All Forum Posts by: Elbert D.

@Calvin Lipscomb you might want to pay very close attention to the blocks of south shore. Some areas are rough. It’s really a block by block situation. Most 5+ units in that area I see are in high crime areas. Unless you don’t care about that.....Is this 6 unit section 8 tenants? What’s your cash on cash return? Is it already rented?

Do you have a rehab estimation? Many MFHs on the south side of Chicago and south suburbs that are available have been junk. I don’t want to burst your bubble or anyone else bubble but I’m just being honest. It’s a reason why when you look at price history and DOM on Zillow and see it's been sitting awhile or for the past six months it’s said pending atleast 4x, because we are in a sellers market right now so something that Is really good will be gone fast! I am always looking for opportunities and the truth is MFHs in Chicago is  becoming so rare(the good ones)  I’m not saying they are all gone but the demand has definitely exceeded the supply for now.

Usually the numbers don't work out good if you do catch one. It's just been my pattern the past few ones I came across. I came across a 4 unit in bronzeville last month and the CCR was 7%.......the building had a ton of violations on it and needed a TON of work in rehab! One of the units wasn't zoned as a official unit, pulling permits, Major plumbing issues, electrical had to be rewired, there were only 3 electric and gas meters, all 4 kitchens and bathrooms needed to be gutted. Tons of landscaping. All new flooring on all levels. The minimum rehab cost of this would have been 280k......I can only imagine how something in Lincoln Park, Logan Square or something would be. The CCR would be something like Iike 3% I would say look into northwest Indiana but it's just as tough to find good stuff in that market. Let's hope these banks start releasing some of these homes off their books soon.

@Account Closed how’s it going. Are you looking for fix and flips in the south suburbs? As far as flipping in dolton. It’s possible but to be honest overall the area is starting to go downhill compared to what it use to be. Same goes to cal city. But flipping in dolton is possible. The DoM is longer than usual around 4 months. But DoM doesn’t really mean anything because your fix and flip could be sold in 10 days. Also watch those high taxes in Dolton. I seen a few properties lately with 7k in taxes!!!! Also be aware landlords pay the water bill which can be very high sometimes for some owners. 

In this comparison I have a personal preference for brick. Although there are some really nice framed homes in B and C class areas. Brick has insulation issues though so there’s always pros and cons to most things. It’s not like brick is perfect.

But to me I’ll take Stone over both. Followed by a tie between concrete and brick. But they all have there pros and cons. 

@Justin Glass I have helped many investors on BP and on other platforms who don’t live in ILLINOIS or familiar with the areas of Chicago find great deals in the suburbs and within the city itself. Many investors like that I essentially provide a business system that they can use. it’s also my business model.  I flip myself and so I know what I’m looking for when I wholesale a property to a investor. They can Use the rehab crew I Use for my flips or buy and holds. As well as the same property manager I use for my own rentals. Giving new investors that sense of comfort truly makes me feel good inside because I’m giving my contractors work while also giving my property manager quality clients. So literally everyone walks away happy. I have helped many new investors with their real estate transactions because I know it’s scary when you want to pull the trigger but your just unsure of things. I believe in helping people and treating people fair. 

Any new investors from all over the United States or international investors can always message me for help. The experience investors probably have already if they are  new to investing in areas of Chicago. 

Ladies and Gentlemen.

Here is a nice solid brick frame home located in Lansing, Illinois. A suburb on the south side of Chicago. This location has many brick homes and overall will make a nice neighbourhood for anyone. We're going into our prime selling season and this is definitely the time to buy and fix and flip. Don't let this one pass you by! This home will be of great retail value for a young couple or anyone looking for their first nice starter home.

17603 Burnham Avenue – Lansing, Illinois 60438

24% ROI!

Property Specs & Details:

All Brick 2 story

3 bedrooms – We’re adding a bedroom

1 Bath

*837 square feet – *House is listed as 837, but it is actually about 1200 square feet. The 1200 includes 2nd story.

