Updated almost 9 years ago on . Most recent reply
Chicago Action Investors 6/18/16
Changed the routine up this week. Instead of a single family home the group took a venture out on a new limb into multifamily. Not just any multifamily though. 24 unit multifamily!!
@Sean Jones @Edward Richardson @Gerardo Dominguez @Robin Pritts @Ted Meltzer @Albert W. @Ernie Purnell @aaron
That's right, 12 units were 3/2 and 12 were 2/2 setup. The property needed a complete rehab, and after an inspection it was noted that their had been some internal architectural work to revamp the layout in order to add bedrooms to the 12 3/2 units. Everything was set up on individual utilities (great for preventing utility disputes)
Each unit will need approximately 20k in repairs, and new floor plans (this is a big project but we knew that going in). Current ask price is 450k with ARV 1.7 Million.....thats right CAI we're in the 7 figures ARV now!
For now we're evaluating cost and rehab options. This is a serious consideration, since it's such a large scale project we have to be extra precise on our estimates and numbers so more time and resources will go into the front end planning if we decide to move on the property.