Recent Chicago Rental Rehab Completed

Recent Chicago Rental Rehab Completed

Investor · Chicago, IL · Member since 2014 · 179 posts · 122 votes

I want to share a few photos of a recently completed 2/1 SFR rehab in Chicago thanks to BP.

Hard Money Lender, General Contractor, Friend/Mentor were all thanks to BiggerPockets!

Before Photos

After Photos

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Chicago, IL · Member since 2016 · 165 posts · 49 votes
9y

Congratulations!

See this reply in the discussion

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  • Investor · Chicago, IL · Member since 2014 · 179 posts · 122 votes
    9y

    Purchase - $28,000

    Closing Cost - 2,000

    Rehab Cost (Labor, Materials, Utilities) - $40,000

    ARV - $95,000 - $105,000

    Rent (Section 8) - $1200 - $1250 

  • Real Estate Agent · Bloomington, MN · Member since 2015 · 87 posts · 30 votes
    9y

    Very nice job!

  • Investor · Chicago, IL · Member since 2008 · 80 posts · 24 votes
    9y
    Great numbers. Good job.
  • Lender · Greater Denver Area, CO · Member since 2010 · 54 posts · 10 votes
    9y

    NICE!!!!

  • Investor · Chicago Heights, IL · Member since 2016 · 6 posts · 0 votes
    9y
    Great job!
  • Chicago, IL · Member since 2016 · 165 posts · 49 votes
    9y

    Congratulations!

  • Chicago, IL · Member since 2016 · 29 posts · 4 votes
    9y
    Do you need a Tenant?
  • Investor · Chicago, IL · Member since 2014 · 179 posts · 122 votes
    9y

    @Armand Dixon

    I have already found a tenant, screened, and filled out the RTA packet. I am currently waiting for my inspection date and rent determination from CHA. 

  • Real Estate Agent · Chicago, IL · Member since 2016 · 98 posts · 33 votes
    9y

    @Christopher Malone  Nice work!  It looks like you a providing a wonderful place to live for your new tenant!

  • Real Estate Professional · Totowa, NJ · Member since 2016 · 65 posts · 18 votes
    9y

    Congrat Chris for your success, would you mind to share the contact of Hard money lender please? I am planning on my first flip in Wilmington DE & looking for financing now. Thank you for your help.

  • Realtor · Phoenix, AZ · Member since 2016 · 1 post · 0 votes
    9y

    Congratulations, that's great!

  • Investor · Richmond, British Columbia · Member since 2015 · 2 posts · 0 votes
    9y

    Congratulations. What do you think about the location and neighborhood of this property? Do you need to replace the plumbing and electrical system behind the wall?

  • Real Estate Agent · Vancouver, British Columbia · Member since 2016 · 5 posts · 1 vote
    9y

    Great work!

  • Real Estate Investor · Lynbrook, NY · Member since 2017 · 4 posts · 0 votes
    9y
    Great job man
  • Los Angeles · Member since 2017 · 4 posts · 2 votes
    9y

    Thanks for sharing photos @Christopher Malone

    Looks great.

    Question - I noticed you marked the rent as section 8, Have you had any issues renting to s8 tenants before? Just curious. And do regular tenants apply for these properties as well? 

    Congrats on the new place!

  • Investor · Northern, VA · Member since 2016 · 1k+ posts · 904 votes
    9y

    @Christopher Malone - Congrats !

  • Brook CopelandPro Member
    Real Estate Investor · Toms River, NJ · Member since 2012 · 13 posts · 17 votes
    9y

    Congrats - I think that's awesome. R U thinking BRRR strategy here ?

  • Investor · Oakland, CA · Member since 2015 · 141 posts · 82 votes
    9y

    Congrats!!! What is your cashflow if you get the lower end rent? 

  • Flipper/Rehabber · Lehi, UT · Member since 2009 · 12 posts · 1 vote
    9y

    Looks great! Those are great numbers! We are investing in Chicago as well buying, renovating, renting, and selling. I'm always looking for good hard money lenders, so if you don't mind sharing your contact to your hard money lender, send me a message and let's connect.

    Our experience with section 8 has been great, we always get our rent each month, and our tenants take good care of our properties, and usually stay for several years.

    Great job and congratulations!

  • Investor · Oak Park, IL · Member since 2014 · 316 posts · 150 votes
    9y

    Good numbers.  It looks like it was a good basic house to start with, kept in reasonable shape.

  • Chicago, IL · Member since 2017 · 1 post · 0 votes
    9y

    was the deal 100% financed or did you have to put some cash down.I have been looking at properties on the Southside of Chicago where I live that are priced about the same

  • Rental Property Investor · Staten Island, NY · Member since 2015 · 86 posts · 11 votes
    9y

    great Job! You mind explaining how the hard money worked. Are you refinancing out of the h.m, what mortgage company are you working and what we're your terms on the h.m? But again looks real good bud 

  • Investor · Oregon City, OR · Member since 2016 · 2 posts · 0 votes
    9y

    Nice looking rehab.

    You mentioned Hard Money lender? Tha is usually short term 6-12 months

    Are you putting permanent financing on the home? When, How?

  • Investor · Woodridge, IL · Member since 2015 · 80 posts · 21 votes
    9y

    Great job!  Where did you find the house?  Let me know how smooth did the section 8 inspection go, did you try not getting section 8 first?

  • Real Estate Investor · Fayetteville, NC · Member since 2017 · 1 post · 0 votes
    9y

    Looks great!

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