Joint Venture
1/30/16
A few weeks ago I updated my information on my profile, reflecting my move from Bloomington Indiana to Chicago, Illinois. A few days later I got a notification that I had a new message - exciting! A fellow BP investor, @Account Closed, Sean Jones, and Dhru Das and I went to three different properties with Aaron and Sean as they guided us through the process of evaluating the property, determining what sort of rehab would be necessary to produce a desired ARV - extremely insightful experience.
We decided that a property that will need a gut rehab but is lower in cost will provide the best margin. It's a 4/2 split level, step ranch with ~1000 SF. It's listed on the MLS for $29,900 right now and we discussed potential offers.
The next steps for the deal are getting quotes from contractors on Monday or Tuesday and putting together an offer. Personally, I need to form my LLC in order to go in on the deal so I'll be working on that this week.
Here's a picture we took inside a rehabbed property we looked at to get an idea of the quality of work we're going to be doing for our fix and flip.
Part of the team of Project BP - it will continue to grow!
I will continue to edit this post as we go through the deal process and to log what it is like as a first time investor going through the process!