All Forum Posts by: Ana N.

@John Weidner This property is on the southwest side of the city. Please PM me if you'd like more details. Thanks! Ana

@Tim Davids

Yep! I'm probably tied between Ginos and Lou's.

Hey Tim, if you or anyone who has posted on here has a chance, would you mind taking a look my first deal I'm working on over in the analysis and advice forum? Any thoughts are appreciated!

I feel like I'm really close to getting my first one!

@Anson Young @Wendell De Guzman @Joey Nakayama @Jonathan Avila

@Dariusz Chlopecki @J. Martin

Thank you,

Ana

https://www.biggerpockets.com/forums/88/topics/123848-first-chicago-wholesale-deal--advice-needed

@Anson Young

Awesome. My significant other is in the tech industry and Boulder is supposed to be nice and good for tech. Is Boulder more of a city where people actually live in rather than commute? That's the kind of area we're looking for.

@Brian L. and @Rick H. ,

Thank you for the replies!

Great point about comps. Unfortunately, I haven't been able to find any without a garage. So I had to adjust ARV a bit.

Also, turns out I was wayyyyy off on the repairs too.

Sellers seem a little more motivated now that they know the repairs are so high. It's looking good, but I'm still working on it.

After meeting with the sellers and talking with 3 cash buyers / wholesalers...here's what I've come up with...

ARV: 92k with garage (82k without)

Repairs: 30-35k (up to 35k if it needs a roof)

windows, floors, paint, interior doors, drywall repairs, kitchen, bath, garage, roof, central air, and an extra 20% for misc.

Using the higher 35k repair amount...

MAO= 92x 0.7-(35k) = 29.4k- minus my wholesale fee.

Does this look right?

A few questions:

What would be a fair wholesale fee for this deal?

Also, I emailed this deal to a couple of local investors who helped me estimate repairs and comps. In return, I offered to split my wholesale with whomever finds a buyer.

Is that fair compensation?

Also, if I find my own buyer, what would be fair compensation for them for taking the time to analyze my deal and give me advice?

I want to make sure to do well by everyone who has helped me do my first deal and not burn any bridges.

Pre-probate issue:

How do I get the heirs on title so they can transfer it to me? Do I need any attorney for this or just call the title company and ask what they require?

Once I get the contract approved, I need secure my interest before marketing the property by recording a memorandum of contract with the county recorder correct? Anything else I need to do?

Does anyone in Chicago have an investor friendly title company and attorney they use and can recommend?

Thanks everyone for all your help thus far!

Great to meet you all last night! Thanks George and @Brie Schmidt for setting these up these events.

@Wendell De Guzman

Done! Just gotta wait until next year lol

It was nice to meet you last night at the REI meeting @Jonathan Avila! Thank you and good luck getting your first deal as well. See you at the next meeting, if not sooner!

@Tim Davids ,

what's your favorite deep dish spot? :-)

Hi @Tim Davids ,

Nice to meet you! I really like 60609 and 60632. That's where I'm mainly putting my bobbers out. Especially Back of the Yards, Brighton Park, McKinley Park. Lot's of fixer uppers in moderate income neighborhoods.

What areas are you looking in?

Good to meet you @Wendell De Guzman

Thank you for the welcome.

I've been to that Giordanos! Yum indeed! I have cousins that live out in Westmont/Oak Brook area. Nice mall.

I like the name of your website. You sound like the kind of person I'd love to learn from and partner on deals with, honest and ethical. I'm looking forward to downloading your podcast and reading your posts.