Contractor · Woodridge, IL · Member since 2014 · 176 posts · 10 votes
Hello BP Nation. I am a fix n flip investor in Chicago IL. Most of my business is Single Family Homes however I have one 12 unit building on the Southside that does very well. I am looking to bump my game and invest in distressed MF, rehab and stabilize. Does anyone have any advice on where to find good distressed MF properties. I have tried loopnet and a few other sites however not much luck. I am looking to network and connect with others in this field.
Hi Joe! Welcome to the BP community! Congrats on taking action and working towards your financial independence! Recently I've headed a group of Chicago BP investors that go out every Saturday to view properties and make offers using no money down lines of credit. I have documented our experiences in the investor deal Diaries forum under the name project BP. We have a lot of fun learning about properties and taking action! Please check out the links below and leave a contact number if interested. https://www.biggerpockets.com/forums/664/topics/299986-chicago-action-investors-4-09?highlight_post=1946108&page=1#p1946108 https://www.biggerpockets.com/forums/522/topics/279681-chicago-action-investors-2-20-16 https://www.biggerpockets.com/forums/522/topics/282223-chicago-action-investors-2-27-16 https://www.biggerpockets.com/forums/522/topics/274812-project-bp-2-6-16?page=1#p1794988 https://www.biggerpockets.com/forums/522/topics/272044-project-bp
I work on the same type of MF value add projects as you discuss getting into. It's hard to find stuff on the market that works. My success has come from acquiring off market properties- most of it comes from contacting the owner personally. I look at a lot of distressed investments and you have to underwrite them carefully. More so than a SF since your end buyer market is smaller. Make sure to plan very conservatively. Give me a shout if you want to talk shop. Would love to chat with like minded fellows.
@Andrew Wydra Thanks for the advice. Contacting the sellers directly is what we are doing with the single family stuff. It looks like it is a similar model except on a larger scale with precise rehab calculations. I would love to talk shop. I will PM you with my contact info.
@Aaron Vaughn I will check out your deal diaries. Do you focus on SFR or MF/Multi units?
Hi Joe!
I am a broker and work with many investors like yourself. I have an off market value add opportunity in Roscoe Village. 4 units. Is this something that would interest you?