All Forum Posts by: Joe Mende

John, would you mind sharing the contact info for the person that did your windows?

@Charlie Clough

Great question that I hope to hear an answer for as well!

We are working on a rehab in the Woodlawn area. It's a 4 unit building with 2 separate meters. There's currently 3/4 pipe from the main that needs to be increased.  I know this a large job and just trying to get another quote or 2 if possible.  I've read that it should cost 14k-17k, and of course the one quote we got was 18k.  So, I figured I'd check around and see if anyone on here has experience with that job.

@Michael Taylor I just purchased a 4-unit in the Woodlawn area with that same mentality. We’re going all section-8 there. I have a friend that’s been killing it with all section 8. No, I wouldn’t live there but as you said, people in the area will love to because it’s newly rehabbed. Best of luck to you! Let me know if you wanna connect sometime.

@Zack Reder we live in the Irving Park area. We installed new HVAC and ditched the radiators. By doing that, we’re saving quite a bit because the tenants were already paying their cooking gas. Now, this is lumped into that. So, it feels like we raised the rent about $75/month without actually doing it and the tenants love central air.

Investment Info:

Small multi-family (2-4 units) buy & hold investment in Chicago.

Purchase price: $435,000
Cash invested: $100,000

This is a 2-unit that we are house-hacking and also BRRRR'd. We had it appraised at $600,000, took out 80% on an FHA refi. We will do a rate term refi in about 8 months.

What made you interested in investing in this type of deal?

We wanted to move to Chicago and didn't want to pay a mortgage on a SFH. BP was a huge influence on this type of deal.

How did you find this deal and how did you negotiate it?

MLS

How did you finance this deal?

Originally was a conventional loan, then we decided to BRRRR it.

How did you add value to the deal?

Completely renovated the top unit, also added an in-law unit.

Lessons learned? Challenges?

Lessons learned were to really pay close attention to the contractors you're using and also be vigilant with keeping your books to know exactly what you're spending on the reno.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Jeff Frcka was a great agent that I would recommend
Landon Hoon was another great find from BP as a lender that was amazing!

No kidding!  Question is..where is the next Denver?!

@Henry Lazerow I'm about to order an appraisal for our property in the Irving Park neighborhood that we're cash-out refinancing and would love that sheet from the MLS that you mentioned, if you have some free time!

Hey everyone, I'm hoping someone can give me some ideas here to help this situation. Last year, we purchased a duplex in Chicago that we have been house hacking. We are currently finishing the basement reno and will be doing a cash-out refi, but the broker said it will still be about 2 weeks before everything is finished. During this, I found a 4plex that we liked out in a west suburb of Chicago as an investment property, not somewhere we would live/house-hack. Since it's not our primary residence, FHA is out the window. I was thinking of doing a hard money loan, renovating with that money as well, and refinancing but realized everyone is on a lease so I can't just kick them out. Also, the property is cash flowing about $175/per door as is and only 1 of the units is at market rent. I'm trying to figure out other financing ideas and hoping someone here can shed some light. Any help is much appreciated, thanks in advance!

Hey Brie, would be so kind as to send me that addendum as well?