/townhome, 2 flat deals in the South Suburbs for BRRRR, and/or flip opportunities.

I'm/I've learning a lot from the BiggerPockets community and I look forward to meeting with and working with some of the area investors and professionals.

Bernard Davis Jr.

WACOD Investments LLC

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  • John Warren
    Real Estate Broker · 3412 S. Harlem Avenue Riverside, IL 60546 · Member since 2015 · 6k+ posts · 5k+ votes
    4y

    @Bernard Davis congrats on the new acquisition! Sounds like you are off to an amazing start. I would encourage you to always look to recycle your capital if at all possible. I am a big fan of mortgage debt as an investor since it allows you to keep your capital in your own pocket where you can put it back to work. 

    Are you going to be purchasing more condos? Multi units? 

    1Reply
  • Bernard Davis
    OP
    Member since 2022 · 17 posts · 5 votes
    4y

    Thanks John. yes that is the plan to purchase up to 4-5 units. I also may be acquiring (free and clear) a property near South Haven Michigan (4BR, 3 Bath on 8 acres with private lake) that I would do as a STR.

    I've been investigating and I think a HELOC would be the best route as this first unit was purchased at 25K-40K below value and there is no mortgage.. If so I should be able to get similar units with similar cash flow.

    0Reply
  • Jonathan KlemmBusiness Member
    Moderator
    Contractor · Chicago, IL · Member since 2016 · 4k+ posts · 2k+ votes
    4y

    Hey @Bernard Davis - That sounds like a great deal.  What neighborhood of Chicago on the south side is it in?

    Happy to connect to see how we might be able to work together.  We also have several active flips on the south side but none currently in the suburbs.

    I think when deciding whether or not you should BRRRR the deal you have to ask, what strategy will get you to your end goal quickest. I know for us, we are flipping single families and small multi in order to buy larger multifamily to buy and hold in order to generate long-term wealth.

    [email protected]
    Quality Builders4.968 Reviews
    WebsiteView Page
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  • Bernard Davis
    OP
    Member since 2022 · 17 posts · 5 votes
    4y

    Jonathan, I am looking in the Glenwood/Homewood/Hazel Crest areas primarily at the moment.  Im looking at a few flip opportunities, but in most cases I think if I can cashflow $500+ per month per deal, I'm likely to want to hold them for 10+ years.

    Thanks

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