All Forum Posts by: Alex Bok

welcome neither your mind is in the right place get started early and build a portfolio and watch it grow! Would love to assist in any way I can

Brodie depending on what areas i would be interested as me and my team are in Chicago on the field multiple days a week

@Kendra L Lee stay close to 63rd and Halsted area. West side I would agree with what others have said and stay away

Domu and PadMapper are good in Chicago and has worked for me in the past

@Todd Douglas am very interested where are these properties located? Just sent you a DM

in Illinois the down payment is typically 25 percent. Would love to connect here as we have turn key properties available in Chicago

@Jeff Dulla agree! A lot of it depends south loop is also hot and a short 15 minute drive or so to the hospitals above! Private schooling is the way to go as the elementary schools can be hit or miss

@Richard C. University Village/Little Italy, West side, West town, Tri taylor are all great and safe areas to live in. 

I would say to stay above the Metra line around 16th street. Below that is Pilsen which is an upcoming neighborhood turning around but may not be the right fit

On West side/West town I would not go West of United Center (same narrative as above). The best would be to stay east of Ashland which runs vertical

For the Tri taylor area (heart of UIC & Rush Hospital) I would stay east of Damen. 

Hope this helps a bit. Chicago is VERY block by block and by no means is what I am saying the end all be all but just my two cents. Hope this helps would love to connect with you and your friends to assist them further!

@Account Closed would definitely look for someone in Chicago and a lender that is used to doing these loans. I have a great person who works exclusively on these kinds of loans. Will send you a PM. Where in chicago are you looking at? The biggest hurdle I find for these deals are the contractors themselves. There are lots of leaps and bounds to getting a 203k but is a great tool at the end of the day. However the contracting piece can cause a hold up paperwork, permits etc. I have a great team for this

@Brendan Litwin welcome to BP would love to chat with you in detail. The FHA 203k program is a great way to get started ive worked with investors who have used this to live in flip like yourself. The lender I work with are absolute powerhouses when it comes to these loans and know it inside and out would be more than happy to make an introduction.

I myself am an agent very familiar with the distressed property market throughout Chicago and have a team of licensed contractors who are familiar with the guidelines for this as well. IMO the contracting piece is where you end up having the 203k process be a hit or miss situation as many are not familiar with how to work with these lenders to make this process as seamless as it can be