Help analyzing fix and flip deals

Chicago, Illinois
Buying & Selling Real Estate
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Help analyzing fix and flip deals

Tiffany Tylon
Member since 2024 · 1 post · 0 votes

How do I approach an lendor? I am nee to real estate and would like to fix and flip using a lender. I’ve been trying to figure out numbers and strategy. I need help with learning how to estimate and budget a deal. I need help with accuracy and understanding how to make an offer. 

Thank you. 

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Cam SchwartzBusiness Member
Lender · Chicago, IL · Member since 2024 · 102 posts · 48 votes
1y
Quote from @Jonathan Klemm:

Hey There @Tiffany Tylon - I'd say you are taking the first right step - asking for help!

Biggerpockets has some great tools to anaylze deals:https://www.biggerpockets.com/investment-calculators

Also, YouTube will go a long way in helping you learn...plus maybe consider coming to some of the local chicago in-person events: https://www.biggerpockets.com/forums/521-real-estate-events-...

Maybe connect with @Cam Schwartz he's a local Chicago lender, and I have seen him closing lots of deals with investors lately.

Are you looking to do deals in Chicago or any particular area?



Thanks Jonathan!

Tiffany, happy to help. In addition to funding fix & flip projects we also work closely with our clients on budgeting and estimating costs. If you have a specific project in mind or numbers to discuss we are happy to review.

Call anytime with questions!
[email protected]847-702-6940
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  • Jaycee GreenePro Member
    Real Estate Consultant · St. Louis MSA · Member since 2024 · 3k+ posts · 727 votes
    1y
    Quote from @Tiffany Tylon:

    How do I approach an lendor? I am nee to real estate and would like to fix and flip using a lender. I’ve been trying to figure out numbers and strategy. I need help with learning how to estimate and budget a deal. I need help with accuracy and understanding how to make an offer. 

    Thank you. 

    Hi @Tiffany Tylon, welcome to the BP Forum! Do you have a target property type (e.g., 3 bed/1 bath, 2 bed/1.5 bath)?  Are you targeting a certain area/neighborhood in Chicago? What is your price range/rehab cost amount? Do you have an address of a property you're interested in for the forum to analyze and give you some ideas?

    [email protected]
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  • Jonathan KlemmBusiness Member
    Moderator
    Contractor · Chicago, IL · Member since 2016 · 4k+ posts · 2k+ votes
    1y

    Hey There @Tiffany Tylon - I'd say you are taking the first right step - asking for help!

    Biggerpockets has some great tools to anaylze deals:https://www.biggerpockets.com/investment-calculators

    Also, YouTube will go a long way in helping you learn...plus maybe consider coming to some of the local chicago in-person events: https://www.biggerpockets.com/forums/521-real-estate-events-...

    Maybe connect with @Cam Schwartz he's a local Chicago lender, and I have seen him closing lots of deals with investors lately.

    Are you looking to do deals in Chicago or any particular area?

    [email protected]
    Quality Builders4.966 Reviews
    WebsiteView Page
    1Reply
  • Jarret Jarvis
    Real Estate Agent · Chicago · Member since 2021 · 170 posts · 64 votes
    1y

    Hey Tiffany! Welcome to the journey — you're in the right place!

    When approaching a lender for fix-and-flip projects, it's helpful to come prepared with a basic deal analysis, even if it's just a rough one. Lenders usually want to see the purchase price, estimated rehab costs, ARV (after-repair value), and your experience (or your team's). You don't need to have all the answers yet — just show them you're serious and willing to learn.

    As for estimating and budgeting, you're not alone! A great way to start is by networking with local investors, agents, and contractors — they'll help you get a better sense of local repair costs. Also, there are deal calculators and apps out there that can help you run quick numbers.

    Happy to connect if you want help building a plan or finding the right lender for your goals! #LETSGO

    —Jarret (Chicago-based agent & investor) 

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  • Myles O'BrienBusiness Member
    Realtor · Chicago, IL · Member since 2023 · 11 posts · 14 votes
    1y

    Congrats on taking the first steps into the lucrative world of flipping. I have worked with many clients and guided them through this process, and done it myself. Having a warm introduction to a lender is always very helpful. I have a handful that I work with on projects, specializing in these projects. If you'd like to connect, I'd be happy to help any way I can. 

    In general, with any fix-and-flip project, however much you budget for construction, add 30% to be safe. The last 5% of the project is the most important and the most difficult. Going over budget but delivering a strong product is worth it, and having a lender that understands that is key.

    [email protected]
    Flora Blahnik Group | @properties Logan Square525 Reviews
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