Full Basement with nice storage cabinets

2 car garage

Corner lot

Cape Cod

Taxes: $2076.00

Price:

Purchase Price: $77,000.00

Rehab Costs = $15,205.00

Total Price = $92,205.00

After Repair Value: $124,000.00

ROI% = 24%*

The ROI percent INCLUDES your realtor costs to flip after rehab is completed and holding costs that include: insurance, electric, gas, water, closing costs and taxes. Closing costs base on closing with our title company.

REPAIRS NEEDED!

Scope of work

Rehab Cost = $15,205.00

As always, our crew will rehab the home for you, if you need those services. You’re also welcome to bring in your own contractor.

The rehab costs include an upgrade of the inside of the home. It will include amenities that other properties that are currently for sale, don’t have. That’s a huge plus when selling!

Here’s what we’ll be adding when we rehab it:

1.All new carpeting throughout the home

2.New appliances

3.New “high end” kitchen cabinets

4.New “high end” counter top

5.New bathroom vanity and medicine cabinet

6.New back door and screen door

7.New bedroom doors

8.New “upper end” light fixtures throughout the house

9.Entire house will be painted

10.Take down awnings

11.New Landscaping in front of house. Will be done right before the house goes on the market. We need to wait until it warms up a little bit!

12.New high end kitchen faucet

13.New back splash in kitchen

14.New bathroom faucet and bathtub shower head and fixtures

15.Other small “miscellaneous” items like: New electrical outlet plates, new smoke detectors and new light switches.

TERMS OF SALE

The highest Cash Offer will take this deal. Please do your own due diligence before contacting us. Send in Proof of Funds along with your offer.

We have equitable interest in the property.

• The info listed above is to the best of our knowledge.
• Buyer pays a portion of closing costs which may include: title company fees, city stamps and your attorney fees
• Buyer will receive taxes prorated to 100 percent and free and clear title
• Please do all your inspections and due diligence up front before contacting
• The first investor with a signed contract and $1000.00 earnest money gets the deal
• This is an IRA Qualified investment
• https://www.dropbox.com/sh/c32djmhk2tjdbhd/AAC-PvMfQJPIzPRxETODH6uja?dl=0

Lebron????? You mean Kobe? Lol just kidding. I’m a big NBA fan. And I absolutely know for sure he’s having a big effect on Cleveland economy. I also think he’s going leave again. But I think he will leave because he knows that’s going drop the value of the team. This when he retires he’s going buy partial ownership or collaborate with someone and Buy the entire team. 

the app on iOS crashes when I try to send s message. Everyone else brought up the design flaws and UI layout. 

I’m not much older than you. But I wish I would have started at 18! When your around 25(my age) you will be a monster! Reach for the stars! By the time your 30 you will want to flip large apartment units and mansions!

the same way how you scale any business. With business systems and employees and computer systems. Finding good deals right now is the problem for the Indiana and Chicago market. Deals that are real deals with numbers that back them up. 

lol....well....I have made like 3-4 post about wholesaling. @Neal Collins was absolutely correct. A good quality wholesaler has to pretty much be involved in literally everything with a real estate transaction. I have worked with severs first time landlord owners or fix and flippers. With these people you should pretty much be their blind dog. Walking then through everything in the transaction. In fact I’ll go on to say a good wholesaler is more knowledgeable than a good realtor and possibly landlord owner. There are always variables. But as I stated a good wholesaler has to know and do so much. I personally would no time recommend anyone wholesale trying to start out because there is so much that you don’t know about. From contracts, comps, real estate laws, the transaction, and the most important CONSTRUCTION!!! If you’re in real estate you must know construction. You don’t have to know how to fix things but you must have a good concept of construction. That’s one one of main reasos most landlords and flippers hate realtors and wholesalers. Let’s be honest 90% of them are bad. Inspectors and lawyers that suck is another long conversation. Real estate is a very dirty industry because of the easy barrier to enter and the large quantity of people thinking it’s so many good deals out there.