Updated over 5 years ago on . Most recent reply
Advice for finding a lender in Chicago - BRRRR
Hi BP Nation!
Partner and I are in the middle of buying a 3 flat in Chicago. Plan to pay cash ($600K purchase price) and do some relatively light rehab. 2 units need a new kitchen and a new bathroom. All the units need flooring/paint. Rehab should be around $30-$35K. One unit is vacant, one is Owner Occupied, and the third is under market rent.
What would you do with this property to ensure you could pull the most cash out? Wait until the rehabs are all done and new tenants are in all the units? Anyone work with a smaller bank in Chicago that could help with this?