Conventional Homestyle Loan Contractors

Chicago · Member since 2021 · 12 posts · 13 votes

Hello BP team, does anyone have any contractors that are pros in this area doing rehabs with the conventional home style loan. I’m already preapproved and have a few houses that I’m interested in, but I need a contractor that is used to using these loans. The rehab will be for a 4 unit on the north side of Chicago around the Logan Sqaure area or near Lakeview, rehab costs will probably be between 100k and 250k depending which one I buy.

I have a few small multifamily properties in the area but I’ve always house hacked right from the start and never needed to do a large rehab upfront so just looking for some suggestions or referrals.

Thanks!!

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John Warren

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

@Michael Pienkowski you should connect with @Jonathan Klemm. He is doing one for our clients in Logan Square, and he has the capacity to do a bigger job. I know he responded here already, but people can't self-promote so I figured I would help refer him to you.

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Jonathan KlemmBusiness Member
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Contractor · Chicago, IL · Member since 2016 · 4k+ posts · 2k+ votes
1y
Hey @Michael Pienkowski - Finding the right contractor is for sure the most crucial part of the process, but you also want to make sure your entire team has been through the process.
You also want to make sure your lender has a good understanding as well...I know you mentioned you are already pre-approved, but I'd recommend at least speaking with Jose. we have worked with @Jose Valdovinos on several projects, and he is one of the few Chicago lenders I would consider an expert in the renovation loan world (203k and homestyle)
The next person you need on board is a solid HUD consultant, for which we have some great recommendations as well, but none are here on BP.
Since you are already looking at properties, it sounds like you have a realtor; if so, double-check that they clearly understand the process.
I live in Logan Square myself and absolutely love it so you won't be disappointed with the neighborhood.
[email protected]
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Riley Poppell
Lender · Chicago · Member since 2024 · 88 posts · 24 votes
1y
Quote from @Michael Pienkowski:

Hello BP team, does anyone have any contractors that are pros in this area doing rehabs with the conventional home style loan. I’m already preapproved and have a few houses that I’m interested in, but I need a contractor that is used to using these loans. The rehab will be for a 4 unit on the north side of Chicago around the Logan Sqaure area or near Lakeview, rehab costs will probably be between 100k and 250k depending which one I buy.

I have a few small multifamily properties in the area but I’ve always house hacked right from the start and never needed to do a large rehab upfront so just looking for some suggestions or referrals.

Thanks!!

I have a couple good contractors just reach out if you want the referrals!
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John Warren
Real Estate Broker · 3412 S. Harlem Avenue Riverside, IL 60546 · Member since 2015 · 6k+ posts · 5k+ votes
1y
@Michael Pienkowski you should connect with @Jonathan Klemm. He is doing one for our clients in Logan Square, and he has the capacity to do a bigger job. I know he responded here already, but people can't self-promote so I figured I would help refer him to you.
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