All Forum Posts by: Dan Jaeger

My wife and I bought our first foreclosure to fix and flip in December 2016. The house is located in the western suburbs of Chicago. The renovation took 10 weeks. We received five offers above asking price the first weekend the house was on the market. A big thank you to the Bigger Pockets community and the podcasts for keeping us motivated and to our real estate broker and general contractor for a job well done!

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@Angela Boone - If I understand correctly, you would be taking the risk and doing the rehab so why do you feel the need to split the profits with the current owner? I would simply try to buy the property at a price that is acceptable to the owner yet gives you plenty of room to make a reasonable profit after taking into consideration rehab costs, holding costs, closing costs, and commissions. 

We are working with Vacko Property Services as the general contractor on a couple rehab projects in the Chicago suburbs. So far we are very pleased with their work. I would recommend that you reach out to them for a quote.