Developer · Chicago, IL · Member since 2016 · 16 posts · 5 votes
Hello, my name is Matt.This is my first time posting on this site. I am new to real estate investing, I know more about the construction side. I see many people buying multi-family buildings for renting out. I was wondering has anyone bought land and built there own building on this website. I am going to be starting building a 3 Story 6 unit residential building in Chicago, I am just waiting on the permits. I just wanted to introduce my self to the website and to see what other peoples think on building a residential building instead of buying one.
Clients love new. New roof, new windows, new mechanicals etc. Taxes are in arrears so they can purchase higher with lower taxes and qualify easier. It's the zoning, waiting for permits and waiting for contractors to show up is why you see buyers flocking to existing builds. Either way you find it to be profitable I would do it.
@Ricky Bass We decided to sell the 6 flat as condos. Yeah 250,000 for new condos is the cheapest you can find. It was all different buyers, yeah they went fast because there was no competition. It took about 4-5 months to sell out. In Chicago you have have to do masonry construction for six flat. Most affordable new condos will be all block on sides and back. Just brick on front. If you go into the higher end, most are all brick. For this type of lower end condo, cost are about $150 sf. We were below that because we saved on alot of the trades.
Hi Matt, Happy New Year! I hope all is well with you. I just want to say that I was looking at the work that you and your company has done and it looks amazing! It seems as though it's really hard trying to get a construction loan from banks when you are trying to do brand new construction from the ground up when it's a 3 flat or more, most banks will approve you so fast if you are doing a two flat in the Chicago area.
Hi Matt I am an agent and investor. I have a few multifamily properties in Chicago but they only required moderate rehab to rent. I have been considering trying the same thing that you are and build something from the ground up. A number of my colleagues are doing this right now so i've been able to learn from them, would like to hear more about your ideas and plan of attack!
Hi Matt, hope all is well. I am also in the process of doing the same thing that you did, as far as the experience that you have had and that you are experiencing now, are you glad that you bought land and built it from the ground up vs. buying a building and having it rehabbed? If you don't mind me asking how was the financing process? And how long did it take for you to build the properties that you have on this site (the estimated time frame)?