Chicago Action Investors DOUBLE DOWN

[Cory Gardner]

Making a double post this week since there was no post last week.  The group has been expanding every time with new members.  If you've seen the posts in the past and think it's about time you started walking properties and looking at deals reach out to @Account Closed and Aaron for getting this deal underway.  We discussed the scope of work for this property.  Sean walked us through each of the demo items and replacement items on the list. His insight was helpful, and with his experience he was able to create a template to use for analyzing the scope of work and get a pretty good idea of how much everything would cost.  They're going to be working with a primary contractor with 1-2 backups for when things pick up.  Since it's approaching spring this property needs to be back on the market in ~5 weeks.

After we talked through this and everyones questions were answered we travelled to a 2 unit building in Englewood.  Before entering the property there was a lot of hesitation around how this could would even be an option.

The property was recently rehabbed and we suspect not to code since there may be liens and violations but aren't sure yet. It's listed very aggressively for the market at 34,500 but after very minimal investment (~25k) could have an ARV of ~150k so it's a very nice deal potentially. The upstairs unit had a break in and what appears to be remnants of a dog fighting trainer so the upstairs unit would definitely need some more work. No demo needed here. Rather granite kitchen with SS appliances, some repainting, new carpets and a few other details and this property would be great to get on the market to sell or even rent it out for a nice 1200k+ cash flow.

There was much debate on whether to rent or flip the property.  Considering the pricing it's highly likely it will be a multiple buyer situation so acquisition cost would be closer to ~45k.

So the question here is - who copied who in the photo ;)

Happy Investing!

[Zachary Sargent]

Awesome. I was there on the 12th and I plan to see everyone real soon. This is exciting. No risk, no reward!